Subject: Bitcoin v0.1 released

January 24, 2009 From : Hal Finney

"It's important to understand that the proof-of-work (POW) aspect of Bitcoin is primarily oriented around ensuring the soundness of the historical transaction database. Each Bitcoin data block records a set of transactions, and includes a hash collision. Subsequent data blocks have their own transactions, their own collisions, and also chain to all earlier hashes. The result is that once a block is "buried" under enough new blocks, it is essentially certain (given the threat model, namely that attackers cannot muster more than X% of the compute power of legitimate node operators) that old transactions can't be reversed. "

Hal Finney

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