This blog post introduces fundamental cryptographic concepts underpinning cryptocurrencies. It explains cryptographic hash functions, emphasizing properties like collision resistance, hiding, and puzzle-friendliness. Hash pointers and data structures like Merkle Trees are discussed, alongside digital signatures which enable decentralized identities using public and private keys. Simple cryptocurrency examples, GoofyCoin and ScroogeCoin, illustrate the double-spending problem and early solutions. The post then delves into how Bitcoin achieves decentralization through distributed consensus, the blockchain, proof-of-work, and economic incentives like block rewards and transaction fees. Finally, it details Bitcoin transactions, scripting capabilities for smart contracts, the peer-to-peer network structure, and inherent limitations.
After migration to a new CMS, I couldn't port this article which is why I converted to pdf found below.