CSE1006 Study Guide - Bitcoin, Multi-Agent System, Bitcoin Core

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Document Summary

Three kinds of consensus have to operate for bitcoin to be successful: For example, the rules to consider a transaction or a block valid, how should the nodes behave in the p2p network and interact with each other. More generally, this regards all the protocols and data formats that let bitcoin work. That is, participants must agree on what is and isn"t in the block chain and therefore reach a consensus about which transactions have occurred. So, be able to understand which transactions are in the blockchain, which unspent outputs exist and who owns them. This is the general agreement that bitcoins are valuable. And above all, the consensus that if somebody gives you a bitcoin today, then tomorrow you"ll be able to redeem or trade that for something valuable. All forms of consensus are related to each other. If any of them failed then the other ones would fall apart as well.

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