Question: What I found most important after reading, Bitcoin White Paper, was the payment verification section. I always wondered if there was a situation where bitcoin
What I found most important after reading, Bitcoin White Paper,was the payment verification section. I always wondered if there was a situation where bitcoin buyer must show verification that they made a payment how that would go about. Attackers have found clever ways throughout the years on hacking and getting into buyers database. To have a process that verifies payments in a semplice manner can ensure that attackers will not overpower the network.
The idea that a network can prove payment and access it through a copy of the block header might be the longest yet, evident way to prove a payment with a timestamp in. From my reading and the photo provided the proof-of-work chain seem to have three steps. In those three steps however, the second has extra steps connected to the, Markle Root. Which can make for a tricker process for attackers to reach the network. Markle Root is a mathematical approach for verifying the facts on a Merkle tree. Which are used in bitcoin to verify that data blocks transmitted over a peer-to-peer network are complete aand unmodified. Now including math to verify payments can add to the complicity of attackers reaching the network nodes. It is evident that attackers can get a of more information than what we think but I find it important the blocks a user can link into the chain. Even though the user might not check the transaction. "Because financial organizations cannot avoid settling conflicts, completely irreversible transactions are not truly conceivable." (Nakamoto, pg. 1). Which is what the solution that the network payment verification wants to solve. Using distributed timestamp servers to prove order of transaction. In a nutshell I found this to be important because bitcoin seems to be spoken on seemingly being a new and safe virtual currency that might one day take over cash we use today. This again does not come without potential risk because there continues to be ways for attackers to get into a network. Payment verification should be just as important as keeping a receipt of a big purchase, because it you did not authorize a payment there is evidence to prove to the bank of this fraud purchase.
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