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Ilya Grigorik: Minimum Viable Block Chain
by mk

    What follows is not an analysis of the Bitcoin block chain. In fact, I intentionally omit mentioning both the currency aspects, and the many additional features that the Bitcoin block chain is using in production today.

    What follows is an attempt to explain, from the ground up, why the particular pieces (digital signatures, proof-of-work, transaction blocks) are needed, and how they all come together to form the "minimum viable block chain" with all of its remarkable properties.