Wednesday, 10 October, 6 pm
The University of Melbourne, Theater 1, Old Geology, Building 155
In 2009 the pseudononymous Satoshi Nakamoto published a short paper on the Internet, together with accompanying software, that proposed an `electronic equivalent of cash’ called Bitcoin.
At its most basic level, Bitcoin is a payment system where transactions are verified and stored in a data structure called the blockchain, a public record of all transactions. This system allows electronic transfer of funds without the presence of a trusted third party. It achieves this by making it `very hard work’ to create the payment record, so that it is not computationally-feasible for a malicious player to subsequently repudiate a transaction and create a forward history with the transaction deleted.
In this talk, Peter will describe the process of creating the blockchain, present some simple mathematical models that provide insight into the process and address current concerns that the transaction processing rate of the Bitcoin system is not high enough.’