It has now been sixteen years since the original publication of the Bitcoin whitepaper on the crypto mailing list. Satoshi went and dropped the paper in the place where it would be best to pick it up, where all the crypto and cryptography nerds who had been obsessed with digital cash systems for years were hanging out and regularly discussing it and other related topics.
The white paper was nowhere near a comprehensive description of the Bitcoin protocol. It didn’t describe the scripting language at all, didn’t go into the difficulty adjustment algorithm, and just vaguely described one concept. He did not specify the exact protocol blocks propagated across the network (just a vague description), or the difference between consensus rules and policy. You haven’t specified a release timeline or total supply, just that it could be limited to a certain arbitrary value and eventually end up being released to network support based on fees alone.
Neither the actual implementation nor the actual system details are described in any way. Just the general concept of a secured proof-of-work of blockchain and how it can work without a central third party assuming the role of ledger of the transaction ledger to prevent double spending.
This is still a fairly deep document given all its flaws when compared to the Bitcoin protocol itself in its entirety. Implementing proof of work while having difficulty adapting to the double spending problem is the profound breakthrough that actually differentiates Bitcoin from previous attempts at digital cash, such as Bitcoin or e-cash.
While the white paper itself is nowhere near enough information to re-implement the protocol as it is today, it is sufficient to replicate a sufficiently similar system. It’s the heart of the matter, the parts that really are king To exist for the protocol that we know will be brought into the world. Despite its lack of detail and specificity, it will stand the test of time as one of the most important academic papers of the twenty-first century.
Everything that comes into the world begins with an idea, and the ideas in this paper are truly profound in the effects and consequences they have had, and will continue to have, on the world around us.
Happy White Paper Day.
This article is a takes. The opinions expressed are entirely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.