Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto email@example.com feuerwehr-matzenbach.de Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the mainFile Size: KB. A white paper template is a report or a guide which informs the readers in a concise manner about a complex issue. It’s meant to help the readers understand the issue, how to solve it and formulate a decision. Most white paper examples are data-centered and are usually composed of business documents which are text-heavy. This site aims to provide the docs you need to understand Bitcoin and start building Bitcoin-based applications.
White paper example bitcoinExamples — Bitcoin
The process scans for a value that when hashed, results in a certain numerical expression. The timestamp network must reconcile this value with a block's hash. CPU power is needed to satisfy the proof-of-work, and the block cannot be changed without redoing the work. Later blocks are chained after it, and to change the block would require redoing all the blocks after it. The language may be technical but the concept is simple. Proof-of-work is what safeguards the blockchain.
Nakamoto says that a hash created by a timestamp server is assigned a unique number that is then used to identify the hash in the blockchain. Inherent in this unique number is a math puzzle that a computer must solve before a transaction can happen. Once a correct answer is given, it serves as proof that the specified work has been done. When someone sends an electronic coin, they must take a hash's unique number and solve an inherent math puzzle.
The answer is then passed to the recipient to check if the solution is correct -- an important validation step. If not, the proposed transaction is rejected. Otherwise an attacker may allocate several IPs in an attempt to hack the network.
Secondly, the longest chain of blocks serves as proof that the CPUs invested the greater amount of work in that longer chain. This process secures the blockchain by requiring would-be-attackers to redo the work of the block and all blocks after it i. Nakamoto says that it'd be an extremely difficult task for an attacker to do just that, and that the probability of success diminishes exponentially the more blocks are added to a chain.
So how does proof-of-work protect the blockchain? In layman's terms, honest CPUs in the network solve each hash's math problem. As these computational puzzles are solved, these blocks are bundled into a chronologically-ordered chain. Thus the term blockchain. This validates to the entire system that all the required "math homework" has been completed. An attacker would have to redo all the completed puzzles and then surpass the work of honest CPUs in order to create a longer chain -- a feat that would be extremely unlikely if not impossible.
This sequence makes Bitcoin transactions irreversible. Nakamoto points out that honest nodes in the network need to collectively possess more CPU power than an attacker. As mentioned in earlier sections, nodes always consider the longest chain to be the correct one and will work on extending it. This section shows why it's important to announce transactions to all nodes.
It forms the basis for verifying the validity of each transaction as well as each block in the blockchain. As mentioned earlier, each node solves a proof-of-work puzzle and thus always recognizes the longest chain to be the correct version. As time progresses, the blockchain's record grows and provides assurance to the entire network of its validity.
The first transaction in a block is a special transaction that starts a new coin owned by the creator of the block. This achieves two things. Second, it's a way to initially distribute new coins into circulation since there is no central authority to issue them. The new coin rewards nodes -- aka Bitcoin miners -- for expending their time, CPU and electricity to make the network possible.
They can also be rewarded with transaction fees. Nakamoto envisions a limited number of coins to ever enter circulation, at which point miners can be incentivized solely by transaction fees that are inflation-free. New coins also incentivize nodes to play by the rules and remain honest. An attacker would have to expend a ton of resources to threaten the system, and getting rewarded by coins and transaction fees serve as a deterrent to such fraud.
Mining gold requires labor, water and equipment and it's an activity similar to Bitcoin mining. Since a maximum of 21 million Bitcoins will ever be mined, the system can be free of inflation. Therefore, Bitcoin can serve as a sustainable store of value, similar to gold. Compare that to fiat currency, such as the U. Due to inflation, the dollar has devalued nearly 97 percent since Bitcoin's incentive program is a mechanism that protects the peer-to-peer electronic payment system.
The issuance of new Bitcoin as well as transaction fees keep nodes honest. Because it wouldn't be worth it to attack the very system that forms the foundation of their wealth. As the saying goes, you don't bite the hand that feeds you. To save disk space, Nakamoto says that nodes can discard data from old transactions, with only the root of the discarded transaction kept in the block's hash. This enables the blockchain to remain intact, albeit with less data from old transactions.
He briefly describes a process for compacting data. But with Moore's Law, Nakamoto says that the future capacity of computer hardware should be sufficient to operate the network without miners having to worry about storage space.
In this section, Nakamoto provides a technical explanation of how to verify payments without running a full network node. That requires getting the longest proof-of-work chain and checking if the network has accepted it. The verification is reliable as long as honest nodes control the network. But an attacker can create fraudulent transactions for as long as an attacker can overpower the network. One defense against an attack is for network nodes to broadcast alerts when they detect an invalid block.
Such an alert could prompt a user's software to download the full block as well as alerted transactions in order to confirm the inconsistency. Nakamoto adds that businesses that receive frequent payments may want to consider operating their own nodes to achieve more independent security and quicker verification. There are non-Bitcoin blockchain protocols that large companies are applying outside finance. For example, a company can create an invite-only protocol that selects certain parties to participate in a private network of nodes.
The point is, there are many ways to set up a blockchain network that follows a different set of rules for verification. Nakamoto describes one way to do so for a peer-to-peer payment system, but he says that businesses may want to adapt their processes based on their own unique circumstances. Combining transaction amounts will result in more efficient transfers as opposed to creating a separate transaction for every cent involved.
In other words, it'd be simpler and more efficient to send three Bitcoins in a single transaction rather than create three transactions of one Bitcoin each, assuming the coins are sent to the same recipient.
To allow transaction values amounts to be split or combined, transactions can contain multiple inputs and outputs. There can be single or multiple inputs. But there can only be a maximum of two outputs: one for the payment, and one returning the change, if any, back to the sender. This process enables payments with specific amounts.
With traditional payments, users attain privacy when banks limit information available to the parties involved as well as the third party. With the peer-to-peer network, privacy can still be achieved even though transactions are announced. This is accomplished by keeping public keys anonymous.
The network may be able to see payment amounts being sent and received, but transactions are not linked to identities. Additionally, Nakamoto proposes that a new private key should be used for each transaction to avoid payments being linked to a common owner. To maintain privacy, Nakamoto says it's important for public keys to keep a user's identity anonymous. While everyone may be able to see transactions, no identifiable information is distributed. It's highly unlikely for an attacker to create an alternate chain faster than an honest chain.
In the past, white papers were most often produced by governmental agencies, NGOs, think tanks, consultancies, and financial institutions that needed to present the findings of their ongoing research in a succinct format.
With the widespread growth and adoption of content marketing the creation and distribution of non-promotional content intended to generate interest in a business and its offerings , white papers have become more common in other industries as well. Any organization that engages in content marketing can benefit from producing white papers.
Their popularity across industries is due to their versatility. While all white papers have certain elements in common, a B2B startup will use them differently than a large consultancy, and both will use them differently from a governmental organization. Other types of white papers simply present a summary of useful statistics and information about the state of a particular field or industry.
Whatever type you produce, the contents of your white paper should serve to showcase your expertise in a given area. Your audience is searching for information, and will look for an authoritative source — a business they perceive as having in-depth knowledge of a subject.
The contents of your white paper should serve to showcase your expertise in a given area. White papers enable you to build trust with your audience. They show readers that you're reliable, experienced, and adept in a given domain. When potential customers search for information to help them understand a problem or opportunity they're facing, and you provide them with a quality white paper that helps, they'll turn to you again in the future.
This perception of authority can also serve to boost sales in an organization. More than half the respondents to the Eccolo Media B2B Technology Content Survey reported having read a white paper before making a buying decision.
Buyers prefer to purchase from vendors they trust and see as experts in their field. Finally, white papers are extremely useful for lead generation. The Content Preferences Survey from DemandGen found that more than three-fourths of survey respondents were willing to exchange personal information for a white paper — more than for eBooks, case studies, analyst reports, podcasts, or infographics.
With all of these potential benefits, utilizing white papers in your content marketing strategy can produce great results. More than three-fourths of survey respondents were willing to exchange personal information for a white paper. When you think about white papers, you probably think of PDF articles with thousands of words. But times are changing and so is the way we produce and consume content. Nowadays, every type of content including white papers needs to be well written, well structured, and designed for every type of visitor.
What Developers Want - CodinGame. This unique one-pager presenting findings from the Developers at Work Survey demonstrates how a white paper should be done. The animated, interactive data charts show off just what's possible with our embed feature. Open white paper. This well-produced special edition produced by BDO and creative agency Scripta does an incredible job of turning a conventionally dull topic into a piece of content that's engaging and comes to life. Start creating white papers with Foleon.
Starting a white paper can be a daunting task. Even after the writing itself has begun, white papers are tricky to do well. Simply listing statistics without some form of narrative arc is a surefire way to keep your white paper from ever being read.
Luckily, following a few simple guidelines can help keep a white paper engaging and make the process of finishing it much easier. This might seem obvious, but without a topic that resonates with your audience, your white paper is not likely to be read.
When choosing the right topic, you should consider three important criteria:. Naturally, finding a topic that brings points 1 and 2 together is vital. White papers are meant to be authoritative pieces of content based upon the author's experience and expertise, so it's important to write about what you know.
But you must match this to the interests of your readers if you're to produce something they'll be eager to engage with. Don't be afraid to crowdsource information from within your organization. The same goes for other roles. Crowdsourcing knowledge means having the power of a true expert in many fields. Finally, filling a "content gap" will help your white paper get noticed and gain traction. By addressing a topic no one else has written about definitely, your white paper will be more likely to rank highly on search engines and even be featured elsewhere on the web.
Pro tip: You can even ask your audience what they would like to see in your upcoming white paper. You'll get ideas, make your topic more relevant, and you'll generate buzz around your content even before it's finished. In fact, we used the same method for this guide! Defining your audience goes hand in hand with choosing the right topic. Knowing this helps establish the voice you should use and whether industry-specific jargon is appropriate.
It also narrows the scope of the research you should include. Part of defining an audience in the age of Google centers around how people will find the white paper.
This means thinking about which platforms specific personas use for research and what search terms they put in. Not only will this help a white paper get found by the right people, but it is useful when outlining the white paper later on.
Optimizing for keywords is important, but remember to write for people, not for search engines. Google is getting better all the time at understanding and matching search intent with relevant content. Like with all good writing, your intro should serve to captivate your audience, pique their curiosity, and entice them to read further. It's good practice to provide a brief summary of what they'll find in the white paper and to emphasize exactly what benefit they'll get from reading it.
Your outro is equally important, especially if you're using your white paper to market your products or services. You should avoid any self-promotion in the body of your white paper, but you can certainly mention your relevant product offerings and how to obtain them — perhaps using a compelling call-to-action — at the end. White papers are not meant to be advertisements for your company, and you should avoid any overt promotion. Instead, you should provide plenty of useful information that will be valuable to readers even if they don't become customers.
Emphasizing value is the key to a great white paper that will get shared and widely read. Remember, white papers serve to showcase your expertise as a company or brand in a given field. Your readers should come away having learned something useful and with the impression that you're a reliable source of expert information. As pointed out earlier, generating this kind of reputation will lead to greater business success as buyers are more likely to purchase from companies they trust.
No first draft is ever a finished work. While a white paper may not need seventeen drafts, there will undoubtedly be points missed and logical inconsistencies in the first version. Finishing a draft, stepping away, and coming back to it with a fresh mind is the best way to ensure quality. White papers should be more detailed and thorough than blog posts or eBooks. This may cause them to be more dry and formal, but this doesn't mean they have to be boring.
A trap that white papers easily fall into is using statistics as a crutch and not maintaining interest throughout. Technical as it may be, you still want your white paper to be read. There are some pitfalls and common mistakes to avoid when writing a white paper. Each of these has the potential to make an otherwise stellar piece of content into a wasted effort. Here's a brief list of things to look out for.
When white papers are used as part of a marketing campaign where businesses showcase their product, a common mistake is to make them sound like a sales pitch. Don't let this happen; it will immediately turn your readers off. In a white paper, your audience is seeking unbiased, educational information that will help them, not try to persuade them.
Save the sales pitches for other content, like product brochures. As previously mentioned, white papers should be well-researched documents. Aggregating statistics and searching through scholarly work may take time, but the result will be worth it. We'll go in-depth into design in the next section, but it's worth mentioning here. The written content of a white paper is what matters most, but neglecting design is a big mistake. Designmakes your salient points stand out and helps the reader understand what they're reading.
Using visuals like images, videos, charts, and graphs that support your arguments is crucial. Check out some white paper examples built with Foleon to see examples from clients of ours who have an eye for design. White papers are informative and factual. Backgrounders, problem-solution white papers, and research findings all have a story to tell, and the reader is far less likely to make it through the entire piece without some form of narrative to keep them engaged.
Setting up a problem, elaborating on a solution, and including some type of success story is a proven formula for making any type of content more story-like. Because most white papers will involve sharing research findings, it can be easy to leave them in the realm of theory without explaining how to utilize those findings on a practical level. This is true more of backgrounders but can be the case with problem-solution white papers as well. A good example is the abundant amount of content on employee engagement.
Many B2B cases have covered the importance of employee engagement and the pitfalls of getting it wrong. Too little of this content goes further and gives concrete examples of what companies in specific verticals can do to alleviate the problem.
A picture is no longer worth a thousand words. Today, its value is in the number of eyeballs it can keep glued to your content and the ratio of those viewers it convinces to click through to other sections of your website. The average human attention span is now less than that of a goldfish. And with 3. Long form mediums like the white paper need serious sparkle just to compete. You'll need more than just black text on a white background.
Your design choices regarding things like color, typography , and the use of visuals will play a prominent role in the success of your white paper. Here are a few important principles to keep in mind for creating a quality white paper design. Before this, web pages simply scaled according to the size of a user's screen, retaining their layout. Naturally, this made most pages both unreadable and unnavigable on smaller devices.
Responsive design solved this by allowing elements on a page to rearrange, resize, or be completely hidden from view in response to the size of the screen.
When a smaller screen is used, font-sizes increase, buttons become larger for touch screens, and the entire layout adjusts to make the page mobile-friendly. But while this has become standard for web designers in a mobile-first world, producers of other digital content assets like white papers have generally not adapted. Surprisingly, most companies that offer white papers and eBooks on their websites still use PDF format.
The problem with PDFs is that they're unreadable on smaller screens. They're fixed-layout documents — they can't adjust or adapt to different screen sizes. Reading them on a mobile device requires excessive zooming and panning around, which is a terrible experience for users. Mobile traffic is ever-increasing. If you decide to produce your white paper as a PDF, you risk excluding this vast segment of your audience.
It's a design mistake that will cost you views and conversions. Because in-depth white papers contain lots of text and visuals , as well as supplementary information like footnotes, figures, logos and copyright info, the danger is that your design becomes cluttered.
Clutter accumulates before you realize it. You may choose a clean layout and color scheme, to begin with, but as you continue to add content, things can get crowded. Often, you must make tough choices about what not to include to strike the right balance between completeness and readability. Good design makes bold choices and prioritizes important information. These choices and priorities affect layout, placement, color, font size, page order and more.
Use these design elements to create emphasis on vital pieces of information. But be careful. In , bold fonts and color schemes are in. Of course, all that might change tomorrow. But still, a great way to get inspiration when you're just starting is to take a look at what design trends are currently popular. U2's frontman, Bono, sings "every artist is a cannibal, every poet is a thief. Good designers are always drawing inspiration from other designers.
The best way to create a successful design is to spend a lot of time looking at what others are doing successfully. Use Evernote , or a bookmarking service to save white papers and other exceptional designs that you encounter for future reference. Dribbble and Behance are two networks where great designers share their latest work. While trends may inspire you, it's more important to align your design with your audience and your subject matter.
Your design should support and strengthen your topic. The colors and typography should be consistent with what you're writing about, the tone you've chosen, and the audience you've defined. Writing a white paper for a funeral parlor? Hot-pink headlines might be a bad choice. Taking color psychology into account can help you achieve the look and feel you're after.
A big part of the battle is knowing the search terms that will get you the knowledge you need.