This article was first published on Komodo
The Bitcoin protocol was first announced on October 31, 2008 when Satoshi Nakamoto, the anonymous founder(s) of Bitcoin, sent the Bitcoin whitepaper to the Cypherpunk email list. Just over two months later, around January 3, 2009, the first block in the Bitcoin blockchain was mined and the Bitcoin protocol came to life.
This article covers the fundamental concepts of how the Bitcoin protocol works. We’ll overview the basics of Bitcoin’s source code, transaction processes, security mechanisms, and payment types.
Bitcoin Source Code
Easy accessibility is one attribute that has led to mass adoption of the Bitcoin protocol. Satoshi Nakamoto launched Bitcoin Core as open source software, which enables blockchain developers to continuously release new updates that improve protocol functionality.
The original Bitcoin Core source code is written in C++, and the up-to-date implementation can be found on GitHub. C++ is not only used on the Bitcoin protocol but has also become one of the most popular blockchain programming languages across other protocols. This programming language supports tight control of memory and CPU usage. It also enables nodes to quickly validate and propagate blocks, which means transactions are processed efficiently.
As Bitcoin became more popular, new clients written in other programming languages have been released. Today blockchain developers also have the option to build Bitcoin applications using Python, Golang, Java, or Rust.
Unspent Transaction Output (UTXO)
BTC is the Bitcoin protocol’s native coin and used in all network transactions. To organize BTC transactions, the Bitcoin protocol introduced the world’s first blockchain (one variety of distributed ledger technology). More specifically, Bitcoin uses an unspent transaction output (UTXO) model as a way to keep track of how funds move and to prevent the double spending problem. It’s crucial to understand that each UTXO can only be spent once. When ...
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