Did Satoshi Solve The Byzantine Generals Problem?

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In this video, I discuss whether or not Satoshi solved the Byzantine Generals Problem (BGP).

The BGP is a thought experiment that asks how independent parties (who cannot trust each other) can come to an agreement or consensus without having to rely on a trusted 3rd party.

While there is no general mathematical solution to the BGP, Satoshi created a very clever workaround with the Bitcoin network.

Satoshi's innovation is to marry the blockchain to proof of work, and thus make it possible for miners and nodes on the network to come to consensus, without having to trust each other or a centralized third party.

There's no security or immutability without proof of work, which alone makes it expensive and unwieldy for bad actors to attack the network.

Bitcoin is a "Byzantine fault-tolerant system." It will continue to operate in a reliable manner even if some of its nodes or miners fail or act maliciously.

This is yet another reason why I believe that Bitcoin is the best and safest place to store one's savings.

Not investment advice! Consult a financial advisor.

Byzantine fault:
https://en.wikipedia.org/wiki/Byzanti...

Satoshi on the problem of consensus and synchronization:
https://satoshi.nakamotoinstitute.org...

Download Bitcoin Core to run your own node:
https://bitcoin.org/en/bitcoin-core/

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#satoshi

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