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$3,394.16
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Address ›
0x3b98977ED6aC1a6f7d3529361FE4D5f1ADda082d
Overview
Balance:
0.000298727625546 ETH
ETH Value:
$1.01
(@ $3,394.16/ETH)
Token:
$0.00
19
More Info
Tag:
Not Available.
Update?
First activity:
Transactions
Internal Txns
ERC20 Token Txns
Latest 50 from a total of 25 ERC20 transfers
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Latest 45 from a total of 45 ERC20 transfers
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First
1 of 1
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Method
From
To
Value
Token
Age
0xae444...1dcd6a
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
0x6372...BE6cc4
2,944,830,000,000.00
0x69P3P3 (PEPE)
453 days 20 hrs ago
0xfa55d...2730d1
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
0x626E...e3b60e
4,907,068.45
√pepe (pe)
453 days 20 hrs ago
0xfdc2a...0a8f8b
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Uniswap V 2
10,962,666.95
McDonalds Family (日本マクドナルド)
453 days 20 hrs ago
0xe5a36...eef74e
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
0x626E...e3b60e
IN
0x3b98...da082d
4,907,068.45
√pepe (pe)
453 days 21 hrs ago
0x8c3e5...6a55d2
0x6372...BE6cc4
IN
0x3b98...da082d
2,944,830,000,000.00
0x69P3P3 (PEPE)
453 days 21 hrs ago
0x06636...c5444c
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Uniswap V 2
20,318,709,211.67
pepe² (pepe²)
453 days 21 hrs ago
0x4cc47...0928c6
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2
IN
0x3b98...da082d
20,318,709,211.67
pepe² (pepe²)
453 days 21 hrs ago
0x002c2...0c5895
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2
IN
0x3b98...da082d
10,962,666.95
McDonalds Family (日本マクドナルド)
453 days 21 hrs ago
0x1a1c8...c9953a
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Uniswap V 2
7,680,000.00
Battleship (BATTLESHIP)
455 days 23 hrs ago
0x1a1c8...c9953a
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Battleship
320,000.00
Battleship (BATTLESHIP)
455 days 23 hrs ago
0x1fbcf...4f0f87
Uniswap V 2
IN
0x3b98...da082d
8,000,000.00
Battleship (BATTLESHIP)
455 days 23 hrs ago
0xc27de...2cb01e
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Uniswap V 2 Pair
2,888,093.88
Sally (Sally)
458 days 3 hrs ago
0x241a9...170ad9
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2 Pair
IN
0x3b98...da082d
2,888,093.88
Sally (Sally)
458 days 3 hrs ago
0x6568a...ff0c3e
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Uniswap V 2 Pair
332,558,682.89
Together (TGH)
459 days 10 hrs ago
0x6568a...ff0c3e
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Together
6,786,911.90
Together (TGH)
459 days 10 hrs ago
0x7fd8d...ba824a
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2 Pair
IN
0x3b98...da082d
339,345,594.78
Together (TGH)
459 days 10 hrs ago
0x14ffe...5b7a09
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
0x56e6...a6c41d
IN
0x3b98...da082d
14,807,705.75
Crypto (крипто)
460 days 16 hrs ago
0x8f378...da28b1
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
0xAdfc...eaa8e7
IN
0x3b98...da082d
5,895,677,116.39
Watermelon Zebra (ឪឡឹកសេះបង្កង់)
460 days 17 hrs ago
0x9c379...5b7db5
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2
IN
0x3b98...da082d
705,013.35
WILE (WILE)
460 days 17 hrs ago
0x8027b...427b56
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
0xff72...95ADd0
1,026,514,882.59
Black Dragon Society (BDS)
460 days 19 hrs ago
0x47c17...811261
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
0xff72...95ADd0
IN
0x3b98...da082d
1,026,514,882.59
Black Dragon Society (BDS)
460 days 19 hrs ago
0xba639...94e0cf
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Uniswap V 2
6,703,217.82
Not Pepe (PEPE)
460 days 20 hrs ago
0x9fa22...746aad
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Uniswap V 2
1,395,584.96
Introduction to Bitcoin and Existing Concepts \n \n History \n \n The concept of decentralized digital currency, as well as alternative applications like property registries, has been around for decades. The anonymous e-cash protocols of the 1980s and the 1990s, mostly reliant on a cryptographic primitive known as Chaumian blinding, provided a currency with a high degree of privacy, but the protocols largely failed to gain traction because of their reliance on a centralized intermediary. In 1998, Wei Dai's b-money(opens in a new tab) became the first proposal to introduce the idea of creating money through solving computational puzzles as well as decentralized consensus, but the proposal was scant on details as to how decentralized consensus could actually be implemented. In 2005, Hal Finney introduced a concept of *reusable proofs of work(opens in a new tab)*, a system which uses ideas from b-money together with Adam Back's computationally difficult Hashcash puzzles to create a concept for a cryptocurrency, but once again fell short of the ideal by relying on trusted computing as a backend. In 2009, a decentralized currency was for the first time implemented in practice by Satoshi Nakamoto, combining established primitives for managing ownership through public key cryptography with a consensus algorithm for keeping track of who owns coins, known as *proof-of-work*. \n \n The mechanism behind proof-of-work was a breakthrough in the space because it simultaneously solved two problems. First, it provided a simple and moderately effective consensus algorithm, allowing nodes in the network to collectively agree on a set of canonical updates to the state of the Bitcoin ledger. Second, it provided a mechanism for allowing free entry into the consensus process, solving the political problem of deciding who gets to influence the consensus, while simultaneously preventing sybil attacks. It does this by substituting a formal barrier to participation, such as the requirement to be registered as a unique entity on a particular list, with an economic barrier - the weight of a single node in the consensus voting process is directly proportional to the computing power that the node brings. Since then, an alternative approach has been proposed called proof-of-stake, calculating the weight of a node as being proportional to its currency holdings and not computational resources; the discussion of the relative merits of the two approaches is beyond the scope of this paper but it should be noted that both approaches can be used to serve as the backbone of a cryptocurrency. (GENESIS)
460 days 20 hrs ago
0x5fd1f...bf2686
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2
IN
0x3b98...da082d
1,395,584.96
Introduction to Bitcoin and Existing Concepts \n \n History \n \n The concept of decentralized digital currency, as well as alternative applications like property registries, has been around for decades. The anonymous e-cash protocols of the 1980s and the 1990s, mostly reliant on a cryptographic primitive known as Chaumian blinding, provided a currency with a high degree of privacy, but the protocols largely failed to gain traction because of their reliance on a centralized intermediary. In 1998, Wei Dai's b-money(opens in a new tab) became the first proposal to introduce the idea of creating money through solving computational puzzles as well as decentralized consensus, but the proposal was scant on details as to how decentralized consensus could actually be implemented. In 2005, Hal Finney introduced a concept of *reusable proofs of work(opens in a new tab)*, a system which uses ideas from b-money together with Adam Back's computationally difficult Hashcash puzzles to create a concept for a cryptocurrency, but once again fell short of the ideal by relying on trusted computing as a backend. In 2009, a decentralized currency was for the first time implemented in practice by Satoshi Nakamoto, combining established primitives for managing ownership through public key cryptography with a consensus algorithm for keeping track of who owns coins, known as *proof-of-work*. \n \n The mechanism behind proof-of-work was a breakthrough in the space because it simultaneously solved two problems. First, it provided a simple and moderately effective consensus algorithm, allowing nodes in the network to collectively agree on a set of canonical updates to the state of the Bitcoin ledger. Second, it provided a mechanism for allowing free entry into the consensus process, solving the political problem of deciding who gets to influence the consensus, while simultaneously preventing sybil attacks. It does this by substituting a formal barrier to participation, such as the requirement to be registered as a unique entity on a particular list, with an economic barrier - the weight of a single node in the consensus voting process is directly proportional to the computing power that the node brings. Since then, an alternative approach has been proposed called proof-of-stake, calculating the weight of a node as being proportional to its currency holdings and not computational resources; the discussion of the relative merits of the two approaches is beyond the scope of this paper but it should be noted that both approaches can be used to serve as the backbone of a cryptocurrency. (GENESIS)
460 days 20 hrs ago
0x75e5d...666d0d
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2 Pair
IN
0x3b98...da082d
918,898.62
NEKO (NEKO)
460 days 20 hrs ago
0x93dd9...0336dd
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2
IN
0x3b98...da082d
6,703,217.82
Not Pepe (PEPE)
460 days 20 hrs ago
0x25982...c91d04
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2
IN
0x3b98...da082d
7,658,007.54
LockMaster - Friend.tech Sniper Bot (KEYS)
460 days 20 hrs ago
0xbe481...49ef0d
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Uniswap V 2
1,818,588,613.90
RealZhdun (Ждун)
460 days 21 hrs ago
0xbe481...49ef0d
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Real Zhdun
202,065,401.54
RealZhdun (Ждун)
460 days 21 hrs ago
0xd1c5c...9a566f
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2
IN
0x3b98...da082d
2,020,654,015.44
RealZhdun (Ждун)
460 days 21 hrs ago
0x82d83...c7b135
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Uniswap V 2
15,394,344.75
Sokoke Cat (SOKOKE)
460 days 23 hrs ago
0x82d83...c7b135
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Sokoke Cat
155,498.43
Sokoke Cat (SOKOKE)
460 days 23 hrs ago
0x84aeb...9efed5
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2
IN
0x3b98...da082d
15,549,843.18
Sokoke Cat (SOKOKE)
460 days 23 hrs ago
0x7d916...8425d3
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Uniswap V 2
1,059,745,634.03
Real Pineapple Owl (үкүананас)
460 days 23 hrs ago
0x7d916...8425d3
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
0x69Bd...92e783
10,704,501.35
Real Pineapple Owl (үкүананас)
460 days 23 hrs ago
0x10e1f...b84f8a
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
0x5e41...912F34
1,381,629.11
A Next-Generation Smart Contract and Decentralized Application Platform \n \n Satoshi Nakamoto's development of Bitcoin in 2009 has often been hailed as a radical development in money and currency, being the first example of a digital asset which simultaneously has no backing or *intrinsic value(opens in a new tab)* and no centralized issuer or controller. However, another, arguably more important, part of the Bitcoin experiment is the underlying blockchain technology as a tool of distributed consensus, and attention is rapidly starting to shift to this other aspect of Bitcoin. Commonly cited alternative applications of blockchain technology include using on-blockchain digital assets to represent custom currencies and financial instruments (*colored coins(opens in a new tab)*), the ownership of an underlying physical device (*smart property(opens in a new tab)*), non-fungible assets such as domain names (*Namecoin(opens in a new tab)Ü), as well as more complex applications involving having digital assets being directly controlled by a piece of code implementing arbitrary rules (*smart contracts(opens in a new tab)*) or even blockchain-based *decentralized autonomous organizations(opens in a new tab)* (DAOs). What Ethereum intends to provide is a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create *contracts* that can be used to encode arbitrary state transition functions, allowing users to create any of the systems described above, as well as many others that we have not yet imagined, simply by writing up the logic in a few lines of code. (GENESIS)
461 days 2 hrs ago
0xd9013...ddb8c5
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
0x115a...53fC5C
256,949,487.70
Real Pineapple Owl (Pineowl)
461 days 2 hrs ago
0xddf27...5dafbe
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
0x115a...53fC5C
IN
0x3b98...da082d
256,949,487.70
Real Pineapple Owl (Pineowl)
461 days 3 hrs ago
0xbe82e...1625b8
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
0x5e41...912F34
IN
0x3b98...da082d
1,381,629.11
A Next-Generation Smart Contract and Decentralized Application Platform \n \n Satoshi Nakamoto's development of Bitcoin in 2009 has often been hailed as a radical development in money and currency, being the first example of a digital asset which simultaneously has no backing or *intrinsic value(opens in a new tab)* and no centralized issuer or controller. However, another, arguably more important, part of the Bitcoin experiment is the underlying blockchain technology as a tool of distributed consensus, and attention is rapidly starting to shift to this other aspect of Bitcoin. Commonly cited alternative applications of blockchain technology include using on-blockchain digital assets to represent custom currencies and financial instruments (*colored coins(opens in a new tab)*), the ownership of an underlying physical device (*smart property(opens in a new tab)*), non-fungible assets such as domain names (*Namecoin(opens in a new tab)Ü), as well as more complex applications involving having digital assets being directly controlled by a piece of code implementing arbitrary rules (*smart contracts(opens in a new tab)*) or even blockchain-based *decentralized autonomous organizations(opens in a new tab)* (DAOs). What Ethereum intends to provide is a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create *contracts* that can be used to encode arbitrary state transition functions, allowing users to create any of the systems described above, as well as many others that we have not yet imagined, simply by writing up the logic in a few lines of code. (GENESIS)
461 days 4 hrs ago
0x05d70...ef34d1
Swap Exact Tokens For ETH Supporting Fee On Transfer Tokens
0x3b98...da082d
OUT
Uniswap V 2 Pair
1,395,584.96
A Next-Generation Smart Contract and Decentralized Application Platform \n \n Satoshi Nakamoto's development of Bitcoin in 2009 has often been hailed as a radical development in money and currency, being the first example of a digital asset which simultaneously has no backing or *intrinsic value(opens in a new tab)* and no centralized issuer or controller. However, another, arguably more important, part of the Bitcoin experiment is the underlying blockchain technology as a tool of distributed consensus, and attention is rapidly starting to shift to this other aspect of Bitcoin. Commonly cited alternative applications of blockchain technology include using on-blockchain digital assets to represent custom currencies and financial instruments (*colored coins(opens in a new tab)*), the ownership of an underlying physical device (*smart property(opens in a new tab)*), non-fungible assets such as domain names (*Namecoin(opens in a new tab)*), as well as more complex applications involving having digital assets being directly controlled by a piece of code implementing arbitrary rules (*smart contracts(opens in a new tab)*) or even blockchain-based *decentralized autonomous organizations(opens in a new tab)* (DAOs). What Ethereum intends to provide is a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create *contracts* that can be used to encode arbitrary state transition functions, allowing users to create any of the systems described above, as well as many others that we have not yet imagined, simply by writing up the logic in a few lines of code. \n \n Introduction to Bitcoin and Existing Concepts \n \n History \n \n The concept of decentralized digital currency, as well as alternative applications like property registries, has been around for decades. The anonymous e-cash protocols of the 1980s and the 1990s, mostly reliant on a cryptographic primitive known as Chaumian blinding, provided a currency with a high degree of privacy, but the protocols largely failed to gain traction because of their reliance on a centralized intermediary. In 1998, Wei Dai's b-money(opens in a new tab) became the first proposal to introduce the idea of creating money through solving computational puzzles as well as decentralized consensus, but the proposal was scant on details as to how decentralized consensus could actually be implemented. In 2005, Hal Finney introduced a concept of *reusable proofs of work(opens in a new tab)*, a system which uses ideas from b-money together with Adam Back's computationally difficult Hashcash puzzles to create a concept for a cryptocurrency, but once again fell short of the ideal by relying on trusted computing as a backend. In 2009, a decentralized currency was for the first time implemented in practice by Satoshi Nakamoto, combining established primitives for managing ownership through public key cryptography with a consensus algorithm for keeping track of who owns coins, known as *proof-of-work*. \n \n The mechanism behind proof-of-work was a breakthrough in the space because it simultaneously solved two problems. First, it provided a simple and moderately effective consensus algorithm, allowing nodes in the network to collectively agree on a set of canonical updates to the state of the Bitcoin ledger. Second, it provided a mechanism for allowing free entry into the consensus process, solving the political problem of deciding who gets to influence the consensus, while simultaneously preventing sybil attacks. It does this by substituting a formal barrier to participation, such as the requirement to be registered as a unique entity on a particular list, with an economic barrier - the weight of a single node in the consensus voting process is directly proportional to the computing power that the node brings. Since then, an alternative approach has been proposed called proof-of-stake, calculating the weight of a node as being proportional to its currency holdings and not computational resources; the discussion of the relative merits of the two approaches is beyond the scope of this paper but it should be noted that both approaches can be used to serve as the backbone of a cryptocurrency. \n \n Bitcoin As A State Transition System \n \n From a technical standpoint, the ledger of a cryptocurrency such as Bitcoin can be thought of as a state transition system, where there is a *state* consisting of the ownership status of all existing bitcoins and a *state transition function* that takes a state and a transaction and outputs a new state which is the result. In a standard banking system, for example, the state is a balance sheet, a transaction is a request to move $X from A to B, and the state transition function reduces the value in A's account by $X and increases the value in B's account by $X. If A's account has less than $X in the first place, the state transition function returns an error. Hence, one can formally define: \n The *state* in Bitcoin is the collection of all coins (technically, Üunspent transaction outputs* or UTXO) that have been minted and not yet spent, with each UTXO having a denomination and an owner (defined by a 20-byte address which is essentially a cryptographic public keyfn1). A transaction contains one or more inputs, with each input containing a reference to an existing UTXO and a cryptographic signature produced by the private key associated with the owner's address, and one or more outputs, with each output containing a new UTXO to be added to the state. \n The state transition function APPLY(S,TX) -> S' can be defined roughly as follows: For each input in TX: If the referenced UTXO is not in S, return an error. If the provided signature does not match the owner of the UTXO, return an error. If the sum of the denominations of all input UTXO is less than the sum of the denominations of all output UTXO, return an error. Return S with all input UTXO removed and all output UTXO added. \n The first half of the first step prevents transaction senders from spending coins that do not exist, the second half of the first step prevents transaction senders from spending other people's coins, and the second step enforces conservation of value. In order to use this for payment, the protocol is as follows. Suppose Alice wants to send 11.7 BTC to Bob. First, Alice will look for a set of available UTXO that she owns that totals up to at least 11.7 BTC. Realistically, Alice will not be able to get exactly 11.7 BTC; say that the smallest she can get is 6+4+2=12. She then creates a transaction with those three inputs and two outputs. The first output will be 11.7 BTC with Bob's address as its owner, and the second output will be the remaining 0.3 BTC *change*, with the owner being Alice herself \n (GENESIS)
461 days 14 hrs ago
0x9856b...36c61a
Swap Exact ETH For Tokens Supporting Fee On Transfer Tokens
Uniswap V 2 Pair
IN
0x3b98...da082d
1,395,584.96
A Next-Generation Smart Contract and Decentralized Application Platform \n \n Satoshi Nakamoto's development of Bitcoin in 2009 has often been hailed as a radical development in money and currency, being the first example of a digital asset which simultaneously has no backing or *intrinsic value(opens in a new tab)* and no centralized issuer or controller. However, another, arguably more important, part of the Bitcoin experiment is the underlying blockchain technology as a tool of distributed consensus, and attention is rapidly starting to shift to this other aspect of Bitcoin. Commonly cited alternative applications of blockchain technology include using on-blockchain digital assets to represent custom currencies and financial instruments (*colored coins(opens in a new tab)*), the ownership of an underlying physical device (*smart property(opens in a new tab)*), non-fungible assets such as domain names (*Namecoin(opens in a new tab)*), as well as more complex applications involving having digital assets being directly controlled by a piece of code implementing arbitrary rules (*smart contracts(opens in a new tab)*) or even blockchain-based *decentralized autonomous organizations(opens in a new tab)* (DAOs). What Ethereum intends to provide is a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create *contracts* that can be used to encode arbitrary state transition functions, allowing users to create any of the systems described above, as well as many others that we have not yet imagined, simply by writing up the logic in a few lines of code. \n \n Introduction to Bitcoin and Existing Concepts \n \n History \n \n The concept of decentralized digital currency, as well as alternative applications like property registries, has been around for decades. The anonymous e-cash protocols of the 1980s and the 1990s, mostly reliant on a cryptographic primitive known as Chaumian blinding, provided a currency with a high degree of privacy, but the protocols largely failed to gain traction because of their reliance on a centralized intermediary. In 1998, Wei Dai's b-money(opens in a new tab) became the first proposal to introduce the idea of creating money through solving computational puzzles as well as decentralized consensus, but the proposal was scant on details as to how decentralized consensus could actually be implemented. In 2005, Hal Finney introduced a concept of *reusable proofs of work(opens in a new tab)*, a system which uses ideas from b-money together with Adam Back's computationally difficult Hashcash puzzles to create a concept for a cryptocurrency, but once again fell short of the ideal by relying on trusted computing as a backend. In 2009, a decentralized currency was for the first time implemented in practice by Satoshi Nakamoto, combining established primitives for managing ownership through public key cryptography with a consensus algorithm for keeping track of who owns coins, known as *proof-of-work*. \n \n The mechanism behind proof-of-work was a breakthrough in the space because it simultaneously solved two problems. First, it provided a simple and moderately effective consensus algorithm, allowing nodes in the network to collectively agree on a set of canonical updates to the state of the Bitcoin ledger. Second, it provided a mechanism for allowing free entry into the consensus process, solving the political problem of deciding who gets to influence the consensus, while simultaneously preventing sybil attacks. It does this by substituting a formal barrier to participation, such as the requirement to be registered as a unique entity on a particular list, with an economic barrier - the weight of a single node in the consensus voting process is directly proportional to the computing power that the node brings. Since then, an alternative approach has been proposed called proof-of-stake, calculating the weight of a node as being proportional to its currency holdings and not computational resources; the discussion of the relative merits of the two approaches is beyond the scope of this paper but it should be noted that both approaches can be used to serve as the backbone of a cryptocurrency. \n \n Bitcoin As A State Transition System \n \n From a technical standpoint, the ledger of a cryptocurrency such as Bitcoin can be thought of as a state transition system, where there is a *state* consisting of the ownership status of all existing bitcoins and a *state transition function* that takes a state and a transaction and outputs a new state which is the result. In a standard banking system, for example, the state is a balance sheet, a transaction is a request to move $X from A to B, and the state transition function reduces the value in A's account by $X and increases the value in B's account by $X. If A's account has less than $X in the first place, the state transition function returns an error. Hence, one can formally define: \n The *state* in Bitcoin is the collection of all coins (technically, Üunspent transaction outputs* or UTXO) that have been minted and not yet spent, with each UTXO having a denomination and an owner (defined by a 20-byte address which is essentially a cryptographic public keyfn1). A transaction contains one or more inputs, with each input containing a reference to an existing UTXO and a cryptographic signature produced by the private key associated with the owner's address, and one or more outputs, with each output containing a new UTXO to be added to the state. \n The state transition function APPLY(S,TX) -> S' can be defined roughly as follows: For each input in TX: If the referenced UTXO is not in S, return an error. If the provided signature does not match the owner of the UTXO, return an error. If the sum of the denominations of all input UTXO is less than the sum of the denominations of all output UTXO, return an error. Return S with all input UTXO removed and all output UTXO added. \n The first half of the first step prevents transaction senders from spending coins that do not exist, the second half of the first step prevents transaction senders from spending other people's coins, and the second step enforces conservation of value. In order to use this for payment, the protocol is as follows. Suppose Alice wants to send 11.7 BTC to Bob. First, Alice will look for a set of available UTXO that she owns that totals up to at least 11.7 BTC. Realistically, Alice will not be able to get exactly 11.7 BTC; say that the smallest she can get is 6+4+2=12. She then creates a transaction with those three inputs and two outputs. The first output will be 11.7 BTC with Bob's address as its owner, and the second output will be the remaining 0.3 BTC *change*, with the owner being Alice herself \n (GENESIS)
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