Bitcoin Architecture describes the foundational design and operational principles of the Bitcoin network. It is characterized by its decentralized peer-to-peer network, a public, immutable ledger known as the blockchain, and a proof-of-work consensus mechanism. Transactions are recorded in blocks, secured cryptographically, and validated by network participants through mining. The architecture supports a simple scripting language for transaction functionality.
Context
Current discussions surrounding Bitcoin Architecture often revolve around its scalability limitations and the development of Layer 2 solutions like the Lightning Network. Efforts are underway to enhance transaction throughput and reduce fees, thereby broadening its utility for everyday payments. Debates also persist regarding the environmental impact of its proof-of-work consensus and potential protocol upgrades that could introduce new functionalities while maintaining its core security properties.
A formal rebuttal dismantles the Blockchain Trilemma, establishing that scalability is an engineering outcome, distinct from an inherent trade-off for decentralized security.
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