bitbook

Introduction Bitcoin and its underlying blockchain are viewed by many as the leading edge of an irreversible, transformative evolution of money, finance, commerce, and society itself. Bitcoin is whimsically described as “magic internet money.” Those who view that as dismissive are underestimating the transformative impact that programmable digital money is going to have. This whitepaper will attempt to explain the impact that we believe digital money and blockchains can ultimately have on commerce and society. We believe that blockchains applied to money and money adjacent use cases have the power to transform finance, wealth, safety, digital security, and ultimately the entire concept of trust. As a starting principle, well-designed digital money should be easier to use than cash and harder to steal. Properly formulated, the security of your digital money should not depend upon a team of experts to be secure. Losing keys should be easy to recover from. Anyone, including individuals on their home computers, should be able to participate in the validation of transactions. Anyone should be able to farm -- our version of mining -- instead of a few large powerful entities. Using well-architected digital money, anyone should be able to be their own bank because it is faster, less expensive, and ultimately safer. We believe that chia, a new digital currency built on our new blockchain with radically different features and security than other digital currencies, will ultimately deliver on the promises of “magic internet money