(This is an excerpt from my own article on my blog.)
Satoshi Nakamoto had outlined some basic tenets or principles which are now guiding the functioning of the Bitcoin system. There may be changes and upgrades made to the system, but these basic tenets will not change. Consider this to be like the natural laws which are the core or root of every existence. Anyone who aims to be part of this network either as a user, developer or service provider, needs to understand and adhere to these principles.
The following is an attempt by InCryptt to provide a jargon-less explanation of these basic principles. We have covered this topic in two parts for easy understanding and follow up.
1. Neutrality | Bitcoin Should always remain neutral ( Read More on InCryptt - Inside Cryptocurrencies)
2. Open | The Bitcoin Source code should always be Open-source (Read More on InCryptt - Inside Cryptocurrencies)
3. Decentralization | Bitcoin has no central authority (Read More on InCryptt - Inside Cryptocurrencies)
4. Scarcity | There will only ever be 21 Million Bitcoins in circulation (Read More on InCryptt - Inside Cryptocurrencies)
5. Tangibility | New Bitcoins Will Be Issued using computing power (Read More on InCryptt - Inside Cryptocurrencies)
These principles have been detailed in the Blog mentioned above. InCryptt aims to bring Crypto to the masses with simple stories and articles in plain English.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @shantanush! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDownvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit