Using Bitcoin to build a business – The Unilateral Contract | Dr Craig Wright | #LDNBlockchain23

Key takeaways
  • Bitcoin’s unilateral contract is a legally binding offer made to the world, ensuring that the system remains stable and secure.

  • Decentralization in Bitcoin refers to the interconnectedness of nodes in the network, allowing for resilience and security.

  • Nodes in the Bitcoin network are responsible for validating transactions and maintaining the integrity of the blockchain.

  • The stability of the Bitcoin protocol is crucial for ensuring that applications built on it will continue to function as intended.

  • Scaling Bitcoin to handle billions of transactions per second requires parallelization and horizontal scaling techniques.

  • The Bitcoin community does not vote on changes to the protocol; instead, the longest honest chain wins.

  • The unilateral contract in Bitcoin ensures that the coin supply remains fixed at 21 million, preventing inflation.

  • Nodes in the Bitcoin network are paid to validate transactions and maintain the integrity of the blockchain.

  • The use of Bitcoin for micropayments and small casual transactions is a potential application of the technology.

  • The unilateral contract in Bitcoin is legally binding and enforceable, providing a solid foundation for building applications and businesses.