Today we took a d***y cryptocurrency from the disney world- goofycoin to learn more about the mechanics of how an e-cash system is supposed to work 🗜️
we started with someone who's in-charge of "printing" the cash, just like traditional currencies.
let's call this person goofy 🐾
goofy prints all the coins. he does this by simply signing a statement that he is printing a certain amount of goofycoins.
goofy can pass these coins on to his friends by signing a statement that he is now sending 10 goofycoin to mickey. ✍🏻
mickey can later use these coins to buy coffee, this can be done by simply signing a statement that he is sending 2 goofycoin to the coffee shop owner.
notice something? signing a statement.
digital signatures are an important part of crypto. they make sure that the funds are spent by the person who owns them and not by anyone else🔐
there's a problem though. currently mickey has 10 goofycoins. he can sign two statements, one saying that he is giving 10 goofycoins to bob and another 10 goofycoins to alice.
🚨he should not be able to spend the same money twice. this is known as the double spending problem. all cryptocurrencies have to deal with this.
goofycoin was just a demo of how real cryptocurrencies should function and what the problems they deal with are.
the next step is to find a way such that we can do everything that goofy does in a decentralized way.
way to go 🔥
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