Sublime

The BIP16 upgrade to the Bitcoin protocol in 2012 allows an output script to commit to a redemption script (redeem script). When Bob spends his bitcoins, his input script needs to provide a redeem script that matches the commitment and also any data necessary to satisfy the redeem script (such as signatures).

Ralph Merkle, inventor of the Merkle tree data structure, which is utilized by Bitcoin to record transactions, had a remarkable way of describing Bitcoin: Bitcoin is the first example of a new form of life. It lives and breathes on the internet. It lives because it can pay people to keep it alive. It lives because it performs a useful service that

There is also a reference implementation of the Bitcoin protocol that includes a wallet, known as “Bitcoin Core,” which is derived from the original implementation written by Satoshi Nakamoto.

Redefining the Concept of Money and Value Creation While Bitcoin (BTC) was originally designed with the purpose of creating P2P (“peer-to-peer”) money without banks, it really is much more. The underlying P2P protocol that enables this novel kind of P2P electronic money has proven to be a gateway to a new type of economic value creation. The