We misunderstood Satoshi Nakamoto. I read the Bitcoin whitepaper and here are the core ideas that formed the basis of modern blockchains.

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"What is needed is an electronic payment system based on cryptographic proof instead of trust..."

Satoshi saw the main issue with traditional payment systems as reliance on a third party for security, which added costs. A new system was needed, using cryptographic proofs instead. If honest nodes control most CPU power, this system stays secure.

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"To implement a distributed timestamp server on a peer-to-peer basis, we will need to use a proof-of-work system..."

Once nodes agree on the blockchain's history, the first to solve the math problem gets rewarded. Each node has one vote, making block changes nearly impossible for attackers.

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“The traditional banking model achieves a level of privacy by limiting access to information...”

This method laid the foundation for blockchain transparency by making all transactions public while maintaining the anonymity of the parties.