( SM) Strategic Management Assignment

Strategic Management 1
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Strategic Management 2
The Satoshi Nakamoto (2008) started to mine Bitcoin block chain earlier before the
world could realize about the cryptocurrency. However, Nakamoto did not build Bitcoin in
vacuum but he strongly stood with cryptographic and able software experts. The Satoshi
Nakamoto electronic software was version was freely and flexible to allow members to pay for
their items online directly from one organization to another without going to those particular
financial organizations. Though the online payment was not fully open software due to the third
party who could lose some justified document that showed how the transactions were taking
place, Satoshi Nakamoto introduced a solution which he called the peer to peer network. This
provided some timestamps transactions which were in form of an outgoing chain forming a
document of information that could not be changed by an individual. The chain served as an
evidence that the long chain was coming from the main CPU (Erik , 2016) power with the
largest pool that was controlling the software (Erik , 2016). Then the power CPU was being
controlled by the nodes which were not active in attacking the network.
Looking at other types of crypto like the Litecoin which was introduced to people (in the
year 2011) was among the cryptocurrencies that shadowed bitcoin and was referred to as ‘silver
to Bitcoin’s gold.’ The latter was invented by a graduate student by the name Charlie Lee. This
crypto is based on the global network financial method of paying transactions. Ethereum (ETH)
is another type of crypto which was launched in the year 2015 and it is a software which is
decentralized thus allowing good contract to be run with honesty and trust. It is run in its own
platform known as the cryptographic token which is an application moving inside the Ethereum
(John, 2015).
Due to (satoshi Nakamoto invention 2015), business in internet has been the most
exclusive and trusted instruction serving the people through the third party operation of using

Strategic Management 3
electronic payments. Even if the system still works effectively in different organizations there are
still some few weaknesses which it is undergoing because of trust model. One of the problem
that the Nakamoto project is going through is that there are no non reversible transactions to
avoid dispute with other organization that might be using the network. Therefore, the cost of lack
of reversal to people who are using the network have become a limitation to their accessibility.
This make the crypto trust to be limited by the consumers who are widely using the software.
The most important need of using the crypto as an electronic system when paying or in
financial institution is due to its trust. The concept of allowing two or more parties to participate
in the use of this network without being concerned about the third party is what is mostly
required. This has been taken care of by the peer to peer timestamps which gives the honest
transactions throughout the whole process of chronological transaction and therefore the users
are assured of transparency cooperation as long as the power CPU control are available (Tyler,
2017). Just like the Dash cryptocurrencies which was launched in the year 2014, it has the
potential of using the CPU or GPU to deliver transparency and honesty records.
In the (Satoshi Nakamoto) network, there are a number of revolutions which occur.
Transactions era is one of the most proposed revolutions which are taking place. This is where
the owner of the coin transfers that coin to another individual by digitally visiting the hash and
the process continue forming a chain of possession. These transactions cannot show whether the
owner of the coin double-spend it and there for a common solution must be introduced to show
that the system is trustful and it can check the double spending. The timestamp server offers the
solution to the first revolution and therefor becomes the second revolution of the crypto as
discussed by (Satoshi Natamoto 2009). The timestamps are always included in the hash carrying
a chain of information which reinforce the honesty of the network (Bill, 2017).