Meet B.ob T.rent C.harlie – Knowledgeable Idiot[Rayne]
![Meet B.ob T.rent C.harlie – Knowledgeable Idiot[Rayne]](https://thebitcoinstreetjournal.com/storage/2019/10/kFmyEe.png "Meet B.ob T.rent C.harlie – Knowledgeable Idiot[Rayne]")
There as an age-old adage using Alice & Bob as a metaphor for explaining exchange. There also exists a trusted third party, symbolized as Trent. Up until now, trusted third parties were loopholes. Because there has not been a system before this that allowed trust in the way Bitcoin does. Trust relies on the ability to prove dishonesty or honesty. If either can be determined, then the latter is the condition.
We are all Alice, gazing into the wonderland.
Anyone you have never met could be Charlie.
Every Alice could be a Charlie and vice versa.
- Bob’s– Bitcoin (BTC) I.D.– a unique code only for the Bitcoin (BTC) network.
- Trent’s– Bitcoin (BTC)s algorithm– a formal layer of trust.
- Charlie’s– Bitcoin (BTC) network peer– a trusted computer.
Alice wants to publish a large book, the publisher goes by Charlie.
Alice does not want anyone to know the contours of the story out of context. Alice is not trustful of Eve–her editor. Alice believes Eve exposes her work before Alice is ready. Afraid of her work not being verified, she creates a pseudonym, Bob, for protection. Eve is distrustful of Bob because they have never met.
Alice is comfortable sending messages to Trent because –unlike Eve, Bob trusts that Trent has no ulterior motives. Trent never goes on vacation, never goes to sleep and never has to eat. Trent’s only purpose for existing is to ensure Alice’s messages make it to Charlie, but look like they came from Bob. Giving Charlie the ability to continually translate information from Alice — avoiding anyone with bad intentions like Eve, who believes Bob’s words are irrelevant.
Since Bob is actually Alice, trust in Trent is inherited by both parties.
Trent and Charlie have a working relationship– Charlie gets paid a lot of money to reveal Alice’s work. Charlie translates what Bob says to Trent and proves the words originated from Alice. Charlie can get paid to distribute literature sent from Alice; he also gets reimbursement for translating Bob’s messages even if Charlie doesn’t publish the work.
Charlie works hard and is always rewarded for his efforts. Charlie is dedicated to being honest with Trent.
Charlie gets reimbursed for the effort involved in understanding Trent’s extremely complicated messages from Bob — who is secretly Alice trying to get her story published.
Bob, Charlie and Trent all speak the same language.
Anything that Bob can do Charlie can do better, and anything that Charlie can do Bob can do too.
All in all, no one has to trust anyone entirely.
Just the network, everyone can assume Trent(BTC) is there for them.
Bitcoin’s only job is to be itself.
BTC is an intentional paradox.
If Bitcoin is the name of digital currency and the name of a digital currency designed like Bitcoin is a cryptocurrency, then it literally means safe money.
Published at Tue, 29 Oct 2019 16:56:48 +0000
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