permanently recorded across all ledgers, it is open for anyone to see there is

no need for any third-party verification.

To ensure ownership integrity:

The public key of the account from which the money is withdrawn

The public key of the account to which the money is sent

An encoded message for approving the transaction

For encoding the encoded message, the private key of the account owner is

used, and it can be decoded by anyone using the public key that has been

registered as the sender in the ledger.

Transaction integrity ensures that:

If there is a positive balance in the account, one must be able to

withdraw from it.

Each payment from an account must reference an unspent payment to

that account in the past, to this end.

Considering a “zero trust” system, it should make it instrumental in

making it available to everyone to have his or her own copy of the

entire ledger in order to verify whether this reference payment indeed

exists.

The way of safeguarding the integrity of transactions is the transaction

chain.

Order integrity is ensured as follows:

Transactions that are thought of as having happened at the same time are

grouped into blocks. The chain of blocks provides a chronology of the

transactions.

In order to add a new block to the chain, one needs to solve the following

problem.

Based on two inputs in a highly disorderly fashion, let f be a function

computing a number.

Further, there is a hash function h that can hash the content of a block b.

Now find a number n such that the threshold is chosen in such a way that

the network typically takes about 10 minutes to find a correct number.