Blockchain

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We survey eighteen years of cryptographically secured distributed ledgers, beginning with the publication of Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto in October 2008. We trace the evolution from proof-of-work value transfer (Bitcoin) to general-purpose smart-contract platforms (Ethereum), the rise and fall of decentralized finance and non-fungible tokens, and persistent technical and... Key sections include: Blockchain: A Critical Survey of Cryptographic Consensus Systems, 2008–2026; I. Introduction; II. Bitcoin: design and operation; III. Ethereum and smart contracts; IV. Consensus mechanisms; V. Decentralized Finance (DeFi); VI. NFTs; VII. Scaling; VIII. The persistent critique; IX. Recommended viewing.