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A purely peer-to-peer version of electronic contant would permit online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. Wij propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be switched without redoing the proof-of-work. The longest chain not only serves spil proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power.