This step considers the task of describing ownership in a way that is useful for a purely distributed peer-to-peer system of ledgers. This step explains how the blockchain documents ownership and handles the transfer of ownership. Additionally, this step points out the importance of ordering when documenting the transfer of ownership. Finally, this step highlights the importance of the integrity of transaction data for the integrity of the whole system.
The Metaphor
A relay race is a race between teams of runners, where ...
