There is no formal framework for describing the core structural concepts of Bitcoin or for attempting a correctness proof of the algorithm. This analysis of Bitcoin presents several elements which may serve as building blocks. A distributed model for describing the states enclosed in a Bitcoin network is provided. Concepts for modelling the swarm behaviour of Bitcoin are analysed.

This contribution attempts a structural analysis of Bitcoin concepts. It is not meant as formal specification and does not reflect all essentials of the algorithm, but contains what the author regards as core building blocks. The text is not meant as introduction; a general understanding of Bitcoin is assumed. The intention is to ultimately develop a formal foundation for Bitcoin, which is formally more precise, more abstract and more flexible than the currently available descriptions. There is hope that this may help to a better understanding and in the further evolution of the current algorithm.

By accessing this research, you will discover an analysis of Bitcoin that explores a world of states and transactions, from centralised scenarios through to swarm behaviour. It also takes a look at byzantine failures, unreliable communications, and the importance of consensus. Wehther you want to see Bitcoin in the scenario of a game, a random walk, or even as a social system, this research has it covered.