Satoshi Nakamoto and the invention of a new currency

Satoshi Nakamoto drew from the history of cryptocurrencies since David Chaum’s seminal blinding formula in the 1980s.  He postulated that the flaw with existing approaches to cryptocurrencies was that a single powerful attacker could undermine and destroy the system.  In order to to defeat the powerful attacker, Satoshi decentralised the control of the cryptocurrency over an open set of participants, designed a consensus algorithm to align the interests of the majority to find agreement, and thus overcome byzantine actions by minority parties.

Source: What Satoshi Did | Coinscrum

 

These series of blog posts are worth reading in their entirety.