Common use of Scenario Description Clause in Contracts

Scenario Description. In ▇▇▇▇▇▇▇▇’▇ work [22] a decentralized payment system is envisioned. The essence is to have a consortium of unknown participants achieve consensus [26]. To achieve this, Bitcoin uses a public permissionless blockchain, allowing anyone to participate. Each participant owns one or more Bitcoin accounts. An account is identi- fied by a public cryptographic key, and managed by the corresponding private key. Each account may hold a number of tokens, which represent a value, and can be seen as ‘coins’. Coin ownership can be transferred by transactions. A transaction, in principle, contains the account of the sender, the account of the receiver, the number of coins transferred, and the signature of the sender. Trans- actions created by participants are collected by other participants called miners. These miners independently solve a moderately-hard cryptographic puzzle. The miner that solves the puzzle first, obtains the privilege to propose a new state of accounts, based on the transactions collected. A miner proposes a new state by presenting a sequence of transactions called a block. Note that only miners may write to the blockchain. Each block holds the hash of its previous block, linking all blocks into a block-chain.