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A decentralized network operates on a Immediate Edge system of checks and balances, where every entity within the network checks to see there is no attempt to spend the same currency twice. No one thought it was possible to reach consensus without central authority, but the emergence of Bitcoin proved it was achievable. — In late 2008, Satoshi Nakamoto developed a peer-to-peer cash system, which he called Bitcoin. This was the first time someone was able to build a secure, decentralized digital cash system.