The Bitcoin protocol - a highlevel explanation

[zby]

I've just made a blog post with that subject - it is a kind of intro to the bitcoin protocol.  Please comment if it is incorrect and in general what could be improved.  Maybe I should somehow add some description how the current state is considered to be the longest block chain branch - but I am struggling with explaining this in an easy way.

http://perlalchemy.blogspot.com/2011/05/bitcoin-protocol-highlevel-explanation.html