[mquandalle]

This version contains some mistakes and approximations. For a more up-to-date paper you should take a look at the White paper v2 draft [1].

A more formal and technical description is presented in the Yellow paper (also draft) [2].

[1] https://github.com/ethereum/wiki/wiki/Whitepaper-2-Draft

[2] http://gavwood.com/Paper.pdf