January 2019
Beginner to intermediate
372 pages
11h 17m
English
Content preview from Foundations of Blockchain
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We have already covered many of the concepts used in Bitcoin that aid in the creation of a cryptocurrency in a decentralized network. Although every concept has a significant role in Bitcoin, transactions play a central role. Everything else in Bitcoin is designed to ensure that valid transactions are safely included in the blockchain and are propagated to the entire network of nodes.
Unlike traditional bookkeeping, in which an account-based ledger is used, Bitcoin maintains a transaction-based ledger. Every transaction entered into Bitcoin has to be validated before it is included in the blockchain. Bitcoin nodes refer to the transactions included in the other blocks or transaction mempool to validate every transaction. In this ...