@ -713,7 +713,7 @@ In the next section, we'll look at the process each node uses to validate a bloc
=== Validating a New Block
The third step in bitcoin's consensus mechanism is independent validation of each new block by every node on the network. As the newly solved block moves across the network, each node performs a series of tests to validate it before propagating it to its peers. This ensures that only valid blocks are propagated on the network. The independent validation also ensures that miners who act honestly get their blocks incorporated in the blockchain, thus earning the reward. Those miners who act dishonestly have their blocks rejected and not only lose the reward, but also waste the effort expended to find a Proof-of-Work solution, thus incurring the cost of electricity without compensation.
((("mining and consensus", "new block validation")))((("blocks", "new block validation")))((("validation")))The third step in bitcoin's consensus mechanism is independent validation of each new block by every node on the network. As the newly solved block moves across the network, each node performs a series of tests to validate it before propagating it to its peers. This ensures that only valid blocks are propagated on the network. The independent validation also ensures that miners who act honestly get their blocks incorporated in the blockchain, thus earning the reward. Those miners who act dishonestly have their blocks rejected and not only lose the reward, but also waste the effort expended to find a Proof-of-Work solution, thus incurring the cost of electricity without compensation.
When a node receives a new block, it will validate the block by checking it against a long list of criteria that must all be met; otherwise, the block is rejected. These criteria can be seen in the Bitcoin Core client in the functions +CheckBlock+ and +CheckBlockHeader+ and include:
@ -728,7 +728,7 @@ The independent validation of each new block by every node on the network ensure
=== Assembling and Selecting Chains of Blocks
The final step in bitcoin's decentralized consensus mechanism is the assembly of blocks into chains and the selection of the chain with the most Proof-of-Work. Once a node has validated a new block, it will then attempt to assemble a chain by connecting the block to the existing blockchain.
((("mining and consensus", "assembling and slecting chains of blocks", id="MACassembling10")))((("blocks", "assembling and selecting chains of", id="Bassemble10")))The final step in bitcoin's decentralized consensus mechanism is the assembly of blocks into chains and the selection of the chain with the most Proof-of-Work. Once a node has validated a new block, it will then attempt to assemble a chain by connecting the block to the existing blockchain.
Nodes maintain three sets of blocks: those connected to the main blockchain, those that form branches off the main blockchain (secondary chains), and finally, blocks that do not have a known parent in the known chains (orphans). Invalid blocks are rejected as soon as any one of the validation criteria fails and are therefore not included in any chain.
@ -799,7 +799,7 @@ image::images/mbc2_1006.png["Visualization of a blockchain fork event: the netwo
It is theoretically possible for a fork to extend to two blocks, if two blocks are found almost simultaneously by miners on opposite "sides" of a previous fork. However, the chance of that happening is very low. Whereas a one-block fork might occur every day, a two-block fork occurs once every few weeks.
Bitcoin's block interval of 10 minutes is a design compromise between fast confirmation times (settlement of transactions) and the probability of a fork. A faster block time would make transactions clear faster but lead to more frequent blockchain forks, whereas a slower block time would decrease the number of forks but make settlement slower.
Bitcoin's block interval of 10 minutes is a design compromise between fast confirmation times (settlement of transactions) and the probability of a fork. A faster block time would make transactions clear faster but lead to more frequent blockchain forks, whereas a slower block time would decrease the number of forks but make settlement slower.((("", startref="Bassemble10")))((("", startref="MACassembling10")))
judymcconville@roadrunner.com
7 years ago