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Title: How does distributed transaction log get stored? Post by: Holmes.Sherlock on August 05, 2014, 04:48:37 AM Bitcoin a P2P protocol. So, I assume there's no central server keeping track of transactions. Then where does distributed transaction log get stored? How does a new client pull transaction log to the local system?
Title: Re: How does distributed transaction log get stored? Post by: DeathAndTaxes on August 05, 2014, 04:50:47 AM The blockchain is the decentralized transaction log. Transactions are stored in blocks. Blocks reference the prior block forming a chain. The chain with the most completed work is the "best" chain. It is the canonical record of transactions. The Proof of work required to solve a block makes producing an alternate history expensive and an attacker can not out produce the honest miners unless he has a majority of the computing power. Your node bootstrap a local copy of the blockchain by requesting and validating blocks from other nodes.
Title: Re: How does distributed transaction log get stored? Post by: waldox on August 05, 2014, 10:02:48 AM miner nodes or full nodes have a full copy of the transaction log
there are about 7000 nodes with as many copies of the transaction log Title: Re: How does distributed transaction log get stored? Post by: lihuajkl on August 05, 2014, 12:15:57 PM You should really read the BTC white paper. Common basic knowledge in this forum!
Title: Re: How does distributed transaction log get stored? Post by: subSTRATA on August 05, 2014, 12:33:49 PM Bitcoin a P2P protocol. So, I assume there's no central server keeping track of transactions. Then where does distributed transaction log get stored? How does a new client pull transaction log to the local system? You can think of it as BitTorrent (http://en.wikipedia.org/wiki/BitTorrent) file which is periodically updated (once in 10 minutes on average) and everyone who runs full node is both downloading and seeding that file for as long as they are connected to Bitcoin network. |