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Author Topic: Relationship: blocks to coins?  (Read 593 times)
candtalan
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April 02, 2013, 02:10:01 PM
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What is the relationship between blocks and coins? Is there a useful link please? Or a simple explanation?
tia
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DannyHamilton
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April 02, 2013, 02:51:37 PM
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What is the relationship between blocks and coins? Is there a useful link please? Or a simple explanation?
tia

Coins don't actually exist.  The concept of "coins" is an abstraction that we use to make conversation easier.  What actually exists is transactions in a public ledger.  The blockchain is that public ledger. Blocks are a collection of transactions in that ledger that the network has come to a consensus on. Most transactions consist of one or more outputs assigning value to an address and one or more inputs (previous unspent outputs) providing the value that will be assigned in the outputs.  Each block is allowed a single special transaction called a "coinbase" transaction that has no inputs.  The sum of the outputs in the coinbase transaction is not permitted to be larger than the sum of the block subsidy (which is the newly minted bitcoins) and the transaction fees of all included transactions.

r.willis
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April 02, 2013, 07:32:14 PM
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To be exact, block is the miner's vision of network consensus. The network and other miners can either accept block or reject it. So only block with many blocks above it can be viewed as network consensus.

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