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Author Topic: Nodes Confirming Transactions?  (Read 227 times)
BTCkur.com
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November 22, 2017, 08:38:03 PM
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I was wondering if there`s anyway the full nodes (QT Wallets) can start confirming transactions as the confirmation time/fee is the biggest problem with BTC right now. So if this can be added it will solve so many problems. Don`t get me wrong, I~m not saying nodes can or should mine. I`m not trying to take any income from miners but this high/fees and confirmation times are killing BTC so I`m trying to find a solution

What do you guys think? Is it even possible? or is there a wallet that also confirms transactions?
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November 22, 2017, 10:23:02 PM
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Heh, if it was only that easy.

No. The problem isn't the lack of anything, it is a virtual limit in the code that limits the amount of transactions that can get confirmed in a certain amount of time. This was created to stop the spam, but now the network is so big that we needed to increase the limit.

This was done with segwit and planed with Lightning Network and now network can use both of these, but the development of the programs that will use these technologies are still in testing.
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November 23, 2017, 08:46:41 AM
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There are coins out there where you mine through the node and you don`t even have to do anything about it. Just keep the node open and it keeps sending you new coins to your wallet. Maybe we just need another fork? Cheesy
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November 23, 2017, 10:48:32 AM
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You're missing some basic points about mining here... I suggest you read up on what mining really is.

I'll try to give a short explanation about the things you're missing... Don't take this as an absolute truth, i skipped some of the things that are a bit harder to grasp for a beginner!
You don't mine a single transaction... You collect and verify all transactions that are being broadcasted, then you use these verified transactions from your mempool to puzzle together a 1 Mb block (since segwit was activated, the block itself can be bigger than 1 Mb, since the witnessdata can be placed at the end). You then create a valid block header, using the hash of the previous block, the merkle tree of all transactions in your block, a nonce and some other data and start incrementing the nonce and creating a sha256 hash of the sha256 hash of the header with the current nonce.
Only if you find a header whose hash is  under the current target, you solved the block. If the hash is over the current target (which it allmost always is), you need to increment the nonce and try again...
The difficulty is adjusted every 2016 blocks, to make sure the average time between 2 blocks being found by ALL miners in the COMPLETE network is about 10 minutes.

So, to make it easy to understand: there are thousands of people out there, running machines especially made for creating sha256d hashes... Those 1000's of people running those specialised hardware find about 6 blocks an hour. What do you think your odds are if you want to find a valid block using a qt wallet running on your local PC... I can tell you that these odds are very close to 0.

Basically, the first versions of the wallet allowed you to mine directly from your wallet, but the feature has long been removed since the diff is so high that cpu mining (and gpu mining) are dead. At the time the feature was introduced, there were only a couple guys mining, and everybody was using their CPU. Nowadays, it would be ludacrous to even try this route.

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