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Author Topic: The Blockchain  (Read 36 times)
Puppy01
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July 07, 2018, 10:22:09 AM
 #1

I know the blockchain is the chain of blocks which contain transactions, a hash, and the hash of the previous block (Correct me if I'm wrong). Now, to 'create' a block do you just need transactions that don't fit in the previous one or you need to 'mine' it? The real question is how are blocks created? Do they need maintenance? Why?
Thanks
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butka
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July 07, 2018, 10:46:05 AM
 #2

I know the blockchain is the chain of blocks which contain transactions, a hash, and the hash of the previous block (Correct me if I'm wrong).
Correct. Among several other things.

Now, to 'create' a block do you just need transactions that don't fit in the previous one or you need to 'mine' it? The real question is how are blocks created? Do they need maintenance? Why?
Thanks
You always need mining to create blocks and include transactions.
Without going into too many details, once a transaction is included in a block, it cannot be included again in a new block. So yes, miners would need new transactions for a new block.
In order for a miner to earn the right to create a block they have to solve a mathematical puzzle called hashing.
The miners solve this hashing puzzle on the header of the candidate block (the header is composed of block's version, time stamp, hash, previous hash, Merkle root of the included transactions, nonce, and difficulty target).
The miner who is lucky enough to solve this hashing puzzle is allowed to create the next block.
Once created and propagated, the block is accepted by the entire network (at least in principle) and the entire network maintains the integrity of that block and all the other valid blocks in the blockchain.

adzino
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July 07, 2018, 10:55:27 AM
 #3

I know the blockchain is the chain of blocks which contain transactions, a hash, and the hash of the previous block (Correct me if I'm wrong).
Nope, you are right. Each new blocks created have a relation to the hash of the previous block. So in order to manipulate the block, the previous blocks are also to be altered together which becomes almost impossible. So the larger the chain is the harder it becomes, thus making transactions totally irreversible.
Now, to 'create' a block do you just need transactions that don't fit in the previous one or you need to 'mine' it? The real question is how are blocks created? Do they need maintenance? Why?
Thanks

Butka explained it well.


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Puppy01
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July 07, 2018, 11:06:39 AM
 #4

So miners need transactions to create new blocks? When a block is mined and the miner recieves the reward, that reward is called the 'coinbase transaction' inside the block that they just mined and got rewarded for right?
And does the header of the candidate block work as the 'lock' of the block that you are trying to mine?
butka
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July 07, 2018, 11:17:48 AM
 #5

So miners need transactions to create new blocks?
In principle, yes. But, they can even mine an empty block if there are no transactions. The transactions bring additional reward via the transaction fees.

When a block is mined and the miner recieves the reward, that reward is called the 'coinbase transaction' inside the block that they just mined and got rewarded for right?
Right.

And does the header of the candidate block work as the 'lock' of the block that you are trying to mine?
I guess you can say that.
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