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Author Topic: transactions & signatures in depth questions  (Read 1245 times)
Gol
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March 05, 2014, 09:30:42 PM
 #21

The input of all transactions (with one exception) references a specific unspent output.
^^^could you please clarify this?
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DannyHamilton
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March 05, 2014, 10:06:34 PM
 #22

The input of all transactions (with one exception) references a specific unspent output.
^^^could you please clarify this?

Every solved block is allowed by the protocol to contain exactly one transaction that has no inputs, and still be considered to be a valid transaction when all the peers verify the block before relaying it. The sum of outputs of this special transaction are not allowed to exceed the sum of the transaction fees of all other transactions in the block plus the current block subsidy.

This transaction is often called a "coinbase" transaction, and it is both how new bitcoins come into existence with each block, and how the miners are rewarded for their effort in securing the blockchain.

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March 06, 2014, 12:42:23 AM
 #23

Just wanted to say that was a really clear way of explaining it which is something I always struggle to do when putting information in my head into simpler terms so thanks for that.
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March 06, 2014, 02:46:14 AM
 #24

The input of all transactions (with one exception) references a specific unspent output.
^^^could you please clarify this?

Every solved block is allowed by the protocol to contain exactly one transaction that has no inputs, and still be considered to be a valid transaction when all the peers verify the block before relaying it. The sum of outputs of this special transaction are not allowed to exceed the sum of the transaction fees of all other transactions in the block plus the current block subsidy.

This transaction is often called a "coinbase" transaction, and it is both how new bitcoins come into existence with each block, and how the miners are rewarded for their effort in securing the blockchain.

Since this is an educational thread, a few pedantic points that you need to keep track of if you move from the "pop-tech" sources (like the forum) to the "hard-tech" sources (like the source and mailing list).

That special transaction is the "generate transaction" and it does have an input, of sorts.  (At the very least, the #TxIn field exists and is 1 instead of zero.)  Normally, an input contains a reference to a previous UTXO and a SigScript.  In a generate transaction, the reference is bogus (hash of 0x00 and sequence of 232-1) and the SigScript is just garbage  That garbage is called the coinbase.  The coinbase is required to include the height of the block containing it, in (normalized?) cScript encoding.

https://en.bitcoin.it/wiki/File:TxBinaryMap.png

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March 06, 2014, 02:57:37 AM
 #25

the "hard-tech" sources (like the source and mailing list).

Wow, I've been active here at bitcointalk.org for nearly 2 years (and have been studying the bitcoin concept for more than 2 years), and it never even dawned on me that there might be some sort of mailing list.

How would I get myself added to that list?
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March 06, 2014, 03:06:11 AM
 #26

Sticky up top.

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March 06, 2014, 03:14:51 AM
 #27

Sticky up top.

Wow, I sure feel like a newbie all the sudden.
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March 08, 2014, 08:17:47 PM
 #28

Every solved block is allowed by the protocol to contain exactly one transaction that has no inputs, and still be considered to be a valid transaction when all the peers verify the block before relaying it. The sum of outputs of this special transaction are not allowed to exceed the sum of the transaction fees of all other transactions in the block plus the current block subsidy.
This transaction is often called a "coinbase" transaction, and it is both how new bitcoins come into existence with each block, and how the miners are rewarded for their effort in securing the blockchain.


"coinbase" transaction will be hash with the first transaction in the block?
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