Bitcoin Forum
May 04, 2024, 10:28:47 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Where did the first UTXO originate from??  (Read 152 times)
Majestic-milf (OP)
Hero Member
*****
Offline Offline

Activity: 798
Merit: 589



View Profile
July 05, 2022, 03:56:21 PM
Last edit: July 07, 2022, 01:14:17 PM by Majestic-milf
Merited by Halab (2), Welsh (1), Franctoshi (1)
 #1

 I have a question that I need to be cleared on. A UTXO is term for an amount of digital currency that remains after a crypto transaction. I'm aware of that. But where I need to be cleared on is here. While we are aware that the first Block to be mined was the Genesis block conducted by Satoshi nakamoto and it was conducted successfully. But who were the miners who confirmed the transaction when it was sent to the mempool.
 I'm aware miners don't have identity. But I want to also know how to identify these nodes.

R


▀▀▀▀▀▀▀██████▄▄
████████████████
▀▀▀▀█████▀▀▀█████
████████▌███▐████
▄▄▄▄█████▄▄▄█████
████████████████
▄▄▄▄▄▄▄██████▀▀
LLBIT
  CRYPTO   
FUTURES
 1,000x 
LEVERAGE
COMPETITIVE
    FEES    
 INSTANT 
EXECUTION
.
   TRADE NOW   
"With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless." -- Satoshi
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1714818527
Hero Member
*
Offline Offline

Posts: 1714818527

View Profile Personal Message (Offline)

Ignore
1714818527
Reply with quote  #2

1714818527
Report to moderator
1714818527
Hero Member
*
Offline Offline

Posts: 1714818527

View Profile Personal Message (Offline)

Ignore
1714818527
Reply with quote  #2

1714818527
Report to moderator
1714818527
Hero Member
*
Offline Offline

Posts: 1714818527

View Profile Personal Message (Offline)

Ignore
1714818527
Reply with quote  #2

1714818527
Report to moderator
BlackHatCoiner
Legendary
*
Online Online

Activity: 1512
Merit: 7344


Farewell, Leo


View Profile
July 05, 2022, 04:06:53 PM
Merited by Welsh (2), ABCbits (1)
 #2

While we are aware that the first Blockchain to be mined was the Genesis block
You mean the first block to be mined?

But who were the miners who confirmed the transaction when it was sent to the mempool.
It's more proper to say that they verify that a transaction or block has taken place. "Confirm" is more often used as a synonym to "include transaction in a block". That's why we say that a transaction has 1 confirmation and not 1 verification. "Verify" is synonym to "check if it complies with the consensus rules".

That was for the grammar part. Now, as for the mempool: Coinbase transactions aren't sent to the mempool. If the Proof-of-Work is valid, and the coinbase transaction is complied with the rules (e.g., block reward <= 6.25 BTC), the block is simply accepted from the rest of the network.

As for who verified it at the time it was mined: Apparently no one besides Satoshi themselves.

.
.HUGE.
▄██████████▄▄
▄█████████████████▄
▄█████████████████████▄
▄███████████████████████▄
▄█████████████████████████▄
███████▌██▌▐██▐██▐████▄███
████▐██▐████▌██▌██▌██▌██
█████▀███▀███▀▐██▐██▐█████

▀█████████████████████████▀

▀███████████████████████▀

▀█████████████████████▀

▀█████████████████▀

▀██████████▀▀
█▀▀▀▀











█▄▄▄▄
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
.
CASINSPORTSBOOK
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀▀█











▄▄▄▄█
garlonicon
Hero Member
*****
Offline Offline

Activity: 803
Merit: 1932


View Profile
July 05, 2022, 04:07:46 PM
 #3

Quote
But who were the miners who confirmed the transaction when it was sent to the mempool.
All miners confirmed that transaction by building next blocks on top of that. Also, the Genesis Block is unspendable, it means that there was no premine. In theory, Bitcoin could function properly without the Genesis Block, but if there is such block, then the whole chain is protected from re-writing the chain. For example, without any Genesis Block, it could be possible to mine a lot of blocks from 1970 to 2009, and pretend the difficulty was equal to one during this time.

So, every single miner confirmed that transaction, just by using Bitcoin. In the same way, people confirmed things like 21 million coins limit, just by downloading the software and running it.

Quote
Where did the first UTXO originate from??
It originates from "second bailout for banks". If the currently existing financial system, that is based on trust, would work correctly, then Bitcoin could never be created. But because governments that create their own currencies can always produce coins out of thin air, and make people poor by using inflation, Bitcoin was the solution, so that's what was the reason to make it.
NotATether
Legendary
*
Offline Offline

Activity: 1596
Merit: 6728


bitcoincleanup.com / bitmixlist.org


View Profile WWW
July 06, 2022, 04:42:58 AM
 #4

Back in the day, you used to be able to mine a transaction yourself by calling the submitblock RPC call, or by writing a mining software that calls it for you.

Nowadays, that particular code is baked into the mining software of an ASIC, or the pool its mining in.

.
.BLACKJACK ♠ FUN.
█████████
██████████████
████████████
█████████████████
████████████████▄▄
░█████████████▀░▀▀
██████████████████
░██████████████
████████████████
░██████████████
████████████
███████████████░██
██████████
CRYPTO CASINO &
SPORTS BETTING
▄▄███████▄▄
▄███████████████▄
███████████████████
█████████████████████
███████████████████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████████████
█████████████████████
███████████████████
▀███████████████▀
█████████
.
pooya87
Legendary
*
Offline Offline

Activity: 3444
Merit: 10546



View Profile
July 06, 2022, 04:52:04 AM
 #5

A UTXO is term for an amount of digital currency that remains after a crypto transaction.
UTXO is not just the amount, it is an output which consists of an amount, a locking script, transaction's hash and the index of the output inside that transaction's txouts.

Quote
While we are aware that the first Blockchain block to be mined was the Genesis block
Genesis block is basically the hard-coded block that everyone accepts as is. It is block #0 and unlike other blocks, it is not downloaded or verified.

Quote
But who were the miners who confirmed the transaction when it was sent to the mempool.
Full nodes receive transactions in their mempool and verify them not miners.
Also Genesis block did not contain any additional transaction apart from its mandatory coinbase.
As I said Genesis block is hard-coded which means even if it contained any transaction (apart from coinbase) it wouldn't have been sent to mempool to be verified by other nodes.

Quote
I'm aware miners don't have identity. But I want to also know how to identify these nodes.
You can not identify nodes or miners because their identity is not stored in the blockchain even if the miners included their pool name in their block it still can't be used as a reliable identity.

.
.BLACKJACK ♠ FUN.
█████████
██████████████
████████████
█████████████████
████████████████▄▄
░█████████████▀░▀▀
██████████████████
░██████████████
████████████████
░██████████████
████████████
███████████████░██
██████████
CRYPTO CASINO &
SPORTS BETTING
▄▄███████▄▄
▄███████████████▄
███████████████████
█████████████████████
███████████████████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████████████
█████████████████████
███████████████████
▀███████████████▀
█████████
.
DannyHamilton
Legendary
*
Offline Offline

Activity: 3388
Merit: 4616



View Profile
July 06, 2022, 02:50:38 PM
 #6

Back in the day, you used to be able to mine a transaction yourself . . . Nowadays, that particular code is baked into the mining software of an ASIC,

In general, Bitcoin mining ASICs do not "mine a transaction". They do not choose transactions, build merkle trees, or generate block headers. They simply calculate SHA256 hashes of supplied data. If you want to participate in the choosing of which transactions will be included in a block, you'll need to run your own mining software either by run a mining pool, by solo mining.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!