Bitcoin network
A bitcoin network is a peer-to-peer network that is managed via a cryptographic protocol. Users use Bitcoin cryptocurrency wallet software and exchange bitcoins through digitally enabled messaging. Transactions are recorded in a distributed, replicated public database known as a blockchain, and consensus is reached on a Proof of Work protocol called mining. Bitcoin designer Satoshi Nakamoto claims that the design and coding of Bitcoin began in 2006. The project was released in 2009 as open source software.
Bitcoin network requires a minimal structure to share transactions. A specially decentralised network of volunteers is sufficient. Messages are promoted on the basis of maximum effort. The nodes can be disconnected from the network at will, or reconnected. After reconnecting, one node verifies and downloads new blocks from other nodes to complete a local copy of the blockchain.
A bitcoin can be expressed as a sequence of digitally signed transactions, beginning with the birth of the bitcoin as a block reward. The owner of the bitcoin transfers the bitcoin to the next owner through a digital signature in the bitcoin transaction system, similar to approving bank checks in general. A recipient can check every transaction made in the past to verify the chain of ownership. However, bitcoins are not reversible like ordinary check approvals, which eliminates the risk of chargeback fraud.
Although it is possible to manage each bitcoin individually, it would be quite a complicated process if any transaction required a separate transaction for each bitcoin. That is why a transaction can have multiple inputs and outputs, so that bitcoins can be separated and reunited. Ordinary transactions will either have a single input from a previous large transaction or a combination of several previous small transactions. And the output will be two - one to pay, the other to return the retail money (if needed) to the sender. The difference between the total amount of input and output of the transaction goes to the minors as the transaction fee.
Blockchain data:
It is possible to store any digital file in a blockchain - the larger the transaction size, the higher the corresponding fee. Content can range from URLs to child pornography, Ben Barnank's ASCII art images, WikiLeaks cable content, Bitcoin miners' prayers, and the original Bitcoin white paper.
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