Vocabulary - Revision history

Theymos: add Policy

2018-06-24T00:39:41Z

add Policy

← Older revision		Revision as of 00:39, 24 June 2018
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	Nodes store [[transactions]] waiting to get into a block in their memory pool (or '''mempool''') after receiving them. In other words, a node's memory pool contains all 0-confirmation transactions across the entire network that that particular node knows about (with caveats). When [[Mining\|miner]]s construct new blocks, they fill their candidate blocks with transactions taken from their local node's mempool. It is a common misconception that "the mempool" is one single network-wide thing, when in reality it is a different (though probably similar) set of transactions for every node. Indeed, if it could be guaranteed that every node had exactly the same mempool, then there would be no need for mining or a [[block chain]].		Nodes store [[transactions]] waiting to get into a block in their memory pool (or '''mempool''') after receiving them. In other words, a node's memory pool contains all 0-confirmation transactions across the entire network that that particular node knows about (with caveats). When [[Mining\|miner]]s construct new blocks, they fill their candidate blocks with transactions taken from their local node's mempool. It is a common misconception that "the mempool" is one single network-wide thing, when in reality it is a different (though probably similar) set of transactions for every node. Indeed, if it could be guaranteed that every node had exactly the same mempool, then there would be no need for mining or a [[block chain]].

	Exactly which transactions enter a node's mempool, and how long it stays there, is [[policy]] which varies per node. The mempool behavior of [[Bitcoin Core]] 0.16 is complex, with many user-configurable variables, but some highlights of the '''defaults''' are:		Exactly which transactions enter a node's mempool, and how long it stays there, is policy which varies per node. The mempool behavior of [[Bitcoin Core]] 0.16 is complex, with many user-configurable variables, but some highlights of the '''defaults''' are:

	* Transactions only enter the mempool if they are valid and have a fee above 1 satoshi/byte. Transactions excluded from the mempool have their hash saved in memory so that they aren't downloaded over and over again.		* Transactions only enter the mempool if they are valid and have a fee above 1 satoshi/byte. Transactions excluded from the mempool have their hash saved in memory so that they aren't downloaded over and over again.
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	=====Orphan root=====		=====Orphan root=====
	The root (first) block in an [[Orphan Block\|orphan]] block chain.		The root (first) block in an [[Orphan Block\|orphan]] block chain.

			=====Policy=====

			Any rule which a node can change freely at will is called policy. For example, whether or not you have your node relay transactions is policy, since diverging from the default behavior is OK. This is distinguished from ''consensus'' rules, where everyone needs to have the same behavior or else you end up splitting the currency. Also see: [[Full node]], [[Consensus]], [[Bitcoin is not ruled by miners]].

	=====Priority=====		=====Priority=====

Theymos: Various minor fixups

2018-06-24T00:26:11Z

Various minor fixups

← Older revision		Revision as of 00:26, 24 June 2018
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	=====Generate Bitcoins=====		=====Generate Bitcoins=====
	The ~~process by which new bitcoins (a.k.a., the~~ "~~Block Reward~~"~~) are distributed via~~ [[~~Mining~~]].		An old term for [[Mining]]. The word "Mining" was not coined until years after Bitcoin was created, after [[Satoshi Nakamoto\|Satoshi]] left.

	=====[[Hash]]=====		=====[[Hash]]=====
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	=====Main Chain=====		=====Main Chain=====
	The longest [[Block Chain]].		The longest valid [[Block Chain]].

	=====Memory pool=====		=====Memory pool=====
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	=====Node=====		=====Node=====
	Each Bitcoin ~~client currently running within the~~ network is ~~referred to as~~ a ~~Node of the system~~.		Each piece of software connected to the main Bitcoin [[network]] is called a node. Some nodes are [[full node]]s.

	=====Nonce=====		=====Nonce=====
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	=====Priority=====		=====Priority=====
	A scoring mechanism to help ensure that expensive data storage isn't consumed by lower quality and spam. ~~Low~~ priority ~~transactions~~ will not ~~get included by a miner~~ if the limited space is already filled by higher priority transactions. A [[Transaction Fee\|transaction fee]] will affect priority.		A scoring mechanism to help ensure that expensive data storage isn't consumed by lower quality and spam. A miner taking priority into account will not include low-priority transactions into his blocks if the limited space is already filled by higher-priority transactions. A [[Transaction Fee\|transaction fee]] will affect priority.

			Priority (other than the transaction fee) was removed from [[Bitcoin Core]] in 2017, though some miners may still choose to use it by using modified software.

	=====[[Proof of work]]=====		=====[[Proof of work]]=====
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	=====Satoshi=====		=====Satoshi=====
	The base unit of Bitcoin (0.00000001 BTC) is sometimes called a ~~Satoshi~~, after Bitcoin's creator [[Satoshi Nakamoto]].		The base unit of Bitcoin (0.00000001 BTC) is sometimes called a satoshi, after Bitcoin's creator [[Satoshi Nakamoto]].

	=====Seed Nodes=====		=====Seed Nodes=====

Theymos: Update mempool info

2018-06-24T00:15:43Z

Update mempool info

← Older revision		Revision as of 00:15, 24 June 2018
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	=====Memory pool=====		=====Memory pool=====
	~~Generators~~ store [[transactions]] waiting to get into a block in their memory pool after receiving them. ~~Received~~ transactions ~~are stored even if~~ they ~~are invalid to prevent nodes~~ from ~~constantly requesting transactions that they~~'~~ve already seen~~. ~~The memory pool~~ is ~~cleared~~ when ~~Bitcoin~~ is ~~shut down~~, ~~causing~~ the [[~~network~~]] ~~to gradually forget about~~ transactions that ~~haven~~'t been ~~included~~ in a [[block]].		Nodes store [[transactions]] waiting to get into a block in their memory pool (or '''mempool''') after receiving them. In other words, a node's memory pool contains all 0-confirmation transactions across the entire network that that particular node knows about (with caveats). When [[Mining\|miner]]s construct new blocks, they fill their candidate blocks with transactions taken from their local node's mempool. It is a common misconception that "the mempool" is one single network-wide thing, when in reality it is a different (though probably similar) set of transactions for every node. Indeed, if it could be guaranteed that every node had exactly the same mempool, then there would be no need for mining or a [[block chain]].

			Exactly which transactions enter a node's mempool, and how long it stays there, is [[policy]] which varies per node. The mempool behavior of [[Bitcoin Core]] 0.16 is complex, with many user-configurable variables, but some highlights of the '''defaults''' are:

			* Transactions only enter the mempool if they are valid and have a fee above 1 satoshi/byte. Transactions excluded from the mempool have their hash saved in memory so that they aren't downloaded over and over again.
			* The mempool is saved across node restarts. In old versions, the mempool was saved only in memory and would be wiped if the node restarted, which is how it got the name ''memory'' pool.
			* The mempool will only grow to a maximum size of 300 MB. If it would get larger than that, then the lowest-fee-per-byte transactions already in it are evicted instead.
			* Transactions that have been in the mempool for 336 hours without getting into a block are evicted.
			* Transactions within the mempool can be replaced by higher-fee versions if the old versions signalled replace-by-fee (RBF, BIP125) and the new version increases the fee by at least 1 satoshi/byte.

	=====Merkle root=====		=====Merkle root=====

Randolf: /* Generate Bitcoins */

2017-10-19T22:51:38Z

Generate Bitcoins

← Older revision		Revision as of 22:51, 19 October 2017
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	=====Generate Bitcoins=====		=====Generate Bitcoins=====
	The process by which new bitcoins (~~aka~~ the "Block Reward") are distributed via [[Mining]].		The process by which new bitcoins (a.k.a., the "Block Reward") are distributed via [[Mining]].

	=====[[Hash]]=====		=====[[Hash]]=====

Randolf: /* BTC */

2017-10-19T22:50:20Z

BTC

← Older revision		Revision as of 22:50, 19 October 2017
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	=====BTC=====		=====BTC=====
	The common decimal [[Units\|unit]] of a single bitcoin. Equal to 100,000,000 satoshis.		The common decimal [[Units\|unit]] of a single bitcoin. Equal to 100,000,000 satoshis, or 1.00000000 bitcoin.

	=====[[Checkpoint Lockin]]=====		=====[[Checkpoint Lockin]]=====

Randolf: /* Branching Point */ Added a period to the end of this single-sentence paragraph.

2017-10-19T22:49:20Z

Branching Point: Added a period to the end of this single-sentence paragraph.

← Older revision		Revision as of 22:49, 19 October 2017
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	=====Branching Point=====		=====Branching Point=====
	The block at which the block chain diverges into multiple chain branches		The block at which the block chain diverges into multiple chain branches.

	=====BTC=====		=====BTC=====

Randolf: /* Block Reward */

2017-10-19T22:48:45Z

Block Reward

← Older revision		Revision as of 22:48, 19 October 2017
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	=====[[Mining#Reward\|Block Reward]]=====		=====[[Mining#Reward\|Block Reward]]=====
	When a Bitcoin miner finds a block, it receives newly minted bitcoins known as the "Block Reward". The reward (~~aka~~ subsidy) is halved every four years and is responsible for bitcoin's [[controlled supply]].		When a Bitcoin miner finds a block, it receives newly minted bitcoins known as the "Block Reward." The reward (a.k.a., subsidy) is halved every four years and is responsible for bitcoin's [[controlled supply]].

	=====Branching Point=====		=====Branching Point=====

JonathanCross: Adding #Stale_Block and cross-linking with #Orphan_Block to clarify the difference. Also removing "Chain Branching" which has no definition. Linking "Block Reward" in Subsidy section. Adding details to Bitcoins as currency.

2016-01-26T20:13:58Z

Adding #Stale_Block and cross-linking with #Orphan_Block to clarify the difference. Also removing "Chain Branching" which has no definition. Linking "Block Reward" in Subsidy section. Adding details to Bitcoins as currency.

← Older revision		Revision as of 20:13, 26 January 2016
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	=====Bitcoin=====		=====Bitcoin=====
	The name of a decentralized p2p crypto-currency ~~application~~.		The name of a decentralized p2p crypto-currency network.

	=====[[Bitcoins]]=====		=====[[Bitcoins]]=====
	~~The~~ currency used ~~and generated~~ within the Bitcoin system.		Digital currency units generated and used within the Bitcoin system. Common abbreviations include BTC, XBT or lowercase ''bitcoin'' when referring to units of the currency.

	=====[[Block]]=====		=====[[Block]]=====
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	=====BTC=====		=====BTC=====
	The common decimal [[Units\|unit]] of ~~Bitcoins, equal~~ to 100,000,000 satoshis.		The common decimal [[Units\|unit]] of a single bitcoin. Equal to 100,000,000 satoshis.

	~~=====Chain Branching=====~~

	=====[[Checkpoint Lockin]]=====		=====[[Checkpoint Lockin]]=====
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	=====[[Hash]]=====		=====[[Hash]]=====
	The output of a hash function.		The output of a cryptographic [[#Hash_function\|hash function]].

	=====Hash function=====		=====Hash function=====
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	=====[[Orphan Block]]=====		=====[[Orphan Block]]=====
	An orphan block is a block ~~that is not~~ in the currently-longest [[block chain]].		An orphan block is a block which has no known parent in the currently-longest [[block chain]]. Not to be confused with a [[#Stale_Block\|Stale Block]] (which has a known parent, but is no longer part of the longest chain).

	=====Orphan root=====		=====Orphan root=====
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	=====Seed Nodes=====		=====Seed Nodes=====
	Nodes whose IP addresses are included in the [[Original Bitcoin client\|Bitcoin client]] for use during a new installation when the normal bootstrapping process through IRC wasn't possible.		Nodes whose IP addresses are included in the [[Original Bitcoin client\|Bitcoin client]] for use during a new installation when the normal bootstrapping process through IRC wasn't possible.

			=====Stale Block=====
			A well-formed block which is no longer part of the difficultywise-longest and well-formed blockchain. Not to be confused with an [[#Orphan_Block\|Orphan Block]] (which has no known parent in the longest [[block chain]]).

	=====Subsidy=====		=====Subsidy=====
	See "Block Reward" above.		See "[[#Block_Reward\|Block Reward]]" above.

	=====Super Nodes=====		=====Super Nodes=====

JonathanCross: Reformatting so that each term is a header so we can deep link to that term from other pages in the wiki. Also adding Table of Contents (aligned right to reduce distraction).

2016-01-26T19:33:34Z

Reformatting so that each term is a header so we can deep link to that term from other pages in the wiki. Also adding Table of Contents (aligned right to reduce distraction).

Show changes

JonathanCross: Linking Satoshi Nakamoto, adding "Block Reward" and pointing "Subsidy" to Block Reward. Also linking Controlled supply and improving "Generate Bitcoins" to just link to bitcoin Mining.

2016-01-26T18:59:34Z

Linking Satoshi Nakamoto, adding "Block Reward" and pointing "Subsidy" to Block Reward. Also linking Controlled supply and improving "Generate Bitcoins" to just link to bitcoin Mining.

← Older revision		Revision as of 18:59, 26 January 2016
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	;'''[[Block Chain]]'''		;'''[[Block Chain]]'''
	: Each block includes the difficult-to-produce verification hash of the previous block. This allows each subsequent block to be linked to all previous blocks. These blocks which are linked together for the purpose of verifying transactions within blocks is called the block chain.		: Each block includes the difficult-to-produce verification hash of the previous block. This allows each subsequent block to be linked to all previous blocks. These blocks which are linked together for the purpose of verifying transactions within blocks is called the block chain.
			;'''[[Mining#Reward\|Block Reward]]'''
			: When a Bitcoin miner finds a block, it receives newly minted bitcoins known as the "Block Reward". The reward (aka subsidy) is halved every four years and is responsible for bitcoin's [[controlled supply]].
	;'''Branching Point'''		;'''Branching Point'''
	: The block at which the block chain diverges into multiple chain branches		: The block at which the block chain diverges into multiple chain branches
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	: Attempting to spend coins that have already been spent in another transaction		: Attempting to spend coins that have already been spent in another transaction
	;'''Generate Bitcoins'''		;'''Generate Bitcoins'''
	: ~~When a Bitcoin miner finds a block, it receives newly minted bitcoins and the transaction fees~~ which ~~may or may not be included in the block. The amount of~~ bitcoins ~~awarded for verifying a block is 50 BTC for~~ the first 210,000 blocks and half the previous amount of bitcoins for each subsequent 210,000 blocks. On average, 210,000 blocks take about 4 years to verify. The total amount of bitcoins that will ever be minted is roughly 21,000,000 BTC.		: The process by which new bitcoins (aka the "Block Reward") are distributed via [[Mining]].
	;'''[[Hash]]'''		;'''[[Hash]]'''
	: The output of a hash function.		: The output of a hash function.
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	: A block chain reorganize (or '''reorg''') happens when one chain becomes longer than the one you are currently working on. All of the blocks in the old chain that are not in the new one become orphan blocks, and their generations are invalidated. Transactions that use the newly-invalid generated coins also become invalid, though this is only possible in large chain splits because generations can't be spent for 100 blocks. The number of confirmations for transactions may change after a reorg, and transactions that are not in the new chain will become "0/unconfirmed" again. If a transaction in the old chain conflicts with one in the new chain (as a result of double-spending), the old one becomes invalid.		: A block chain reorganize (or '''reorg''') happens when one chain becomes longer than the one you are currently working on. All of the blocks in the old chain that are not in the new one become orphan blocks, and their generations are invalidated. Transactions that use the newly-invalid generated coins also become invalid, though this is only possible in large chain splits because generations can't be spent for 100 blocks. The number of confirmations for transactions may change after a reorg, and transactions that are not in the new chain will become "0/unconfirmed" again. If a transaction in the old chain conflicts with one in the new chain (as a result of double-spending), the old one becomes invalid.
	;'''Satoshi'''		;'''Satoshi'''
	: The base unit of Bitcoin (0.00000001 BTC) is sometimes called a Satoshi, after Bitcoin's creator Satoshi Nakamoto.		: The base unit of Bitcoin (0.00000001 BTC) is sometimes called a Satoshi, after Bitcoin's creator [[Satoshi Nakamoto]].
	;'''Seed Nodes'''		;'''Seed Nodes'''
	: Nodes whose IP addresses are included in the [[Original Bitcoin client\|Bitcoin client]] for use during a new installation when the normal bootstrapping process through IRC wasn't possible.		: Nodes whose IP addresses are included in the [[Original Bitcoin client\|Bitcoin client]] for use during a new installation when the normal bootstrapping process through IRC wasn't possible.
	;'''Subsidy'''		;'''Subsidy'''
	: ~~The block subsidy is the BTC created for generating a block. The subsidy is halved every four years~~.		: See "Block Reward" above.
	;'''Super Nodes'''		;'''Super Nodes'''
	: A participant in a p2p network which connects to as many other nodes as possible.		: A participant in a p2p network which connects to as many other nodes as possible.