Block chain: Difference between revisions

Latest revision as of 05:39, 30 January 2024

Blocks in the main chain (black) are the longest series of blocks that go from the genesis block (green) to the current block. Purple blocks are blocks that are not in the longest chain and therefore not used.

A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency's block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.

Every block contains a hash of the previous block. This has the effect of creating a chain of blocks from the genesis block to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block's hash would otherwise not be known. Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. These properties are what make bitcoins transactions irreversible. The block chain is the main innovation of Bitcoin.

Honest generators only build onto a block (by referencing it in blocks they create) if it is the latest block in the longest valid chain. "Length" is calculated as total combined difficulty of that chain, not number of blocks, though this distinction is only important in the context of a few potential attacks. A chain is valid if all of the blocks and transactions within it are valid, and only if it starts with the genesis block.

For any block on the chain, there is only one path to the genesis block. Coming from the genesis block, however, there can be forks. One-block forks are created from time to time when two blocks are created just a few seconds apart. When that happens, generating nodes build onto whichever one of the blocks they received first. Whichever block ends up being included in the next block becomes part of the main chain because that chain is longer. More serious forks have occurred after fixing bugs that required backward-incompatible changes.

Blocks in shorter chains (or invalid chains) are not used for anything. When the bitcoin client switches to another, longer chain, all valid transactions of the blocks inside the shorter chain are re-added to the pool of queued transactions and will be included in another block. The reward for the blocks on the shorter chain will not be present in the longest chain, so they will be practically lost, which is why a network-enforced 100-block maturation time for generations exists.

These blocks on the shorter chains are often called "orphan" blocks. This is because the generation transactions do not have a parent block in the longest chain, so these generation transactions show up as orphan in the listtransactions RPC call. Several pools have misinterpreted these messages and started calling their blocks "orphans". In reality, these blocks have a parent block, and might even have children.

Because a block can only reference one previous block, it is impossible for two forked chains to merge.

It's possible to use the block chain algorithm for non-financial purposes: see Alternative chain.

The block chain is broadcast to all nodes on the networking using a flood protocol: see Block chain download.

Time chain

Satoshi actually used the term time chain.^[1] Only at a later point the word blockchain became in widespread use, but mostly by promoters of altcoins and consulting agencies marketing their services to big corporations and governments.

Blockchain nonsense

Blockchain is touted as a magical fairy dust solution that you can sprinkle over a problem and end up with an amazing solution. ICOs have perfected this art (often combining it with other buzz words like IoT and AI) and raised billions of dollars to deliver virtually nothing. If someone comes to you talking about a blockchain project: run if you don't know them. If they're a friend or family, explain to them that it's nonsense to use a blockchain without strong proof of work and an adequately decentralized network of nodes.

@@ Line 1: / Line 1: @@
-[[File:blockchain.png|thumb|Blocks in the main chain (black) are the longest series of blocks that go from the genesis block (green) to the current block. Orphan blocks (purple) are blocks that are not in the longest chain.]]
+[[File:blockchain.png|thumb|Blocks in the main chain (black) are the longest series of blocks that go from the genesis block (green) to the current block. Purple blocks are blocks that are not in the longest chain and therefore not used.]]
-Every [[block]] contains a [[hash]] of the previous block. This has the effect of creating a chain of blocks from the [[genesis block]] to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block's hash would otherwise not be known. Each block is also nearly impossible to modify once it has been in the chain for a while because every block after it would also have to be regenerated. These properties are what make double-spending of bitcoins very difficult. The block chain is the main innovation of Bitcoin.
+A '''block chain''' is a transaction database shared by all [[Node|nodes]] participating in a system based on the Bitcoin protocol.  A full copy of a currency's block chain contains every [[transaction]] ever executed in the currency.  With this information, one can find out how much value belonged to each [[address]] at any point in history.
+Every [[Blocks|block]] contains a [[hash]] of the previous block. This has the effect of creating a chain of blocks from the [[genesis block]] to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block's hash would otherwise not be known. Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. These properties are what make bitcoins transactions [[Irreversible Transactions|irreversible]]. The block chain is the main innovation of Bitcoin.
 Honest generators only build onto a block (by referencing it in blocks they create) if it is the latest block in the longest valid chain. "Length" is calculated as total combined difficulty of that chain, not number of blocks, though this distinction is only important in the context of a few potential attacks. A chain is valid if all of the blocks and transactions within it are valid, and only if it starts with the genesis block.
@@ Line 7: / Line 9: @@
 For any block on the chain, there is only one path to the genesis block. Coming from the genesis block, however, there can be forks. One-block forks are created from time to time when two blocks are created just a few seconds apart. When that happens, generating nodes build onto whichever one of the blocks they received first. Whichever block ends up being included in the next block becomes part of the main chain because that chain is longer. More serious forks have occurred after fixing bugs that required backward-incompatible changes.
-Blocks in shorter chains (or invalid chains) are called "orphan blocks", and while they are stored, they are not used for anything. When a block becomes an orphan block, all of its valid transactions are re-added to the pool of queued transactions and will be included in another block. The 50 BTC reward for the orphan block will be lost, which is why a network-enforced 100-block maturation time for generations exists.
+Blocks in shorter chains (or invalid chains) are not used for anything. When the bitcoin client switches to another, longer chain, all valid transactions of the blocks inside the shorter chain are re-added to the pool of queued transactions and will be included in another block. The reward for the blocks on the shorter chain will not be present in the longest chain, so they will be practically lost, which is why a network-enforced 100-block maturation time for generations exists.
+These blocks on the shorter chains are often called "orphan" blocks.  This is because the generation transactions do not have a parent block in the longest chain, so these generation transactions show up as orphan in the listtransactions RPC call.  Several pools have misinterpreted these messages and started calling their blocks "orphans".  In reality, these blocks have a parent block, and might even have children.
 Because a block can only reference one previous block, it is impossible for two forked chains to merge.
-{{fromold|block_chain}}
+It's possible to use the block chain algorithm for non-financial purposes: see [[Alternative chain]].
+The block chain is broadcast to all nodes on the networking using a flood protocol: see [[Block chain download]].
+== Time chain ==
+[[Satoshi]] actually used the term time chain.<ref>[https://cryptoinsider.media/timechain-satoshis-original-vision-blockchain-bitcoin/ Timechain is Satoshi's Original Vision for Blockchain and Bitcoin, Crypto Insider], by Vlad Costea</ref> Only at a later point the word ''blockchain'' became in widespread use, but mostly by promoters of [[altcoin]]s and consulting agencies marketing their services to big corporations and governments.
+== Blockchain nonsense ==
+Blockchain is touted as a magical fairy dust solution that you can sprinkle over a problem and end up with an amazing solution. ICOs have perfected this art (often combining it with other buzz words like IoT and AI) and raised billions of dollars to deliver virtually nothing.  If someone comes to you talking about a blockchain project: run if you don't know them. If they're a friend or family, explain to them that it's nonsense to use a blockchain without strong [[proof of work]] and an adequately decentralized network of nodes.  <!-- feel free to rewrite this, just wanted to put something here to work with -->
 [[Category:Technical]]
 [[Category:Vocabulary]]
+==See Also==
+*[http://bitcoinproperly.org/ The real value of bitcoin and crypto currency technology - The Blockchain explained]
+* [https://bitupper.com/en/explorer/bitcoin Bitupper Explorer] - Clean and fast web-based Bitcoin blockchain explorer
+* [https://bitcoinchain.com BitcoinChain.com] - Bitcoin Live Platform that provides Block Explorer Service
+* [[BlockChain.info]] - Utility site and [[EWallet]] provider of similar name
+* [https://tokenview.io Tokenview] - A Web based Blockchain Explorer
+* [[BlockTrail.com]] - Advanced API and Block Explorer for Bitcoin
+* [[Coinprism.info]] - Web based blockchain explorer for bitcoin and colored coin
+* [[Biteasy|Biteasy.com]] - Web based blockchain explorer
+* [http://www.blockr.io Blockr.io] - Web based blockchain explorer
+* [https://bchain.info bchain.info] - Block Explorer for Bitcoin
+[[ru:цепочка блоков]]

Block chain: Difference between revisions

Latest revision as of 05:39, 30 January 2024

Time chain

Blockchain nonsense

See Also

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