Version Handshake

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On connect, version and verack messages are exchanged, in order to ensure compatibility between peers.

Version Handshake

When the local peer (L) connects to a remote peer (R), the remote peer will not send any data until it receives a version message.

L -> R: Send version message with the local peer's version
R -> L: Send version message back
R -> L: Send verack message
R:      Sets version to the minimum of the 2 versions
L -> R: Send verack message after receiving version message from R
L:      Sets version to the minimum of the 2 versions

Note: A version number of 10300 is converted to 300 before being processed and versions below 209 are no longer supported.