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Roman Melnikov2013-11-23 01:34:38
bitcoin
Roman Melnikov, 2013-11-23 01:34:38

Do I understand the Bitcoin creation process correctly?

Hello!
I would like to clarify for myself whether I correctly understand the process of creating Bitcoins.
As far as I can imagine:
1) People conduct transactions with bitcoins (for example, operations on silk road)
2) Information on these transactions is created and sent to miners
3) People (miners) form blocks from all these operations.
4) These blocks are again sent to the public, where the correctness of these operations is confirmed
5) A new block is created, and so on
6) A chain of blocks is created from the finished blocks
Do I understand the process correctly?
Do I understand correctly that several people at the same time create the same block, that is, they duplicate the work?
Blocks are created upon reaching a certain number of transactions, upon reaching a certain amount of transactions, or what?
I read articles on sabzh on Habré, but I would like to know if I understood the process correctly.
Thank you.

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5 answer(s)
M
Masterme, 2013-11-23
@Masterme

The miner who finds the block receives a reward provided by the algorithm.
Finding a block means finding a solution to a mathematical problem.
The confirmation of finding the block is the publication of the answer to the problem.
This allows the miner to publish a list of transfers between network participants, "sealing" them with the task's answer ("sealing" the block).
Thus, in order for the transaction to take place, you need to wait until the miner who found the block adds it to the list of transactions.
That is, the block is a list of translations + the answer to the last task.
Since it is not known in advance who will find the block, the transfer request is sent to everyone.
Since there are many people who want to make a transfer, but there are no miners, those who want to make a transfer can transfer a certain commission to the miner for including his transfer in the next block of transactions. The size of the commission is chosen at the discretion of the payer and can be 0 or more. It is logical to expect that commission-free transfers will take the longest.

Y
yvm, 2013-11-23
@yvm

The block is considered closed if a sha256 hash is found with the number of leading zeros not less than calculated in the last "complexity" recalculation

I
Ilya Evseev, 2013-11-24
@IlyaEvseev

"Do I understand correctly that several people at the same time create the same block, that is, they duplicate the work?" -- not really. When one miner finds a block, the rest continue to sort through the hashes. If the block number is not a multiple of 2016, i.e. the difficulty does not increase after it, then nothing changes for the rest of the miners and the next hash found will become the basis of the next block.
"Blocks are created upon reaching a certain number of transactions, upon reaching a certain amount of transactions, or what?" -- computing power + hash search + time + luck = hash with complexity not less than the given one.

N
Nadz Goldman, 2013-11-23
@nadz

You are confusing "create", "search" and "work".
Creation as such. does not exist.
There is a search.
There is work.

M
Masterme, 2013-11-23
@Masterme

Do I understand correctly that several people at the same time create the same block, that is, they duplicate the work? - yes
Blocks are created upon reaching a certain number of transactions, upon reaching a certain amount of transactions, or what? - if simplified, then yes, after solving problems. but the tasks are such that computing power plays a role first of all

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