Skip to content

Commit 13b2c3c

Browse files
authored
blockchain.md: minor improvements
1 parent 76f7a85 commit 13b2c3c

File tree

1 file changed

+2
-2
lines changed

1 file changed

+2
-2
lines changed

bitcoin_transfer/blockchain.md

+2-2
Original file line numberDiff line numberDiff line change
@@ -4,9 +4,9 @@ You might have noticed that while we proved ownership of the spent TxOut, we hav
44

55
The Blockchain is the database of all transactions that have happened since the the first Bitcoin transaction, known as the Genesis block. The Blockchain is duplicated all around the world. If you use Bitcoin Core, you have the whole Blockchain on your computer. Once a transaction appears on the Blockchain, it is very easy to prove its existence.
66

7-
**Miners** are entities whose only goal is to insert a transaction in The Blockchain. However miners do not modify the blockchain everytime they receive one transaction. Instead each of them try to add a whole batch of transaction at the same time in something known as a **block**. Other nodes on the network confirm the new block obeys the rules set forth in the Bitcoin protocol. If two miners add a block at the same time, we have a **fork**, ultimately only the branch of the fork with the most **work** will be continued. If a miner tries to include an invalid transaction in his block, the other nodes will not recognize it and the miner loses the investment spent on creating the block.
7+
**Miners** are entities whose only goal is to insert a transaction in The Blockchain. However miners do not modify the blockchain everytime they receive one transaction. Instead each of them try to add a whole batch of transactions at the same time in something known as a **block**. Other nodes on the network confirm the new block obeys the rules set forth in the Bitcoin protocol. If two miners add a block at the same time, we have a **fork**, but ultimately only the branch of the fork with the most **work** will be continued. If a miner tries to include an invalid transaction in his block, the other nodes will not recognize it and the miner loses the investment spent on creating the block.
88

9-
Once a miner manages to submit a valid block all transactions inside are considered **Confirmed**. When this happens all miners must discard their current work and begin working on a new block using new transactions. When a block is confirmed it is added to the Blockchain as the most recent block. The likelihood of this addition being undone decreases dramatically with every subsequent block that is added on top of it.
9+
Once a miner manages to submit a valid block, all transactions inside are considered **Confirmed**. When this happens all miners must discard their current work and begin working on a new block using new transactions. When a block is confirmed it is added to the Blockchain as the most recent block. The likelihood of this addition being undone decreases dramatically with every subsequent block that is added on top of it.
1010

1111
For the first time in history we have a database which can’t easily be rewritten, eliminates the need for trust, resists censorship, and is widely distributed. Comparing the Blockchain to a ledger is only relevant if we consider Bitcoin as a currency.
1212

0 commit comments

Comments
 (0)