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What Is A Block In The Blockchain?

How Can I Look Up A Transaction Onthe Blockchain?

How Can I Look Up A Transaction Onthe Blockchain?

How can I look up a transaction onthe blockchain? Block Explorers provide a visually appealing and intuitive way to navigate the bitcoin blockchain. Our Block Explorer launched in August 2011, and was created as a way for anyone to study bitcoin transactions, along with a variety of helpful charts and statistics about activity on the network. To look up a bitcoin transaction, users can visit and use the search bar on the upper right to learn more about a particular bitcoin address, transaction hash, or block number by entering it in the search field. Once you click enter, information about your search query will display. Take a look at this transaction we found on the blockchain as an example. Continue reading >>

Whats The Process Of Creating A Block On The Blockchain

Whats The Process Of Creating A Block On The Blockchain

Whats the process of Creating a Block on the BlockChain have been mining on pools and blindly going a long for the ride of Can somebody walk through the process in simple terms of the steps involved in creating a block on the blockchain ? What determines what transactions get included on the block we are mining ? When miners try to compute a block, they pick all transactions that they want to be added in the block, plus one coinbase (generation) transaction to their address. They may include any transaction they want to form a tree of transactions later hashed into the merkle root and referenced into the block's header. It is to note that for a block to be accepted by the network it needs to contain only valid transactions: inputs that are not yet spent, inputs that have the valid ammount, signature that verifies ok and etc... After having a valid merkle root they build the block's header: Hash of the previous block, thus making a chain of block (32 bytes) Merkle root, the tree of transactions' reference (32 bytes) Timestamp, number of seconds since 1970-01-01 00:00 (4 bytes) Bits, a representation of the networks current difficulty (4 bytes) See more here to learn more on how to build the header. Then this where your miner enters the game. It starts with the nonce at 0, hash (sha-256 2x) the block's header and then check if the hash in under the current target (if you are on a pool the share target). If not it increments the nonce and hash again. If the hash is under the current target YOU FOUND A BLOCK, you then transfer your block's header and the associated transactions' tree and the network accepts it. Because you had a coinbase transaction in your block paying to your bitcoin address those bitcoin then becomes yours. It is to says that finding a block is rare so Continue reading >>

What Are Bitcoin Blocks And Bitcoin Confirmations ?

What Are Bitcoin Blocks And Bitcoin Confirmations ?

What are Bitcoin Blocks and Bitcoin Confirmations ? Last updated on March 18th, 2015 at 10:43 am Lets say I send you 1 Bitcoin. After a few minutes you see that this transaction has received one confirmation. What does this actually mean? The block chain is built out of blocks. Each new block is a set of new unique Bitcoin transactions that were recently made.So when I broadcasted to the network that I want to send you 1 Bitcoin the transaction went into an unconfirmed transactions pool. Miners entered the unconfirmed transactions pool, took this transaction and others like it, verified they were valid (meaning I actually have the 1 Bitcoin to spend), and grouped them into a block.The new block is set at the top of the blockchain and is considered confirmed. Now miners can move on to build the next block on top of that one. Each time a new block is built it means that the older blocks got confirmed again (since they are checked also in the process). The more confirmations you get, the harder it will be for someone to manipulate the system and remove the block containing this transaction from the wall (or blockchain) since its buried under the other blocks that were confirmed. It is recommended to wait for at least 6 confirmations in order to be 99.9% sure that your transaction wont get canceled this takes roughly 1 hour to achieve. If youre dealing with smaller amounts of money youre probably OK with waiting for just 1 confirmation. Reversing a transaction takes planning, time and effort and a lot of computing power. Most people probably wont go through all of that trouble for a small amount of money. Continue reading >>

Block (bitcoin Block)

Block (bitcoin Block)

Blocks are files where data pertaining to the Bitcoin network is permanently recorded. A blockrecords some or all of the most recent Bitcoin transactions thathave not yet entered any prior blocks. Thus a block is like a page of a ledger or record book.Each time a block is completed, it gives way to the next block in the blockchain.A block is thus a permanent store of records which, once written, cannot be altered or removed. The Bitcoin network witnesses a great dealof transaction activity. Maintaining a record of these transactions helps users track what was paid to and by whom. The transactions executed during a given period of time are recorded into a file called a block. By way of analogy, lets compare ordinarybanking transactions to transactions over the Bitcoin network. A blockchain is like a record of bank transactions whereas a block might bea single transaction confirmation that a bank ATM prints out after you use the machine. In other words, the relationship of block to blockchain is one of part to whole. A block represents the present and contains information aboutitspast and future. Each time a block is completed it becomes part ofthe past and gives way to a new block in the blockchain. The completed block is a permanent record of transactions in the past and the new transactions are recorded in the current one. This way the whole system works in a cycle and data gets permanently stored. Each block comprises records of some or all recenttransactions, and a reference to the block that preceded it. A mathematical problem is linked with each block. Miners are constantly processing and recording transactions as part of the process ofcompeting in a type of race. They race to complete the current block in order to win Bitcoins.When a winning miner is able to solv Continue reading >>

Block - Bitcoin Wiki

Block - Bitcoin Wiki

Transaction data is permanently recorded in files called blocks. They can be thought of as the individual pages of a city recorder's recordbook (where changes to title to real estate are recorded) or a stock transaction ledger. Blocks are organized into a linear sequence over time (also known as the block chain ). New transactions are constantly being processes by miners into new blocks which are added to the end of the chain and can never be changed or removed once accepted by the network (although some software will remove orphaned blocks). number of bytes following up to end of block Each block contains, among other things, a record of some or all recent transactions , and a reference to the block that came immediately before it. It also contains an answer to a difficult-to-solve mathematical puzzle - the answer to which is unique to each block. New blocks cannot be submitted to the network without the correct answer - the process of " mining " is essentially the process of competing to be the next to find the answer that "solves" the current block. The mathematical problem in each block is extremely difficult to solve, but once a valid solution is found, it is very easy for the rest of the network to confirm that the solution is correct. There are multiple valid solutions for any given block - only one of the solutions needs to be found for the block to be solved. Because there is a reward of brand new bitcoins for solving each block, every block also contains a record of which Bitcoin addresses or scripts are entitled to receive the reward. This record is known as a generation transaction, or a coinbase transaction, and is always the first transaction appearing in every block. The number of Bitcoins generated per block starts at 50 and is halved every 210,000 bloc Continue reading >>

Bitcoins First Block Was Mined 9 Years Ago Today, The Reward Was 50btc

Bitcoins First Block Was Mined 9 Years Ago Today, The Reward Was 50btc

Bitcoins first block was mined 9 years ago today, the reward was 50BTC It has been a wild run, but today marks precisely nine years since the cryptocurrency train took off: January 3, 2009 was the day when the Bitcoin blockchain network had its very first block mined the primordial block #0 . The first-ever transaction was timestamped at 6:15PM (server time) and yielded a mining reward of 50BTC, which is worth approximately $739,312 at the time of writing. It took another six days until the second block (#1) was mined on January 9, 2009. Since then, the Bitcoin blockchain has mined well over half a million blocks. At the time of writing, #502349 is the last mined block. Given how much the required electricity consumption for Bitcoin mining has jumped over the years , it is no surprise that in comparison to #0 the mining reward for a single block has dropped to 12.5BTC these days. Still, this is worth a hell of a lot more today than 50BTC were back when it all started. Back on October 31 last year, the cryptocurrency community similarly celebrated nine years since the ever-mysterious Satoshi Nakamoto released the quintessential crypto piece a conceptual paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. Since the birth of Bitcoin back in 2009, the cryptocurrency market has experienced tremendous growth, boasting more than 1,000 different digital currencies and a total market cap of $695 billion. Bitcoin continues to be the leading cryptocurrency, with a staggering market share of $250 billion. Continue reading >>

What Is Blockchain? Here's Everything You Need To Know | Digital Trends

What Is Blockchain? Here's Everything You Need To Know | Digital Trends

What is a blockchain? Heres everything you need to know Without blockchain, bitcoin couldn't exist. Here's how it works Posted on April 16, 2018 - 3:00AM 4.16.18 - 3:00AM Blockchain technology is commonly associated with Bitcoin and other cryptocurrencies, but thats only the tip of the iceberg. Some people think blockchain could end up transforming a number of important industries, from health care to politics. This article is part of our series Blockchain beyond Bitcoin . Bitcoin is the beginning, but its far from the end. To help you wrap your head around why, were taking a deep dive into the world of blockchain. In this series, well go beyond cryptocurrency and hone in on blockchain applications that could reshape medical records, voting machines, video games, and more. Whether youre simply looking to invest in Bitcoin , trade some Ethereum , or are just intrigued about what the heck blockchain actually is, youve come to the right place. While blockchain technology isnt simple when you dig into the nitty-gritty, the basic idea isnt too hard to follow. Its effectively a database thats validated by a wider community, rather than a central authority. Its a collection of records that a crowd oversees and maintains, rather than relying on a single entity, like a bank or government, which most likely hosts data on a particular server.Of course, a physical database kept on paper could never be managed by tens of thousands of peers. Thats where computers, and the internet, come in. Each block represents a number of transactional records, and the chain componentlinks them all together with a hash function . As records are created, they are confirmed by a distributed network of computers and paired up with the previous entry in the chain, thereby creating a chain of blocks, o Continue reading >>

What Is Block Size Limit With Regard To Bitcoin And Blockchain?

What Is Block Size Limit With Regard To Bitcoin And Blockchain?

Block size limit refers to a simple constant - what is the max size of a block? A block is simply a container of transactions, and on average one block is generated every 10 mins, although this is a random process that can vary by quite a bit. As things currently stand, this constant is set to 1024KB (1MB), which means that any block proposed that exceeds this value should be ignored and discarded. This effectively puts a cap on the amount of transactions in each block, and thus a cap on the amount of transactions per unit of time the system can handle. Note that both the size of a transaction is not uniform (depends on its complexity), as well as the time for each block, which is only uniform on average, so one cannot exactly say how many transactions the system can handle at any given time. However, these values are stable enough to provide a rough estimation. The big problem lies with scaling the system. If Bitcoin becomes more wide-spread then we can expect more transactions. Since blocks cannot be larger than the block-size limit, it means that a queue will be created, and in the worse-case scenario this queue will forever increase. As this is unacceptable, different solutions are being offered and implemented. The direct approach of changing the limit in code has been all but neglected at this point for various of reasons. Other in-direct solutions include segregated witness, which has made a significant step forward just recently , or off-chain solutions that will provide a faster layer for most transactions, only requiring the use of the blockchain for settlement. There are pros and cons for each approach and proposal, but the entire debate has become a symbol (or scapegoat?) for the debate around how Bitcoin (and other decentralized technologies) should be gov Continue reading >>

What Is A Block Header In Bitcoin?

What Is A Block Header In Bitcoin?

The main way of identifying a block in the blockchain is via its block header hash. The block header hash is calculated by running the block header through the SHA256 algorithm twice . A block header hash is not sent through the network but instead is calculated by each node as part of the verification process of each block. The block header data is shown in the table below: The Bitcoin version number is used to keep track of upgrades and changes in the protocol. The previous block header hash is the linkage into the previous block and secures the chain. The timestamp is the number of seconds since the first of January 1970 and the difficulty target of the block is the number of zeroes that must be found when hashing the block header in order to meet the required level of proof of work to maintain the block time at 10 minutes. The nonce is the value that is altered by the miners to try different permutations to achieve the difficulty level required the nonce has been appended by the extra nonce function which sits in the coinbase transaction or the first transaction of the Merkle root signifying who to pay the block reward to an extra counter to add permutations to as the nonce number can be used well within a second by modern mining equipment. Continue reading >>

The Reason Why Bitcoin Miners Dedicate Time To Mining Empty Blocks

The Reason Why Bitcoin Miners Dedicate Time To Mining Empty Blocks

The Reason Why Bitcoin Miners Dedicate Time to Mining Empty Blocks Bitcoin mining is an intriguing subject that can sometimes be overwhelming to understand at first without some research. One particular subject concerning the topic of mining is empty blocks, and people often wonder why mining pools mine them. Also read: Class Action Lawsuit Filed Against Cryptocurrency Exchange Kraken Mining pools are groups of bitcoin miners that work together to find and verify blocks roughly every ten minutes. Most of the time blocks are filled with transactions that are waiting to be confirmed as soon as the miner finds a specific block. Miners are rewarded 12.5 BTC and all the fees associated with the particular block they find. In the early days, blocks were not that full because bitcoin wasnt as popular as it is today. Latelyblocks have been full, often to the maximum size of 1 MB. Blocks filled with transactions are not the only blocks mined on the network as empty blocks are mined as well. Empty blocks actually do have a transaction in them called the coinbase which is included first in every block. The main reason why pools mine empty blocks is because they are performing operations non-stop. Now the biggest qualm people have with miners who dedicate energy to mining an empty block is due to the recent throughput congestion these days. Bitcoin mining is a non-stop race to find blocks. When miners win a race by finding a block they have also prepped up for the next race and begin competing almost instantly again. However, when a pool solves a block, it has to download it and perform a few functions in order for it to verify the contained transactions. At the same time, the pool is also receiving the next broadcasted header (80 bytes of data tethered to a block), and the pool b Continue reading >>

The Mystery Behind Blocktime

The Mystery Behind Blocktime

Identity Evangelist, Author, Blogger, Developer, Blockchain Enthusiast, Senior Director of Security Architecture at WSO2, Apache WS Committer, Axis PMC Member Block time defines the time it takes to mine a block. Both in bitcoin blockchain and ethereum blockchain, there is an expected block time, and an average block time. In bitcoin, the expected block time is 10 minutes, while in ethereum it is between 10 to 19 seconds. Both bitcoin and ethereum, at the time of this writing use a proof of work based distributed consensus algorithm (ethereum is planned to move to a proof of stake based algorithm with its serenity release). The expected block time is set at a constant value to make sure, miners cannot impact the security of the network by adding more computational power. The average block time of the network is evaluated after n number of blocks, and if it is great than the expected block time, then the difficulty level of the proof of work algorithm will be reduced, and if it is less than the expected block time then the difficulty level will be increased. Thats the core design principle behind block time, but you will see as we proceed, how bitcoin and ethereum differentiate themselves from each other. The level of difficulty varies with the time, as per the following formula. It tries to evaluate the speed of the mining network and find out how much it deviates from the expected level. The expectation is to mine a block in 10 minutes. For example, if the average speed of mining the last 2016 blocks is 8 minutes then the new difficulty factor will be greater than one, so the current difficulty level will be increased. In case the average is above 10 minutes, then the factor will be less than 1 and the difficulty level will be decreased for the next 2016 blocks. The d Continue reading >>

If We Lived In A Bitcoin Future, How Big Would The Blockchain Have Tobe?

If We Lived In A Bitcoin Future, How Big Would The Blockchain Have Tobe?

If we lived in a Bitcoin future, how big would the blockchain have tobe? Lets imagine Bitcoin has accomplished the unthinkable its become the one true currency used for peer-to-peer payments around the world. In this Bitcoin Valhalla, lets imagine that all non-cash payments are conducted with Bitcoin. Instead of credit cards, people whip out their favourite Bitcoin hardware or mobile wallets in coffee shops and hair salons across the world. Just how many of these non-cash payments would there be in this perfect world? Today, non-cash payments account for approximately 522 billion transactions per year worldwide , and that number seems to be increasing in quadratic fashion, meaning itll be a lot bigger by the time we get to Bitcoin Valhalla. Theres no predicting when exactly well get there, so lets imagine that Bitcoin has taken over as the dominant currency today. Where we stand in terms of non-cash transactions across the world, source: worldpaymentsreport.com Now of course, Bitcoin has to make sure its system can accommodate the enormous number of transactions here without bottlenecking. So lets dive into the source code and flick the scalability switch that appeared to be there all along lets increase the size of the block enough to account for our 522 billion transactions. Lets do some napkin math to see just how big our new block is. 522 billion transactions a year translates to 1.4 billion transactions a day. This is equivalent to 9,722,220 transactions every 10 minutes, which coincides with how often blocks are published to the Bitcoin blockchain. Assuming transaction sizes stay around the same size, at 250 bytes , this means that every block would hold about 2.4 gigabytes of data. This transaction volume would generate about 350 gigabytes on the blockchain ever Continue reading >>

Coinbase | What Is The Bitcoin Blockchain?

Coinbase | What Is The Bitcoin Blockchain?

The blockchain is a distributed, public ledger that contains the history of every bitcoin transaction. Anyone can download a copy of the blockchain, and it can be inspected to trace the path of bitcoins from one bitcoin transaction to another. It should be noted that while there is a record of every bitcoin transaction ever made, these transactions are not inherently linked to real life identities. For this reason, Bitcoin is considered pseudonymous. Bitcoins themselves are not files stored on your computers hard drive like MP3s or PDFs. Rather owning bitcoins, means owning a bitcoin address, which has a balance recorded on the blockchain. What it means to own a bitcoin address is to control the associated Private Key , and therefore allow the signing of transactions. A Block refers to a set of Bitcoin transactions from a certain time period. Blocks are stacked on top of each other in such a way that one block depends on the previous. In this manner, a chain of blocks is created, and thus we come to the term blockchain. Finding and publishing new blocks is what Bitcoin miners do to earn bitcoins. Whenever a new block is broadcast, approximately every 10 minutes, a quantity of bitcoins is received by the miner who solved that block. Bitcoin miners keep the network secure, and this is how they are rewarded. This system ensures that all transactions are valid, and keeps the bitcoin network secure from fraud. If youve ever waited for a new bitcoin transaction to be confirmed, you were waiting for a new block to published containing your transaction. When that happens, the bitcoin network has deemed your transaction valid. Coinbase currently requires 3 network confirmations before the transaction is considered finalized, however this number will vary with other Bitcoin serv Continue reading >>

Bitcoin Block Explorer - Blockchain

Bitcoin Block Explorer - Blockchain

Like paper money and gold before it, bitcoin and ether allow parties to exchange value. Unlike their predecessors, they are digital and decentralized. For the first time in history, people can exchange value without intermediaries which translates to greater control of funds and lower fees. Search You may enter a block height, address, block hash, transaction hash, hash160, or ipv4 address... Continue reading >>

Bitcoin's First Block Was Mined 9 Years Ago Today, The Reward Was 50btc

Bitcoin's First Block Was Mined 9 Years Ago Today, The Reward Was 50btc

It has been a wild run, but today marks precisely nine years since the cryptocurrency train took off: January 3, 2009 was the day when the Bitcoin blockchain network had its very first block mined the primordial block #0 . The first-ever transaction was timestamped at 6:15PM (server time) and yielded a mining reward of 50BTC, which is worth approximately $739,312 at the time of writing. It took another six days until the second block (#1) was mined on January 9, 2009. Since then, the Bitcoin blockchain has mined well over half a million blocks. At the time of writing, #502349 is the last mined block. Given how much the required electricity consumption for Bitcoin mining has jumped over the years , it is no surprise that in comparison to #0 the mining reward for a single block has dropped to 12.5BTC these days. Still, this is worth a hell of a lot more today than 50BTC were back when it all started. Back on October 31 last year, the cryptocurrency community similarly celebrated nine years since the ever-mysterious Satoshi Nakamoto released the quintessential crypto piece a conceptual paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. Since the birth of Bitcoin back in 2009, the cryptocurrency market has experienced tremendous growth, boasting more than 1,000 different digital currencies and a total market cap of $695 billion. Bitcoin continues to be the leading cryptocurrency, with a staggering market share of $250 billion. Continue reading >>

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