07 - Behaviour of every node

Wooclap

• In the Bitcoin network, accounts 0xA, 0xB, and 0xC have balances worth 10, 5, and 7 BTC, respectively. 0xA issues a signed transaction worth 12 BTC to 0xB (ID: 0xA12B). Thereafter, 0xC issues another signed transaction worth 5 BTC to 0xA (ID: 0xC05A). To what nominal value the accounts amount?

  • 10 / 5 / 7

• In the Bitcoin network, account 0xA has the following UTXOs whose nominal values are 10, 5, and 2 BTCs. 0xB has UTXOs worth 1 and 2 BTCs. 0xA issues a signed transaction taking the UTXOs worth 10 and 5 BTCs, and making a UTXO worth 12 BTCs to 0xB and a UTXO worth 3.5 BTCs to 0xA. To what nominal value do the accounts amount thereafter?

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Behaviour of every node

1. New transactions are broadcast to all node
2. Each node collects new transactions into a block
3. Each node works on finding a difficult PoW for its block
4. When it founds, it broadcasts to all nodes
5. Nodes accept the block iff transactions in it are valid and not already spent
6. They express their acceptance of the block by working on creating the next block in the chain, using the hash of the accepted block as the previous block