Notes

The peer-to-peer network ensures the safety and security of the bitcoin transactions as well as the validity of the records.

Ledger validation and certification

Bitcoins are often transferred from one party to another in the form of a transaction. A transaction records that a sender transfers a certain amount of a certain type of currency to a recipient. To record this information, a transaction creates a new data structure called a block. Each block consists of a cryptographic hash, called a hashcash, of the block before it, a timestamp, and transaction data.: 




The hashcash is a one-way hash function that generates a fixed-length, 128-bit hash. The timestamp identifies the current date and time as defined by systems with a resolution of one second or better. After the transaction data, any desired length of data can be added. As data is appended to the block, it is encrypted using a strong cryptographic hash function such as SHA-256.

https://codice-promozionale-bonus365.it/ The transaction data, itself also referred to as an output, consists of the scriptPubKey and the sequence number of the transaction. The scriptPubKey is the public key portion of the signature provided by the payer in the transaction.





This public key is then used to decrypt the script for the output in its signed format, and the script is checked to be valid. If the validity of the script is verified, it is then hashed and encrypted. The result of this hashing and encryption is the transaction data of the output, or its scriptPubKey and sequence number.

This block is then hashed and digitally signed using the private key of the sender.













Note that the creator of the transaction, the owner of the private key, can create as many outputs as needed. Therefore, the function of making outputs is called the scriptSig.

The output contains two special tags, called an OP_RETURN and an OP_CHECKSIG. The OP_RETURN is an integer value, while the OP_CHECKSIG is a byte string. The OP_RETURN provides the recipient of the output a way of determining that the transaction is genuine and that the particular output has not been previously spent. The checksig includes the following details about the transaction:
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