Notes

Blocks
The blockchain is made up of blocks, which contain a message appended to a Merkle tree that points back to the previous block in the chain.[66] Since it is assumed that the sender of a transaction has the private key corresponding to the public address used in the transaction,[67][68] provided that they had not made a separate commitment to a different public key, it is possible to work out the location of the sender's wallet.



If mining were not used, the blockchain could grow indefinitely, as would the number of unspent transaction outputs. In practice, mining of the chain is used to keep its size under control as new transactions are processed. In a centralized banking system, it is critical to the trust in the entire network that this chain is maintained and updated regularly. Any participant in the system can create a new block at any time. This is an important feature of the blockchain structure, because it renders it immune to single points of failure.

Some nodes verify transactions and add them to the blockchain, others only relay them, and others still only participate in mining. Any node can effectively become any other node by forking the blockchain to create a clone, with the new clone assuming all the properties of the original.



Blockchain size

The number of blocks is limited by the capacity of the underlying blockchain database technology: the size of the block is 1 megabyte (MB) in 32-bit and 8 MB in 64-bit software. 4 MB blocks would require 28 days per block on average. On March 15, 2016, a 64 MB block appeared.[219] This block would have taken 5 months to generate.[220] The average block time is 10 minutes.[221] On September 9, 2017, a group of developers announced the release of a bitcoin client that could create blocks up to 128 MB.[222] On January 18, 2018, the bitcoin network produced a 512 MB block, making it the largest block on record, as well as the longest block ever mined (16 hours).[223] However, the largest confirmed block to date was an 814,028,576 byte block on August 1, 2018, which at the time of its generation, surpassed the 768,000,000 byte block generated on July 16, 2016 as the longest block ever mined.

When the bitcoin protocol was designed, blocks were limited to 1 MB; this limit is referred to as the block size limit. Transactions are required to be put into a "
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