Notes

Nodes relay transaction data by building a tree of blocks in the blockchain, with each node storing its own copy of the blockchain. As each node receives new transactions, they are forwarded to other nodes until they have received a “full” set of transactions that cover the root of the blockchain, commonly referred to as the Genesis block. As new nodes are added to the network, old nodes unsubscribe from the block chain and only store their own version, resulting in a network of independently verifying nodes. The blockchain is the only place bitcoins can be said to exist, in the form of unspent outputs of transactions.
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As of January 2018, the blockchain had produced more than 100 million blocks. It is estimated that the blockchain has generated more than 18.6 million bitcoins in its existence, making it the largest cryptosecure and digital currency system in the world. On average, the Bitcoin network generates a block every 10 minutes.

A block header contains:
version – the number of transactions, as well as the hash of the transactions, within that block (it can increase)
locktime – the difficulty to create a new block on top of this one: block time, double spend protection
reward – the mining reward to the miner of the block
parents and code – the block header with pointers to and information about the previous blocks in the blockchain.

In addition, each block stores a cryptographic hash of the previous block (this is not explicitly stated by the block format, but it is implied by the way the block header is defined). This allows the blockchain to be verified to be the correct transaction history and chain of blocks by checking the hash of a randomly generated number for the header with the hash of the block header, comparing the two, and verifying that they are the same.

This check can be done by any network node with access to the block chain (in other words, access to the entire database of past block headers), making participation in mining unavoidable for any network member. Mining is therefore effectively open to anyone with internet access and a CPU.

Typically, the reward for mining is fixed for each block, which incentivises nodes to ensure the longest chain is built. However, the code is open source and unchangeable. As a result, there was debate within the Bitcoin community on how to introduce optional blocks (blocks that are not needed to be added to the chain) into the code, particularly from those who wanted to use a proof-of-stake system for
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