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Mastering Bitcoin Programming the Open Blockchain thepiratebay Bitcoin Mastering Programming the Open Blockchain revised expand kickass. But unlike Bitcoin, gold mining does not serve to validate and process transactions. Each Bitcoin block is limited in size to one megabyte of data. This keeps the block size at one megabyte while increasing block space for transaction data.
A block contains the following information:. A Block header:. Version number. Hash of the previous block header. Hash of the root of Merkle tree of all the transactions in the current block. Difficulty target of the current block meaning how difficult the target hash will be to find. Data for each transaction:. Flag only for SegWit transactions.
Transaction inputs. Transaction outputs. Witnesses only for SegWit transactions. Lock time. Bitcoin has a deterministic supply schedule that caps the total supply of bitcoin at 21 million bitcoin or BTC. As discussed above, new bitcoin are minted when a miner wins the block reward. The next halving will occur in early , when the block reward halves to 3. As the block reward continues to halve, it will eventually approach zero — approximately in the year In other words, after , no new bitcoin will ever be minted and the block reward will consist solely of transaction fees charged by miners when bitcoin is sent on the network.
A fork occurs when an existing blockchain splits into two different blockchains. This happens when an update is made to a protocol that not all of the nodes adopt. There are two types of forks that blockchains can experience; a soft fork, whereby old nodes and new nodes are able to read both blockchains compatible ; and a hard fork, whereby old nodes cannot read the new blockchain and vice versa incompatible. Hard forks result in two separate blockchains with distinct native digital asset tokens that are separate and apart from each other.
When updates are made to the Bitcoin protocol, individual nodes must determine if they will upgrade and accept the new changes or not. If a constituent of nodes within the network refuses to adopt the changes, then a hard fork results. Bitcoin has experienced several forks of both kinds, including the Bitcoin Cash hard fork that occurred at block ,, the last common block between Bitcoin and Bitcoin Cash.
The Bitcoin Cash fork emanated from a disagreement in the Bitcoin community around block size. Bitcoin Cash adopted a block size of eight megabytes to increase transaction throughput, whereas Bitcoin kept a block size of one megabyte to foster greater node participation and ensure decentralization. Cryptopedia does not guarantee the reliability of the Site content and shall not be held liable for any errors, omissions, or inaccuracies.
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