More precisely, the second component is an ECDSA signature over a hash of a simplified version of the transaction. It, combined with the public key, proves the transaction was created by the real owner of the bitcoins in question. Various flags define how the transaction is simplified and can be used to create different types of payment.
Output An output contains instructions for sending bitcoins. ScriptPubKey is the second half of a script discussed later. There can be more than one output, and they share the combined value of the inputs. Because each output from one transaction can only ever be referenced once by an input of a subsequent transaction, the entire combined input value needs to be sent in an output if you don't want to lose it. If the input is worth 50 BTC but you only want to send 25 BTC, Bitcoin will create two outputs worth 25 BTC: one to the destination, and one back to you known as " change ", though you send it to yourself.
Any input bitcoins not redeemed in an output is considered a transaction fee ; whoever generates the block can claim it by inserting it into the coinbase transaction of that block. A sends 6. C sends 3. D sends the 3. Only D's output and C's change are capable of being spent in the current state. Verification To verify that inputs are authorized to collect the values of referenced outputs, Bitcoin uses a custom Forth-like scripting system.
The input's scriptSig and the referenced output's scriptPubKey are evaluated in that order , with scriptPubKey using the values left on the stack by scriptSig. The input is authorized if scriptPubKey returns true. Through the scripting system, the sender can create very complex conditions that people have to meet in order to claim the output's value.
For example, it's possible to create an output that can be claimed by anyone without any authorization. The genesis block consists of only one transaction, referred to as the coinbase transaction. This coinbase transaction consists of two parts, an input and an output. The input is empty, but the output is the mining reward which we will take as 50 BTC. Since Alice is the miner she gets to construct the coinbase transaction.
She writes the output with a value of 50 BTC to herself, so only her private key can unlock it. The UTXO list at this point only consists of the genesis block's coinbase transaction, and is only spendable by Alice. Chugging along, Alice mines 9 more blocks and accumulates BTC. Eventually desiring more users on her blockchain, she promises her friend Bob 75 BTC if he joins.
Bob joins the network and since Alice is the only current user, he downloads the blockchain data from her. After this transaction, two UTXO have been spent. How to Calculate Wallet Balances Now that we have an understanding of how Bitcoin transactions work, we know that to calculate the balances of all the wallets, we need the most recent list of UTXO. Thankfully, the Bitcoin Node keeps track of this. We can access the chainstate database by running: A single entry will look something like this: Every entry in LevelDB is obfuscated to avoid being flagged by antivirus software.
Details including how to deobfuscate entries can be found in the source code.
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It, combined with the public key, proves the transaction was created by the real owner of the bitcoins in question. Various flags define how the transaction is simplified and can be used to create different types of payment. Output An output contains instructions for sending bitcoins. ScriptPubKey is the second half of a script discussed later. There can be more than one output, and they share the combined value of the inputs.
Because each output from one transaction can only ever be referenced once by an input of a subsequent transaction, the entire combined input value needs to be sent in an output if you don't want to lose it. If the input is worth 50 BTC but you only want to send 25 BTC, Bitcoin will create two outputs worth 25 BTC: one to the destination, and one back to you known as " change ", though you send it to yourself. Any input bitcoins not redeemed in an output is considered a transaction fee ; whoever generates the block can claim it by inserting it into the coinbase transaction of that block.
A sends 6. C sends 3. D sends the 3. Only D's output and C's change are capable of being spent in the current state. Verification To verify that inputs are authorized to collect the values of referenced outputs, Bitcoin uses a custom Forth-like scripting system. The input's scriptSig and the referenced output's scriptPubKey are evaluated in that order , with scriptPubKey using the values left on the stack by scriptSig.
The input is authorized if scriptPubKey returns true. Through the scripting system, the sender can create very complex conditions that people have to meet in order to claim the output's value. For example, it's possible to create an output that can be claimed by anyone without any authorization.
It's also possible to require that an input be signed by ten different keys, or be redeemable with a password instead of a key. The public key also from the signature script is pushed on top of the signature. If the value is false it immediately terminates evaluation and the transaction validation fails. Otherwise it pops the true value off the stack.
If false is not at the top of the stack after the pubkey script has been evaluated, the transaction is valid provided there are no other problems with it. Receivers do care about the script conditions and, if they want, they can ask spenders to use a particular pubkey script. Unfortunately, custom pubkey scripts are less convenient than short Bitcoin addresses and there was no standard way to communicate them between programs prior to widespread implementation of the now deprecated BIP70 Payment Protocol discussed later.
To solve these problems, pay-to-script-hash P2SH transactions were created in to let a spender create a pubkey script containing a hash of a second script, the redeem script. Bob creates a redeem script with whatever script he wants, hashes the redeem script, and provides the redeem script hash to Alice.
The peer-to-peer network ensures the full redeem script hashes to the same value as the script hash Alice put in her output; it then processes the redeem script exactly as it would if it were the primary pubkey script, letting Bob spend the output if the redeem script does not return false. This is the IsStandard test, and transactions which pass it are called standard transactions.
Non-standard transactions—those that fail the test—may be accepted by nodes not using the default Bitcoin Core settings. If they are included in blocks, they will also avoid the IsStandard test and be processed. Besides making it more difficult for someone to attack Bitcoin for free by broadcasting harmful transactions, the standard transaction test also helps prevent users from creating transactions today that would make adding new transaction features in the future more difficult.
For example, as described above, each transaction includes a version number—if users started arbitrarily changing the version number, it would become useless as a tool for introducing backwards-incompatible features. As of Bitcoin Core 0. The most common use of P2SH is the standard multisig pubkey script, with the second most common use being the Open Assets Protocol.
Another common redeemScript used for P2SH is storing textual data on the blockchain. The first bitcoin transaction ever made included text, and P2SH is a convenient method of storing text on the blockchain as its possible to store up to 1. An example of storing text on the blockchain using P2SH can be found in this repository. However, after the soft fork is activated, new nodes will perform a further verification for the redeem script. Therefore, to redeem a P2SH transaction, the spender must provide the valid signature or answer in addition to the correct redeem script.
In multisig pubkey scripts, called m-of-n, m is the minimum number of signatures which must match a public key; n is the number of public keys being provided. The signature script must provide signatures in the same order as the corresponding public keys appear in the pubkey script or redeem script. It is preferable to use null data transactions over transactions that bloat the UTXO database because they cannot be automatically pruned; however, it is usually even more preferable to store data outside transactions if possible.
Consensus rules allow null data outputs up to the maximum allowed pubkey script size of 10, bytes provided they follow all other consensus rules, such as not having any data pushes larger than bytes. Bitcoin Core 0. There must still only be a single null data output and it must still pay exactly 0 satoshis.
The -datacarriersize Bitcoin Core configuration option allows you to set the maximum number of bytes in null data outputs that you will relay or mine. When you try to broadcast your transaction to a peer running the default settings, you will receive an error. If you create a redeem script, hash it, and use the hash in a P2SH output, the network sees only the hash, so it will accept the output as valid no matter what the redeem script says.
This allows payment to non-standard scripts, and as of Bitcoin Core 0. Note: standard transactions are designed to protect and help the network , not prevent you from making mistakes. The transaction must be smaller than , bytes. Bare non-P2SH multisig transactions which require more than 3 public keys are currently non-standard. It cannot push new opcodes, with the exception of opcodes which solely push data to the stack. Exception: standard null data outputs must receive zero satoshis.
Since the signature protects those parts of the transaction from modification, this lets signers selectively choose to let other people modify their transactions. The various options for what to sign are called signature hash types. This input, as well as other inputs, are included in the signature. The sequence numbers of other inputs are not included in the signature, and can be updated.
Allows anyone to add or remove other inputs. Because each input is signed, a transaction with multiple inputs can have multiple signature hash types signing different parts of the transaction. For example, a single-input transaction signed with NONE could have its output changed by the miner who adds it to the block chain. Called nLockTime in the Bitcoin Core source code. The locktime indicates the earliest time a transaction can be added to the block chain.
Locktime allows signers to create time-locked transactions which will only become valid in the future, giving the signers a chance to change their minds. If any of the signers change their mind, they can create a new non-locktime transaction.
The new transaction will use, as one of its inputs, one of the same outputs which was used as an input to the locktime transaction. This makes the locktime transaction invalid if the new transaction is added to the block chain before the time lock expires.
Care must be taken near the expiry time of a time lock. The peer-to-peer network allows block time to be up to two hours ahead of real time, so a locktime transaction can be added to the block chain up to two hours before its time lock officially expires. Also, blocks are not created at guaranteed intervals, so any attempt to cancel a valuable transaction should be made a few hours before the time lock expires.
Previous versions of Bitcoin Core provided a feature which prevented transaction signers from using the method described above to cancel a time-locked transaction, but a necessary part of this feature was disabled to prevent denial of service attacks. A legacy of this system are four-byte sequence numbers in every input. Even today, setting all sequence numbers to 0xffffffff the default in Bitcoin Core can still disable the time lock, so if you want to use locktime, at least one input must have a sequence number below the maximum.
Since sequence numbers are not used by the network for any other purpose, setting any sequence number to zero is sufficient to enable locktime. Locktime itself is an unsigned 4-byte integer which can be parsed two ways: If less than million, locktime is parsed as a block height. The transaction can be added to any block which has this height or higher. If greater than or equal to million, locktime is parsed using the Unix epoch time format the number of seconds elapsed since T UTC—currently over 1.
The transaction can be added to any block whose block time is greater than the locktime.
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