tag:blogger.com,1999:blog-18648436.post5708259699550787561..comments2023-12-22T08:30:21.301+00:00Comments on Wading Through Treacle: The Bitcoin Transaction Process ModelNigel Seelhttp://www.blogger.com/profile/14407392760306614271noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-18648436.post-32601722921360697022016-10-18T22:43:38.992+01:002016-10-18T22:43:38.992+01:00Good to see these comments put to use!
I am not su...Good to see these comments put to use!<br />I am not sure what "sloppy over-simplification" fully means, but I see that this account focused indeed on the A to B "transaction" itself, rather than the wider network of events. The two larger players in this story are the "Block" and the "Blockchain".<br />These various Blocks have to be legitimised too, via hashing and "proof of work". Is the TX:A2B transaction really secure before the Block which will contain it has been formed? Only then can Bob breath a sigh of relief?<br />Also Alice and Bob need to ensure that they pick up the correct Blockchain (Longest Blockchain) - otherwise the entire transaction will have to be re-translated later onto the correct Blockchain as their transactions may have occurred on a Branch line (as happened for a while in 2013 apparently).<br />This entire blockchain construction reminds me of an NP-Complete problem called "Serialisation of Database Histories" (View serialisation in WP). The entire set of protocols is set up to overcome this NP problem (else double payments)- but the cost seems to be GigaWatts of processing around the globe doing all this hashing.Royhttps://www.blogger.com/profile/17844610890344836500noreply@blogger.com