How Bitcoin Works Under the Hood
- February 3, 2024
- Posted by: MainInstructor
- Category: Blockchain Learning Tutorials
Video Title: How Bitcoin Works Under the Hood
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this video does not cover the voting system
Imagine if you bought that when that video was available
I have a doubt … What happens when a new transaction comes when the most recent block is not at its capacity i.e. let's say the most recent block contains 5 transactions and the 6th one comes when the capacity of each block is 10 transactions?
Is the new transaction added to this old transaction?
As per my understanding, I think the new transaction is added to the most recent block and a new nonce is computed. Then the miner broadcasts this block to verify. The verifier will verify and replace it with old most recent block.
But then I thought how would the verifier know, even if the hash of the new block is less than the target value (i.e. PoW) that any transaction like T2 is not modified in the process by the miner (secretly)?
I came up with the answer to be merkle tree. The verifier will not replace the block, but instead he will just see the nonce and new transaction published by the verifier, add it to the existing block at its end and recalculate the merkle root. He'll then compare the merkle root calculated with that of published by the miner. This is how (I think) the verifier will confirm the integrity of most recent block along with the PoW.
Please someone check my understanding and resolve any misconceptions I have … Thank You!
Masterpiece
That's the best technical explanation I ever seen, thank you so much!
the risky thing is the sender will never receive back, in case it sent accidentally to someone?
but why they not puting the blance in every transaction???🤔🤔🤨
Finally a real explanation. Thanks
Why didn’t I find you 8 years ago?? It’s 2022 now.
SUPER… TY!
Thank you!
Regards brah
Thank you! That was the best explanation I have seen yet!
I have always wanted to invest in Bitcoin but I’m very inexperienced, I even watched some videos yet still difficult to.. understand. I’m so much in need of an expert…
I loved the explanation because it wasn’t too trivial. Often the explanations try to avoid science,
Exceptional. One of the best one made.
727 people who disliked this most likely failed math in high school
By far the best explanation!
Late but not least.
Awesome video-lecture! Even after 8 years, for me, at least, is pure gold still!
To be able to brilliantly summarize the complexity of the subject in 20 minutes, certainly required some 20 x 10^3 minutes of dedication and love to the matter.
Thank you for sharing this masterpiece!
Warmest Regards
awesome thanks 😘
Great!!!
This was excellent. Clearest no-nonsense explanation I've seen.
simply put–an excellent piece of work!
Thanks, amazing explanation
2021 here
Watching in 2021!
sigh
replays video
00:37 "to send money you broadcast to the network that the amount on your account should go down in the amount on a receiver's account up. nodes or computers in the Bitcoin network apply that transaction to their copy of the ledger and then pass on the transaction to other nodes."
– "nodes or computers" – (it must be all bitcoin clients, not only miners). how many other computers a bitcoin node is typically connected and broadcast to them? where do clients get the ip addresses of that other nodes from?
17:34 "you know that there's no way any attacker could have generated them on their own. The solutions are proof that the computing power of the entire network was brought to bear."
– do all miners generate blocks together?! i thought they generate different versions of blocks. if together, do you mean that they try to solve puzzle randomly, or do they divide all hashes into sections (groups) and every miner try to solve his section?
BTC now has Segwit (segregated witness). Which means it’s no longer “bitcoin”…
wish i saw this earlier!
5:02 Anyone can tell where to find this type of transaction visualization? I am unable to find it on blockchain.info anymore but it was there some time ago.
messages won't affect ledgers if the message is sent by the receiver of the money right?
I'm still confused but more informed than before lol Thank you for the great, detailed break down!
Thank you. That was very useful.
Would the successful invention of quantum computing become problematic to bitcoin security?
with all the math involved I think it's evident that an American did not make bitcoin
Typo in slide heading: "Cyrpto" should be "Crypto" circa timestamp 15:00/22:24
you're the first person to have explained such a complex system in such a simple way .. thankyou for this vid !
fantastic work
Thanks. Nice tutorial
Excellent ! Thank you!
excellent explanation! big thanks!