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Bitcoin block and transaction (“Blockchain explorer,” n.d.)
Bitcoin block and transaction (“Blockchain explorer,” n.d.)
Summary:
Block: The size of the block depends on the design and type of blockchain used. A logically organized selected transactions bundled together made up a block. Bitcoin blockchain has a block time of 10 minutes and a block size of 1 megabyte. A whole structure of a single block comprises of block header and block body. Block header additional contains software version number, hash of the block, previous block hash, time stamp, nonce, root hash of Merkle tree and other attributes. Whereas block body contains the transactions that are confirmed with the block.
BLOCK 736394
Lets’ take an example of a block:
Hash: The hash is the unique identifier that is used to identify the specific block in the blockchain.
Confirmation: Number of confirmations for the block.
Timestamp: Time stamp of when the block was created or added to the blockchain.
Height: Total number of blocks till this block, connected in the blockchain.
Miner: Node who confirmed the transaction in the block.
Number of transactions: Total number of transactions included in this block.
Difficulty: It represents the mathematical value of how hard it is to find the valid hash of for this block.
Merkle root: This represents the root node of the Merkle tree, it is the descendant of all the hash pairs in the tree.
Version: This represents the block version related to protocol proposal underway.
Bits: This is the sub-unit of BTC, and it is equal to 0.000001 BTC.
Weight: It is the measurement to compare the size of different transactions to each other in proportion to the block size limit.
Size: This is the total size of the block.
Nonce: This is the random value that can be adjusted to satisfy the proof of work and find the valid hash of this block.
Transaction volume: Estimated total amount of transaction in the block.
Block rewards: This is the fixed reward for the miner who calculated the hash of this block.
Fee reward: Amount of transaction fee, rewarded to the miner for calculating the hash for this block.
A Bitcoin Transaction:
The figure shows the summary of a transaction in a block of bitcoin blockchain.
Fee: It is the amount of reward given to the miner to include this transaction into the block.
Hash: This is the hash of the transaction.
Below it, there is the detail of amount of the bitcoin transferred, the current value of the bitcoin along with the timestamp and confirmation status of the transaction is also mentioned in the summary.
Status: This shows the current status of the transaction. Until the status is confirmed, the transaction is not included in the block.
Received time: This shows the time when the transaction was broadcasted to the network.
Size: This is the total size of the transaction.
Weight: It is the measurement to compare the size of different transactions to each other in proportion to the block size limit.
Included in block: This represents the block this specific transaction was mined and confirmed in.
Confirmations: This shows the number of confirmations for the transactions.
Total Input: Shows total bitcoin transferred in the transaction.
Total Output: Shows total bitcoin that will be received.
Fees: This shows the amount deducted from total input and output and given to the miner for including the transaction in the block.
Fee per byte, per vbyte, per weight unit: These represent the fee for different attributes.
Value when transacted: This shows the value of the bitcoin when it was transacted.
Inputs: This shows the address and amount specifying the BTC spent.
Outputs: This shows the address and amount specifying the BTC received.
References
References
Blockchain explorer. (n.d.). https://blockchain.com/btc
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