Author: Hector Chu 2015-08-19 12:51:14
Published on: 2015-08-19T12:51:14+00:00
In a discussion on validating Bitcoin transactions, Jameson Lopp asked if there was a way to check the validity of a transaction without having access to blockchain data. While it may be difficult to list all the validations performed before mining a block, some basic checks are necessary such as ensuring it's not a double-spend and that signatures match pubkeys. As an SPV node listening to full nodes, one can request unconfirmed transactions from connected peers to propagate through the network. However, this is not a guarantee of inclusion in the blockchain. Waiting for unconfirmed transactions to be relayed can result in a slow start in mining them, decreasing the likelihood of receiving a mining reward. Instead, nodes should accept the first proof-of-work for a transaction and discard any subsequent ones received.
Updated on: 2023-06-10T20:36:59.164806+00:00