Author: Pieter Wuille 2013-07-23 10:06:24
Published on: 2013-07-23T10:06:24+00:00
During a conversation between Andy Parkins and Pieter Wuille on July 23, 2013, the topic of the involvement of the blockchain in verifying transactions arose. Wuille explained that the blockchain is not involved in verifying transactions, but rather serves as a historical record for other nodes and wallet rescans. Parkins countered that the blockchain must be involved to some extent during a temporary fork, where two branches are growing and one must verify which branch a new transaction belongs to. However, Wuille clarified that the UTXO (Unspent Transaction Output) set is the state needed to validate blocks and transactions. Blocks can be seen as authenticated patches to the UTXO set, and during validation, "undo data" is stored for reverse patches to the UTXO set in case of a reorganization.
Updated on: 2023-05-19T17:08:25.807005+00:00