bitcoin signatures

in signatures •  4 years ago 

Then there are several concepts to understand: Bitcoin: essentially a string of digital signatures. Public key: can be understood as the address of the Bitcoin wallet. Private key: can be understood as the password of the Bitcoin wallet.

Node: Bitcoin's decentralized peer-to-peer network, there are nodes with different functions. Miners: Nodes who participate in recording transaction packaging blocks and verifying blocks can get rewarded bitcoins

Hash: can be understood as a kind of data encryption

Transaction

Owner1 trades Bitcoin to Owner2: First create this transaction: hash the previous transaction and Owner2's public key, and then use this hash and Owner1's private key to sign. Even if this transaction is completed, it will be broadcast to the entire network.

Nodes across the network receive this transaction and first verify it. Owner1 will announce its own public key at the end of the transaction, and use Owner1’s public key for calculation. The result is the same as this signature, indicating that the transaction was indeed issued by Owner1 . Owner2 gets a payment record, which means that he has a certain amount of bitcoin. He can use someone else's public key to create a new record and spend it, but this record contains the information that you received this record from someone else.

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