Anatomy and Lifecycle of a Bitcoin Transaction
8 Pages Posted: 12 Jun 2019
Date Written: February 18, 2019
Blockchain is a trusted, distributed, peer to peer, open, public, techno-cryptographic ledger to manage and transfer the value of digital assets, to provide immutability, anonymity and security. Bitcoin is a decentralized virtual, digital and programmable currency. Wallet is an interface to user in bitcoin network where we can store send and receive funds. This paper follows a novel approach in elaborating the underlying technical concepts of a transaction which comprises of locking and unlocking scripts, verification. Additionally, it also presents the details of block header that incorporates the concepts of difficulty, Merkle tree and proof of work. The paper highlights the mechanism of resolving ambiguity when there is more than one chain is available.
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