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Finally, another transaction form that is seen often on the bitcoin ledger is a transaction that distributes one input to multiple outputs representing multiple recipients. This type of transaction is sometimes used by commercial entities to distribute funds, such as when processing payroll payments to multiple employees. Figure 2-7. Transaction Distributing Funds Constructing a Transaction Alice’s wallet application contains all the logic for selecting appropriate inputs and out‐ puts to build a transaction to Alice’s specification. Alice only needs to specify a desti‐ nation and an amount and the rest happens in the wallet application without her seeing the details. Importantly, a wallet application can construct transactions even if it is completely offline. Like writing a cheque at home and later sending it to the bank in an envelope, the transaction does not need to be constructed and signed while connected to the bitcoin network. It only has to be sent to the network eventually for it to be executed. Getting the right inputs Alice’s wallet application will first have to find inputs that can pay for the amount she wants to send to Bob. Most wallet applications keep a small database of “unspent trans‐ action outputs” that are locked (encumbered) with the wallet’s own keys. Therefore, Alice’s wallet would contain a copy of the transaction output from Joe’s transaction which was created in exchange for cash (see “Getting your first bitcoins” on page 9). A bitcoin wallet application that runs as a full-index client actually contains a copy of every 22 | Chapter 2: How Bitcoin WorksPDF Image | Mastering Bitcoin
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