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Propagating Transactions on the Bitcoin Network Once a bitcoin transaction is sent to any node connected to the bitcoin network, the transaction will be validated by that node. If valid, that node will propagate it to the other nodes to which it is connected and a success message will be returned synchro‐ nously to the originator. If the transaction is invalid, the node will reject it and syn‐ chronously return a rejection message to the originator. The bitcoin network is a peer-to-peer network meaning that each bitcoin node is con‐ nected to a few other bitcoin nodes that it discovers during startup through the peer- to-peer protocol. The entire network forms a loosely connected mesh without a fixed topology or any structure making all nodes equal peers. Messages, including transac‐ tions and blocks, are propagated from each node to the peers to which it is connected. A new validated transaction injected into any node on the network will be sent to 3 to 4 of the neighboring nodes, each of which will send it to 3 to 4 more nodes and so on. In this way, within a few seconds a valid transaction will propagate in an exponentially expanding ripple across the network until all connected nodes have received it. The bitcoin network is designed to propagate transactions and blocks to all nodes in an efficient and resilient manner that is resistant to attacks. To prevent spamming, denial of service attacks, or other nuisance attacks against the bitcoin system, every node will independently validate every transaction before propagating it further. A malformed transaction will not get beyond one node. The rules by which transactions are validated are explained in more detail in “Independent Verification of Transactions” on page 182. Transaction Structure A transaction is a data structure that encodes a transfer of value from a source of funds, called an input, to a destination, called an output. Transaction inputs and outputs are not related to accounts or identities. Instead you should think of them as bitcoin amounts, chunks of bitcoin, being locked with a specific secret which only the owner, or person who knows the secret, can unlock. A transaction contains a number of fields, as follows: Table 5-1. The structure of a transaction Size 4 bytes 1-9 bytes (VarInt) Variable 1-9 bytes (VarInt) Variable 4 bytes Field Version Input Counter Inputs Output Counter Outputs Locktime Description Specifies which rules this transaction follows How many inputs are included One or more Transaction Inputs How many outputs are included One or more Transaction Outputs A unix timestamp or block number Transaction Structure | 113PDF Image | Mastering Bitcoin
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