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• Independent verification of the new blocks by every node and assembly into a chain • Independent selection, by every node, of the chain with the most cumulative com‐ putation demonstrated through Proof-of-Work In the next few sections we will examine these processes and how they interact to create the emergent property of network-wide consensus that allows any bitcoin node to as‐ semble its own copy of the authoritative, trusted, public, global ledger. Independent Verification of Transactions In a previous chapter we saw how wallet software creates transactions by collecting UTXO, providing the appropriate unlocking scripts, and then constructing new outputs assigned to a new owner. The resulting transaction is then sent to the neighboring nodes in the bitcoin network so that it may be propagated across the entire bitcoin network. However, before forwarding transactions to its neighbors, every bitcoin node that re‐ ceives a transaction will first verify the transaction. This ensures that only valid trans‐ actions are propagated across the network, while invalid transactions are discarded at the first node that encounters them. Each node verifies every transaction against a long checklist of criteria: • The transaction’s syntax and data structure must be correct • Neither lists of inputs or outputs are empty • The transaction size in bytes is less than MAX_BLOCK_SIZE • Each output value, as well as the total, must be within the allowed range of values (less than 21m coins, more than 0) • None of the inputs have hash=0, N=-1 (coinbase transactions should not be relayed) • nLockTime is less than or equal to INT_MAX • The transaction size in bytes is greater than or equal to 100 • The number of signature operations contained in the transaction is less than the signature operation limit • The unlocking script (scriptSig) can only push numbers on the stack, and the lock‐ ing script (scriptPubkey) must match isStandard forms (this rejects “nonstandard” transactions) • A matching transaction in the pool, or in a block in the main branch, must exist • For each input, if the referenced output exists in any other transaction in the pool, reject this transaction • For each input, look in the main branch and the transaction pool to find the ref‐ erenced output transaction. If the output transaction is missing for any input, this 182 | Chapter 8: Mining and ConsensusPDF Image | Mastering Bitcoin
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