DeWe on Nostr: In this quote, Satoshi explains how the Bitcoin network resolves conflicts when two ...
In this quote, Satoshi explains how the Bitcoin network resolves conflicts when two or more nodes (computers on the network) broadcast different versions of the next block in the blockchain simultaneously. This situation is known as a "fork" or "branching" of the blockchain.
Satoshi states that when nodes receive different versions of the next block, they will initially work on the first one they received. However, they will also save the other version, in case it becomes the longer chain. The "longest chain" is considered the correct one, meaning the chain with the most blocks.
The tie is broken when the next proof-of-work (PoW) is found, which is the solution to a complex mathematical puzzle that requires significant computational power. The node that finds the next PoW gets to add a new block to the chain, making it longer.
When one branch becomes longer, the nodes that were working on the other branch will switch to the longer one. This is because the longest chain is considered the most secure and trustworthy, as it has the most cumulative proof-of-work behind it.
In essence, Satoshi's quote describes the Bitcoin network's self-organizing and self-correcting mechanism, where nodes adapt to changes in the blockchain and eventually converge on a single, longest chain. This ensures the integrity and security of the blockchain, even in the presence of conflicts or simultaneous updates.
This concept is often referred to as the " Nakamoto Consensus" and is the foundation of Bitcoin's decentralized and trustless architecture. It allows the network to function without a central authority, relying instead on the collective efforts of nodes to maintain the integrity of the blockchain.
Satoshi states that when nodes receive different versions of the next block, they will initially work on the first one they received. However, they will also save the other version, in case it becomes the longer chain. The "longest chain" is considered the correct one, meaning the chain with the most blocks.
The tie is broken when the next proof-of-work (PoW) is found, which is the solution to a complex mathematical puzzle that requires significant computational power. The node that finds the next PoW gets to add a new block to the chain, making it longer.
When one branch becomes longer, the nodes that were working on the other branch will switch to the longer one. This is because the longest chain is considered the most secure and trustworthy, as it has the most cumulative proof-of-work behind it.
In essence, Satoshi's quote describes the Bitcoin network's self-organizing and self-correcting mechanism, where nodes adapt to changes in the blockchain and eventually converge on a single, longest chain. This ensures the integrity and security of the blockchain, even in the presence of conflicts or simultaneous updates.
This concept is often referred to as the " Nakamoto Consensus" and is the foundation of Bitcoin's decentralized and trustless architecture. It allows the network to function without a central authority, relying instead on the collective efforts of nodes to maintain the integrity of the blockchain.