Blockchain transactions in detail

Apr 04, 2022 By Puneet verma

Consensus vs Validation

Most people will tell you that we have a consensus to validate the transaction. But they are not fully correct.

Consensus helps the network agree on the ledger's state and doesn't validate it. 

Blockchain Validators 

A validator is someone responsible for verifying the transactions within the blockchain. Apart from adding security to the blockchain, there is no incentive to validate the transaction. Miners bundles a few transactions that are legitimate and put them into the block. 

Before going for consensus, we have to validate each transaction.  

The validation precedes the Consensus

Who is responsible for validation?

Anyone running full-node can validate the transactions. Generally, miners validate the transaction as they maintain full nodes.

  • When a full node receives a new block, it also valid the transaction within
  • While creating a new block, the miner also validates 

Why validator validates the transaction? 

It doesn't attract miners as there is no incentive associated with validation. 

Minner aims to create a new block to have rewards and transaction fees. In order to have a valid block, all the transactions should be valid otherwise block will be rejected by other nodes. 

So the miner was left with no other choice,  but to validate the transaction.

How does blockchain validate the transaction?

  • Verifying the Transaction and Signature
  • Verifying the Merkle branch

link this to a new article 

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https://www.quora.com/How-are-transactions-validated-in-Blockchain

Michael Lin

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