- The SafeBox is composed of many account segments
- Each account segment contains a set of N accounts (N is 5 for now)
- Each account contains a user’s public key, current balance, etc
- Blocks are mined using Proof-of-Work, with 5 minutes confirmation time
- Every new block appends an account segment to the SafeBox
- These accounts are awarded to the miner
- 1 of these accounts contains the mining reward with PASC
- Copy of the block header is kept in the account segment (V2)
- Blocks contain signed transactions (operations) which update balances/keys of existing accounts
- New blocks reference the hash of the SafeBox, not last the block.
- Only 100 blocks are kept for difficulty calculation, rest can be deleted freely.
- Nodes process and update their SafeBox’s independently, ensuring P2P decentralisation
- Nodes only accept the SafeBox with “most-work”. The work for each block is determined from the proof-of-work payloads inside the block headers maintained in account segments.
- Nodes distribute SafeBox’s to themselves in a torrent-like manner
You can be your own financial system
You can be your own financial system If you don't use any third party APIs, you can integrate a Bitcoin node directly into your applications, allowing you to become your own bank and payment processor. With all the responsibilities that this implies, you can build amazing systems that process Bitcoin transactions however you would like.
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