Which node holds the current state of the blockchain and can therefore validate new transactions?
Question: Which node holds the current state of the blockchain and can therefore validate new transactions?
No single node holds the current state of the blockchain. Instead, all nodes on the network maintain a copy of the blockchain. When a new transaction is broadcast to the network, each node validates the transaction and then adds it to their copy of the blockchain. Once a transaction has been added to the blockchain, it cannot be altered or removed.
This decentralized system makes it very difficult to tamper with the blockchain. If an attacker were to try to alter the blockchain, they would need to control a majority of the nodes on the network. This is very difficult to do, as there are thousands of nodes running all over the world.
To validate new transactions, nodes use a variety of methods, such as:
- Checking the transaction signature: Each transaction is signed with the private key of the sender. This signature ensures that the transaction is authentic and that it came from the sender.
- Checking the transaction balance: Nodes check to make sure that the sender has enough balance to cover the transaction amount.
- Checking the transaction history: Nodes check the transaction history to make sure that the sender has not already spent the same coins.
Once a transaction has been validated, it is added to the blockchain and becomes permanent. This process is known as mining.
It is important to note that the blockchain is constantly growing, as new transactions are added all the time. This means that nodes need to constantly update their copy of the blockchain. This can be a resource-intensive process, but it is essential for the security and integrity of the blockchain network.
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