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I am confused. What is exactly a validation of transaction in the bitcoin block chain? Please correct me if I am wrong.
I know we need 6 minner to validate our transaction and those 6 minner check whether we did the transaction or not and after that if they verify that we have done the transaction then our transaction goes to the memory pool and after that minners will try to put our transaction in the new block that they are creating to add in the bitcoin blockchain.
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Transactions are validated by nodes before they are broadcasted to the Bitcoin network, and also after they are submitted as blocks.
Here are the basic steps for transaction validation:
6 confirmations is common for wallet software to consider a transaction final. That might be where you got the "6 miners" from.
Note that usually miners get and submit the block to the pool software instead of the node directly.
This is what I understand please correct me if I am wrong. There is a place called "Transaction Pool" where all unconfirmed transaction will be there, a node will be the one who will verify all those transactions and 1 transaction will need the 6 verification and this verification needed to be done by 6 different nodes. Now when Transaction gets 6 verification then it sent to the "Memory pool" [Memory pool: a collection of all confirmed transaction ]. – Amey Zulkanthiwar – 2018-10-26T17:45:34.990
Now here Minner will come into the pitcher Minner will collect the transaction make a block, solve the puzzle to find the nounce Noting but a proof of work and if he able to do that he will get the bitcoins as a reward.
Now I have another question that node will also get the money for verification of transaction right. the transaction fee that we give is to get by those nodes. – Amey Zulkanthiwar – 2018-10-26T17:45:50.683
There is no such thing as a "transaction pool". Transactions go straight to a node's mempool if it passes that node's validation checks. There is no requirement to get 6 verifications. And, there is no way to know how many nodes have verified a transaction. – JBaczuk – 2018-10-29T14:34:32.163
Nodes do not earn Bitcoin only miners. – JBaczuk – 2018-10-29T14:35:21.303
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Miners do not validate transactions except in so far as they also run nodes and nodes validate transactions. Mining serves the purpose of giving transactions a durable order so that any attempts to spend the same coin twice can be resolved in a universally consistent way.
No part of the protocol works by counting participants either, as the Bitcoin consensus is identyless.
This is what I understand please correct me if I am wrong. There is a place called "Transaction Pool" where all unconfirmed transaction will be there, a node will be the one who will verify all those transactions and 1 transaction will need the 6 verification and this verification needed to be done by 6 different nodes. Now when Transaction gets 6 verification then it sent to the "Memory pool" [Memory pool: a collection of all confirmed transaction ]. – Amey Zulkanthiwar – 2018-10-26T17:44:13.457
Now here Minner will come into the pitcher Minner will collect the transaction make a block, solve the puzzle to find the nounce Noting but a proof of work and if he able to do that he will get the bitcoins as a reward. – Amey Zulkanthiwar – 2018-10-26T17:44:19.467
Now I have another question that node will also get the money for verification of transaction right. the transaction fee that we give is to get by those nodes. – Amey Zulkanthiwar – 2018-10-26T17:44:37.360