The problem of double effort: Understand the solution from Ethereum
When it comes to digital currencies, security is essential. One of the most important concerns when implementing a decentralized system such as Bitcoin or Ethereum is the problem of double effort, in which a user spends the same cryptocurrency twice. In this article we will deepen how every important cryptocurrency appeals to this problem and examines the role of nodes to maintain the integrity of the network.
Bitcoin: The traditional approach
In Bitcoin, each transaction contains a clear reference to the previous transaction (ie “hash”) and an unlimited transaction outcome (UTXO). This is known as Utxo. Each node in the network has an extensive list of all transactions you have seen, including input and output transactions. When processing a new transaction, the nodes check that the senders are sufficient to cover the proposed payment. If he finds that the sender does not have enough funds or that it does not have to spend a valid UTXO, he rejects the transaction.
Ethereum: Another approach
Ethereum follows a different approach than Bitcoin by introducing the concept of “blockchains”. Instead of saving all memory transactions (such as Bitcoin), Ethereum stores it worldwide in a network of nodes. These knots are referred to as “miners” and verify every transaction block to ensure that it is liable to certain rules, e.g. B. to ensure that all transactions have UTXO valid.
To avoid twice the costs, Ethereum is based on the “Blocking of Key”. When a transaction is created, its sender uses a unique series of private keys to spend your means. When creating a new transaction, the sender also blocks these keys by signing a UTXO for each entry and output and output. This blocked key is used to create the transaction.
Knot: important components
In Ethereum, nodes play a fundamental role in maintaining network integrity. Each knot has an extensive list of all transactions, including entry and output transactions. When processing a new transaction, the nodes check this:
- The sender has sufficient means: The nodes check whether the balance of the shipment account is sufficient to cover the proposed payment.
- There are valid UTXE: The nodes ensure that the sender has blocked key for each entry and every input and that corresponding UTXO data records are accordingly on their list.
- The transaction inputs match random outputs: The nodes check that the transaction inputs match the transaction outputs and ensure that all funds are assigned correctly.
Diploma
In summary, it can be said that the Ethereum approach to prevent the double effort is based on the only blockchain architecture mechanism and the closing button. When using a decentralized network of nodes for saving and checking the transactions, Ethereum ensures that each knot has an exact and updated list of all transactions provided by it. This not only avoids twice the costs, but also maintains the integrity of the entire network.
key control:
- Each Bitcoin transaction contains a clear reference to previous transactions (UTXO) and is verified by nodes in the network.
- Ethereum uses a blockchain architecture with blocked keys that avoid twice the costs.
- The knots have an extensive list of all transactions that they have seen in the network.
- The role of nodes in the Ethereum network ensures that each node has precise and updated information about all transactions.