Bitcoin Consensus Rules
This chapter introduces Bitcoin Consensus Rules.
What Are Bitcoin Consensus Rules
Controlled Supply Rule - Total of 21M BTC
Mining Reward Rule - Start with 50 BTC
Proof of Work Rule - Find a Small Hash Value
- Bitcoin Consensus Rules are rules that allow nodes in the Bitcoin network
to maintain Bitcoin consensus.
- Bitcoin consensus is a state when most nodes in the Bitcoin network all have the same blocks
in their locally-validated best block chain.
- The best block chain is the most-difficult-to-recreate chain,
which is really the longest branch of the blockchain tree.
- The Controlled Supply Consensus Rule -
The total Bitcoin supply is limited to about 21 million Bitcoins.
- The Mining Reward Consensus Rule -
Mining rewards start with 50 Bitcoins for each new block.
Mining rewards are reduced by half for every 210,000 blocks.
- The Proof of Work Consensus Rule -
The block hash must be less than or equal to the current hash target.
The current hash target, maintained as floating-point value called difficulty,
is readjusted every 2016 blocks to ensure generating a new block will
take about 10 minutes.
Table of Contents
About This Book
Introduction of Bitcoin
Bitcoin-Qt - Bitcoin Core GUI
►Bitcoin Consensus Rules
Bitcoin Block Data Structure
Bitcoin Transaction Data Structure
Copay - Bitcoin Wallet
PDF Printing Version