CSE1006 Study Guide - Final Guide: Bitcoin Network, Bitcoin
19 Dec 2022
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Limitations: limits on the average time per block. 50, 25, 12. 5 bitcoin mining reward limitations on the total number of bitcoins in existence, as well as the structure of the mining rewards are very likely to never be changed. Each block is limited to a megabyte, about a million bytes. Each transaction is at least 250 bytes. Choices of cryptographic algorithms in bitcoin are fixed: Couple of hashing algorithm and one signature algorithm (ecdsa with secp256k1) Use bitcoin scripts to support new cryptographic algorithms. Changing the bitcoin protocol: just release a new version of the software, and tell all nodes to upgrade. Network would fail; new software or fail to get it in time. Nature of the changes in the software: hard fork and soft fork. Change introduced in the new software: new version of the software would recognize blocks as valid that the old software would reject.
