delvingbitcoin
Great Consensus Cleanup Revival
Posted on: August 27, 2024 23:22 UTC
The analysis provided delves into the computational efficiency and resource requirements for validating Merkle proofs within the context of segwit-era Bitcoin transactions.
The average download cost necessary to validate all transactions of a given block is initially calculated at 612 bytes. This figure is derived from the assumption that there are 11*32 + 260
bytes involved in this process, which translates to a verification time of approximately .34 seconds using a 14,400 baud modem.
However, a refinement in this calculation is introduced by acknowledging that the coinbase transaction—the first transaction in a block—must contain a specific null point. This null point can be represented as 0xffffffff0000000000000000000000000000000000000000000000000000000000000000
, which, due to its predictability, allows for a reduction in the overall data requirement for validation by 36 bytes, bringing the total down to 576 bytes.
An additional point of interest is the minimal storage cost associated with maintaining the integrity of blockchain transactions. Specifically, the requirement boils down to merely one byte (or more accurately, 4 bits) per block. This storage is earmarked for recording the depth of the proven Merkle tree, a critical component in verifying the legitimacy of transactions without necessitating the download of entire blocks. This insight underscores the efficiency of blockchain technology in optimizing both the bandwidth and storage demands inherent in secure, decentralized transaction validation.