What Are Bitcoin Consensus Rules
This section describes what are Bitcoin Consensus Rules.
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.
Currently, Bitcoin nodes are following these primary Consensus Rules:
- Bitcoin Controlled Supply Rule -
Total supply of Bitcoins is controlled to a fixed number of
21 million Bitcoins.
- Bitcoin Mining Reward Rule -
How many Bitcoins are rewarded to the miner who creates a new Bitcoin block from the coinbase.
As of 2018, Bitcoin Mining Reward is 12.5 BTC.
- Bitcoin Proof of Work Rule -
The block hash must meet the cryptographic difficulty requirement.
As of 2018, the block hash must be less than or equal to
- Each Bitcoin transaction input must have the correct signature
of its address owner.
- Each Bitcoin transaction input can only be used once in the Bitcoin blockchain.
- Each Bitcoin transaction must be in the correct data format.
- Each Bitcoin block must be in the correct data format.
- Each Bitcoin block must contain the hash of the previous block in the blockchain.
Last update: 2018.
Table of Contents
About This Book
Introduction of Bitcoin
Bitcoin-Qt - Bitcoin Core GUI
►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 Block Data Structure
Bitcoin Transaction Data Structure
Copay - Bitcoin Wallet
PDF Printing Version