25 Oct '12, 8pm

#Bitcoin Ultraprune In Plain English

#Bitcoin Ultraprune In Plain English

To understand ultraprune, we have to understand a few things about how Bitcoin actually works. Bitcoin, technically, is less like a currency and more like a ledger. Bitcoin keeps track of every transaction everyone makes and stores it in a database, commonly referred to as the "block chain." Every Bitcoin user has a copy of this database, and that's how you verify that a payment is correct - when someone sends you money, your computer and every computer in the network looks at the transaction database and makes sure the sender has enough money, properly signed the transaction and so on. If anything about the transaction isn't quite right, everyone rejects it. To get this database to everyone, it is broken down into "blocks" - small chunks of data that can be easily distributed. Every 10 minutes or so, all of the new transactions that happened in that time are bundled up in...

Full article: http://codinginmysleep.com/ultraprune-in-plain-english/

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