In this video we introduce "script" - Bitcoin's lightweight stack-based language which all nodes run to validate new transactions to see whether the referenced outputs referenced in the input section are correctly "unlocked" by the inputs.....
We continue the analogy from the previous video in which we first use transaction paper documents to audit cash (coins and notes) changing hands in the outside world, and then discuss how the system can be modified/enhanced slightly to allow us to dispense with cash altogether and use the transaction documents to store, and transfer value...this of course depends on their being an underlying safe, trustless, tamper-proof store for these documents which is instantaneously visible to everyone (public)....in the real world this would be analogous to there being 1000's of boxes of copies of the paper transactions all over the world for people to inspect.
ep 12: Bitcoin locking and unlocking scripts - syntax and basic concepts | |
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| Education | Upload TimePublished on 12 Nov 2016 |
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