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submitted by Sikbik to BTC_Private [link] [comments]

Do i understand the blockchain right?

I felt that i understood the blockchain by now, but the range of transactions that are possible, their usefulness, and the apparent ease with which they could be implemented in that understanding dont seem to match reality. The question then is, either there is a reason it isnt being implemented, in the newer coins, or my understanding is off. In older coins, maybe they are afraid it will break things in existing coins, but then the question is the same about the new coins.
Now for my understanding of the blockchain: Basically you take a checksum of appended:
 checksum_of_previous block miners_pubkey value_you_scan_for_mining (each one gives a new checksum with a shot of beating the difficulty) accepted_transactions ... (whole list) 
The result of the checksum is the score, if you get a score below the current difficulty for a correct block. (Havent figured out how that is agreed on yet) You win the block, and may refer to it, to use it as money in your reward. A block is correct only if the transactions are also valid; i.e. dont send more than a wallet contains, all signatures must check out.(most transactions have signature, unless they're attached to the miner somehow)
Of course some point in the network may not know about better scores existing, to avoid that, the longest chain wins. Miners and nodes would become aware of longer chains implying their earning would go lost if those chains won outright, so they'd switch.
Edit: whether the above is correct is essentially the question, the below indicates the kinds of transactions that seem missing.
However in this understanding transactions can be really arbitrary, basically anything the other nodes can check. And apparently bitcoin has a whole scripting language for them, but why isnt it being used? There are many potential uses:(not neccesarily of the scripting language, but in principle doable with transactions)
Edit: if it is the scripting engine that might be secure, maybe a whitelist, or specific commands could be introduced.
BTW1: this also covers a view of proof of stake, and thoughts on 'proof of serve', but i dont think that relates much
BTW2: havent tried understanding all of these yet, afaik they're not in there.
submitted by Jasper1984 to dogeducation [link] [comments]

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