Ethereum: Double Spending – Does each node maintain a list of unspent transaction references?

The problem of double expenditure: Understanding the Ethereum solution

Regarding digital currencies, security is essential. One of the most important concerns when implementing a decentralized system like Bitcoin or Ethereum is the problem of double expenditure – where a user goes twice the same cryptocurrency. In this article, we will immerse ourselves on how each major cryptocurrency addresses this problem and will explore the role of nodes in maintaining the integrity of the network.

Bitcoin: the traditional approach

In Bitcoin, each transaction contains a unique reference to the previous transaction (i.e. “hatching”) and an unat-spent transaction output (UTXO). This is known as a UTXO. Each node of the network has an in -depth list of all the transactions it has seen, including input and exit transactions. When processing a new transaction, the nodes check that the sender’s funds are sufficient to cover the proposed payment. If they find that the sender does not have enough funds or that there is no UTXO valid to spend, they reject the transaction.

Ethereum: A different approach

Ethereum adopts a different approach from that of Bitcoin by introducing the concept of “blockchains”. Instead of storing all transactions in memory (as Bitcoin does), Ethereum stores them on a network of nodes around the world. These nodes are called “minors” and they check each block of transactions to ensure that it adheres to certain rules, such as ensuring that all transactions have valid utxo.

To avoid double expenses, Ethereum is based on the concept of “locking keys”. When a transaction is created, its sender uses a unique set of private keys to spend its funds. However, when creating a new transaction, the sender also locks these keys by signing a UTXO for each input and exit. This locked key is then used to create the transaction.

knots: crucial components

In Ethereum, nodes play an essential role in maintaining the integrity of the network. Each node has an in -depth list of all the transactions he has seen, including input and output transactions. When processing a new transaction, the nodes check that:

• The sender has sufficient funds: The nodes check that the balance of the sender is sufficient to cover the proposed payment.

• There are UTXOS nodes: The nodes guarantee that the sender has locked keys for each input and output and that there are corresponding UTXO recordings in their list.

• The transaction inputs correspond to the outputs: The nodes check that the transaction inputs correspond to the transaction exits, ensuring that all the funds are correctly allocated.

Conclusion

In conclusion, the approach of Ethereum to prevent double expenses is rooted in its unique mechanism of blockchain architecture and locking keys. Using a network of decentralized nodes to store and verify transactions, Ethereum guarantees that each node has a precise and up -to -date list of all the transactions it has seen. This not only prevents double expenditure, but also maintains the integrity of the entire network.

Key Takeways:

• Each Bitcoin transaction contains a unique reference to previous transactions (UTXO) and is verified by nodes on the network.

• Ethereum uses blockchain architecture with locked keys, which prevent double expenses.

• Nodes retain an in -depth list of all the transactions they have seen on the network.

• The role of nodes in the Ethereum network ensures that each node has precise and up -to -date information on all transactions.