Bitcoin Institute

Repost: Bitcoin Maturation

2 messages BitcoinTalk Satoshi Nakamoto November 22, 2009 — November 22, 2009
Satoshi Nakamoto November 22, 2009 18:31 UTC Source ·

bitcoinbitcoin:
Bitcoin Maturation
Posted:Thu 01 of Oct, 2009 (14:12 UTC)

From the user’s perspective the bitcoin maturation process can be broken down into 8 stages.

  1. The initial network transaction that occurs when you first click Generate Coins.
  2. The time between that initial network transaction and when the bitcoin entry is ready to appear in the All Transactions list.
  3. The change of the bitcoin entry from outside the All Transaction field to inside it.
  4. The time between when the bitcoin appears in the All Transfers list and when the Description is ready to change to Generated (50.00 matures in x more blocks).
  5. The change of the Description to Generated (50.00 matures in x more blocks).
  6. The time between when the Description says Generated (50.00 matures in x more blocks) to when it is ready to change to Generated. 7 The change of the Description to Generated.
  7. The time after the Description has changed to Generated.

Which stages require network connectivity, significant local CPU usage and or significant remote CPU usage? Do any of these stages have names?

sirius-m:
Re: Bitcoin Maturation
Posted:Thu 22 of Oct, 2009 (02:36 UTC)

As far as I know, there’s no network transaction when you click Generate Coins - your computer just starts calculating the next proof-of-work.  The CPU usage is 100% when you’re generating coins.

In this example, the network connection is used when you broadcast the information about the proof-of-work block you’ve created (that which entitles you to the new coin). Generating coins successfully requires constant connectivity, so that you can start working on the next block when someone gets the current block before you.

Satoshi Nakamoto November 22, 2009 18:34 UTC Source ·

After a block is created, the maturation time of 120 blocks is to make absolutely sure the block is part of the main chain before it can be spent. Your node isn’t doing anything with the block during that time, just waiting for other blocks to be added after yours. You don’t have to be online during that time.