Post
Topic
Board Bitcoin Technical Support
Re: The Coinbase Transaction Question
by
BitcoinScholar
on 07/02/2013, 03:15:23 UTC
I see. When you create a new address in a wallet application, say, it really creates a new private-key that's a 256 bit unit. Then from that the public-key is formed from a series of hashes and from the public-key another series of hashes creates the address. That means it's always possible to deduce from the private-key what the public-key and address are because you can run the private-key through the series of hashes to get the result. That means that anyone with possession of the private-key has access to the address but knowledge of the address wont yield any knowledge of the private key because of the mathematical impossibility of inducing back up through the hashes.

Also, with the coinbase tx, the scriptPubKey is kind of replaced by another script that handles sending the earner the BTC and this is ultimatly verified through miners working for BTC + transaction fees. What does an index deal with in the index portion of a transaction? I know above for the coinbase transaction it doesn't matter much but what about the others? Also, if anyone wants to put in any input on scriptPubKey and scriptKey meaning I'd be grateful. I keep asking more questions even after you guys do a good job answering other ones but it's like the moment I realize the meaning of one thing it yields five other questions about the deeper nature of the concept.