wallet.dat: Your Bitcoin wallet file (if you use the internal wallet), which stores your private keys, addresses, and transaction history relevant to your wallet.
debug.log: A log file that records Bitcoin Core's operations and any errors.
The combination of these structured formats and encoding schemes allows the Bitcoin network to operate efficiently, securely, and transparently, providing a robust foundation for digital scarcity and decentralized value transfer.
Mempool: If the transaction is valid, the node adds it to its mempool (memory pool). The mempool is a temporary holding area for unconfirmed transactions that have been broadcast to the network but not yet included in a block.
Decentralized Mempools: It's important to note that there isn't one "global mempool." Every full node maintains its own mempool. While nodes constantly exchange transactions, different nodes might have slightly different sets of transactions in their mempools due to propagation delays or different filtering policies (e.g., minimum fee rates).
Propagation ("Gossip"): Once a node sri lanka phone number list validates a transaction, it then "gossips" or propagates that transaction to its connected peers. These peers, in turn, validate it and pass it on to their peers, and so on. This ensures that a valid transaction quickly spreads across a large portion of the Bitcoin network.
3. Block Creation (Mining)
Miner Selection: Bitcoin miners (specialized nodes with powerful hardware) constantly monitor their local mempools. They select a subset of transactions from their mempool to include in the next block they are trying to mine. Miners typically prioritize transactions with higher transaction fees per byte, as these offer a greater reward.
A coinbase transaction (which creates new Bitcoins as the block reward for the miner).
A timestamp.