miner. What makes a coinbase transaction special is the fact that it&rsquo;s the initial transaction on a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">block. Moreover, it&rsquo;s a type of reward transaction since miners are able to use it as a means to collect coins and any other benefits.&nbsp;</p>\n<p>Let&rsquo;s take the first-ever cryptocurrency transaction as an example. <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin created its initial transaction within the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-genesis-block/">genesis block</strong></strong></a>. It&rsquo;s offered up to miners to give out their rewards.</p>\n<p>Coinbase transactions have a special requirement. There must be a number of 100 blocks that have confirmed the transaction. Furthermore, the coinbase acts as their one and only input while the reward and transaction fees of the block are the output. This output can be transferred through multiple addresses.&nbsp;</p>\n<p>Coinbase Transaction Features</p>\n<p>Coinbase transactions hold a variety of characteristics that differentiate them from regular transactions on the blockchain.</p>\n<p>First of all, miners don&rsquo;t just create the blocks of a blockchain, they&rsquo;re also responsible for creating the coinbase transactions. This raised some concerns in regards to the miners influencing these transactions for their own gain. Therefore, the developers took the necessary actions to eliminate this possibility. They did this by creating a system to guarantee that all of the criteria of a valid block have been met. Once the transaction has been confirmed by 100 blocks, the reward can be accessed. It also acts as a second layer of security in the case of blockchain <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fork-blockchain/">forks.&nbsp;

/n

When a miner creates a new block, a list of blockchain users&rsquo; transactions that have been validated can be found. However, only the first transaction is considered to be the coinbase transaction. The value of this transaction links to the current reward of a block since the base amount is the same as the current active mining reward.</p>\n<p>The <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-halving/">halving event which happens every 210,000 mined blocks, or every 4 years, influences the value of the block reward. This halved value is what the miners receive for successfully mining a block. For instance, Bitcoin&rsquo;s rewards started at 50 BTC per block, after the first halving, they dropped to 25 BTC, then to 12.5 BTC. Currently, the block reward stands at 6.25 BTC.</p>\n<p>What is a Genesis Block?</p>\n<p>The term Genesis <strong>Block</strong> defines the very first block of a specific cryptocurrency. Although, it&rsquo;s often used in regards to the first-ever block built for the cryptocurrency that originated them all - Bitcoin.&nbsp;</p>\n<p>It&rsquo;s no secret to anyone that Bitcoin was the company that introduced cryptocurrencies. Their first block was built in 2009. It&rsquo;s known as the genesis block or block zero.&nbsp;</p>\n<p>The very first coinbase transaction happened within the genesis block. Since it did not reach the transaction database, the transaction has a unique feature. This feature makes sure that the transaction will never be spent.&nbsp;</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a> took pride in the fact that Bitcoin, the first cryptocurrency, had completely eliminated the necessity for banks or other financial institutions. Therefore, he left a special message within the code of the BTC genesis block - &ldquo;The Times 03/Jan/2009 Chancellor on brink of second bailout for banks&rdquo;.</p>\n<p>This is a headline taken from the daily British national newspaper &ldquo;The Times&rdquo;. The article was published on the 3rd of January, 2009 which is the exact same date that Bitcoin was launched. This article discussed how the British government is taking action to financially help banks.&nbsp;</p>\n<p>The founder of Bitcoin never explicitly stated what exactly this message is supposed to symbolize. However, many crypto enthusiasts believe that it&rsquo;s <strong>a testament to the removal of a middleman such as a bank within transactions</strong>.</p>\n<p>Moreover, the physical copy of this specific newspaper is now considered to be a collector&rsquo;s item.</p>","level":"hard","meta_title":"What is Coinbase Transaction? 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Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":869,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Chunk (NEAR)?","slug":"what-is-chunk-near","section":"C","keyword":"Chunk (NEAR)","status":"published","definition":"A chunk is a portion of each block produced via sharding on NEAR.","content":"<p>A<strong> part of every block</strong> generated by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-sharding/">sharding on NEAR is referred to as a chunk. Chunks enable the system to scale horizontally by dividing the blockchain state into non-overlapping portions. It is a component of the data sharding system in the NEAR protocol.</p>\n<p>Chunks have all transactions of a block, including <strong>results of completing</strong> those transactions as receipts.</p>\n<p>In a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake consensus algorithm, anyone can partake as a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">validator. It is one of the reasons why the consensus is also referred to as an open Proof-of-Stake. This guarantees that it is <strong>open</strong> and permissionless, as well as secure. Proof-of-Stake consensus algorithm is utilized by NEAR.</p>\n<p>There are two main functions of chunks:</p>\n<ul>\n<li>Execution</li>\n<li>State storage</li>\n</ul>\n<p>In the process of execution,&nbsp;a chunk processes transactions by utilizing the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-ethereum-virtual-machine-evm/">EVM. Besides, it keeps a transaction history including&nbsp;successful and <strong>failed transactions.</strong></p>\n<p>State storage, on the other hand, implies that a chunk retains a history of phases, as well as provides indexing and searching services.</p>\n<p>Moreover, NEAR utilizes sharding as a way to balance <strong>the network</strong>. This implies that the speed depends on how many individuals are using it. NEAR is developed keeping sharding in mind throughout the whole process, and it is included in the fundamental protocol, which is different from a lot of other systems.</p>\n<p>The maximum manageable decentralization at a performance level similar to <strong>centralized alternatives</strong> is achieved by a unique set of design tradeoffs. Sharding also assists in this regard since it parallelizes transactions across thousands of devices.</p>\n<p>NEAR protocol has revealed &ldquo;chunk-only producers&rdquo; to make it possible for more individuals to participate in safeguarding as well as <strong>decentralizing the system</strong>. It is a process that operates on a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">node and it is qualified to issue blocks. Every <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-shard/">shard is given a dedicated chunk-only producer (COP).</p>\n<p>Shards are <strong>groups of computers or validators</strong> that complete transactions in a synchronized manner. Every one of them is processing a small portion of all transactions at the same time. This system is used by NEAR.</p>\n<p>NEAR has three main advantages for developers:</p>\n<ul>\n<li>Compute Resources. CPU, RAM compute resources can be accessed by developers using the protocol to process their application.</li>\n<li><strong>Scalability.</strong> Developers are able to scale their applications. This way the demand is matched as a result of state sharding. This type of machine learning might be utilized throughout a number of shards, along with decreasing the cost scaling.</li>\n<li>NEAR tokens. Users are able to transact on the platform using NEAR tokens. This enables opportunities for connecting with systems and applications developed on top of the protocol.</li>\n</ul>\n<p>NEAR is a decentralized cloud computing network that makes it possible for developers to create applications on top of a shared infrastructure. This network is controlled by validators and stake-weighted community members, who are paid with NEAR tokens for their participation.</p>","level":"medium","meta_title":"What is Chunk (NEAR)? Definition & Meaning | Crypto Wiki","meta_description":"Chunk (NEAR) meaning: Chunk (NEAR) - A chunk is a portion of each block produced via sharding on NEAR.","meta_keywords":null,"language":"en","created_at":"2022-04-06T13:46:26.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-chunk-near"},"prevSection":{"id":860,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Casper (Ethereum)?","slug":"what-is-casper-ethereum","section":"C","keyword":"Casper (Ethereum)","status":"published","definition":"Casper – a protocol aimed at converting the Ethereum network into a Proof of Stake (PoS) blockchain.","content":"<p>At the moment, the existing <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof of Work (PoW)</strong></a> consensus mechanism of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum is being replaced with a better version &ndash; the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof of Stake (PoS)</strong></a> mechanism.</p>\n<p>Ethereum Casper <strong>is a protocol that combines PoS and PoW consensus mechanisms</strong>. The PoW part, which uses the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-ethash/">Ethash algorithm</strong></a>, is the same as what we have now. However, <strong>Casper the Friendly Finality Gadget (FFG)</strong> is a new consensus technique that is used in the PoS part.</p>\n<p>Casper FFG's ultimate goal is to replace PoW mining with PoS mining. This means that those who<strong>&nbsp;mine Ethereum</strong> using hardware at the moment will be able to help validate and secure the network without having to invest in additional expensive hardware.</p>\n<h3>The Difference Between PoW and PoS</h3>\n<p>PoW relies on computational processing power while <strong>PoS relies on token-holder deposits</strong> to achieve consensus.&nbsp;</p>\n<p>Besides, PoW is based on the premise that miners have to compete to solve a complicated cryptographic puzzle. The first person to solve the riddle receives a reward as well as the ability to create a new block on the blockchain.</p>\n<p>On the other hand, PoS requires miners to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token-lockup/">lock up</strong></a> some of their money as stakes, instead of <strong>competing against one another</strong>. A <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">block validator</strong></a> is chosen randomly based on his/her personal stake weight (the number of coins staked).</p>\n<h3>The Benefits of the Casper Protocol for Ethereum</h3>\n<ul>\n<li><span style=\"color: #169179;\">Energy Efficiency</span>. One of the main benefits of switching to PoS is that it will <strong>save electricity</strong>. In the long run, this will result in a regulated and sustainable increase in the amount of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-ether/">Ether in circulation.</li>\n<li><span style=\"color: #169179;\">Reduced Environmental Impact</span>. PoS systems demand less effort to validate transactions, which means miners don't need as much high-powered hardware or <strong>money for electricity</strong>. This results in reduced costs and a smaller environmental footprint, which is especially crucial given that <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin mining consumes more energy than many countries.</li>\n<li><span style=\"color: #169179;\">Increased Scalability</span>. Every transaction in a <strong>PoW network</strong> must be validated by every <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">node before it can be completed. PoS employs a different validation approach, allowing Casper to execute more transactions per second, resulting in quicker and less expensive transactions.</li>\n</ul>\n<h3>The Implementation Phases of the Casper Protocol</h3>\n<ul>\n<li>Phase 0: <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-beacon-chain/">Beacon Chain</strong></a>. The PoS concept is introduced to the Ethereum blockchain in this phase. Beacon Chain is a new blockchain that is meant to run in parallel to the current Ethereum blockchain version. Beacon Chain is intended to be used to coordinate validators without having accounts or executing <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>.</li>\n<li>Phase 1: <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-sharding/">Sharding. This phase is meant to <strong>provide massive scalability</strong> by separating the Ethereum network into numerous <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-shard/">shards, each capable of processing transactions in parallel. The Ethereum network can currently process roughly 15 <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-transactions-per-second-tps/">transactions per second (TPS)</strong></a>. <strong>Sharding</strong> would allow it to process thousands, if not millions, of TPS.</li>\n</ul>\n<p>The Casper protocol's ultimate goal is to upgrade Ethereum to version 2.0, which is also known as <strong>Serenity</strong>. Ethereum 2.0 aspires to be quicker, more efficient, and more scalable than its predecessor.</p>","level":"medium","meta_title":"What is Casper (Ethereum)? Definition & Meaning | Crypto Wiki","meta_description":"Casper (Ethereum) meaning: Casper (Ethereum) - Casper – a protocol aimed at converting the Ethereum network into a Proof of Stake (PoS) blockchain.","meta_keywords":null,"language":"en","created_at":"2022-04-06T07:54:51.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-casper-ethereum"},"currentChapter":"C","currentSection":"what-is-coinbase-transaction","chapterTitle":"C","readingLevel":"hard"},"url":"/crypto/learn/crypto-terms/what-is-coinbase-transaction","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Handbook Cover Page
Crypto Terms: Letter C

What is Coinbase Transaction?

Coinbase Transaction MEANING:
Coinbase Transaction - is the initial transaction in a single block within the blockchain.
Hard
3 minutes

Let's find out Coinbase Transaction meaning, definition in crypto, what is Coinbase Transaction, and all other detailed facts.

The term Coinbase Transaction is used to describe a special kind of transaction that can be created by a miner. What makes a coinbase transaction special is the fact that it’s the initial transaction on a block. Moreover, it’s a type of reward transaction since miners are able to use it as a means to collect coins and any other benefits. 

Let’s take the first-ever cryptocurrency transaction as an example. Bitcoin created its initial transaction within the genesis block. It’s offered up to miners to give out their rewards.

Coinbase transactions have a special requirement. There must be a number of 100 blocks that have confirmed the transaction. Furthermore, the coinbase acts as their one and only input while the reward and transaction fees of the block are the output. This output can be transferred through multiple addresses. 

Coinbase Transaction Features

Coinbase transactions hold a variety of characteristics that differentiate them from regular transactions on the blockchain.

First of all, miners don’t just create the blocks of a blockchain, they’re also responsible for creating the coinbase transactions. This raised some concerns in regards to the miners influencing these transactions for their own gain. Therefore, the developers took the necessary actions to eliminate this possibility. They did this by creating a system to guarantee that all of the criteria of a valid block have been met. Once the transaction has been confirmed by 100 blocks, the reward can be accessed. It also acts as a second layer of security in the case of blockchain forks. 

When a miner creates a new block, a list of blockchain users’ transactions that have been validated can be found. However, only the first transaction is considered to be the coinbase transaction. The value of this transaction links to the current reward of a block since the base amount is the same as the current active mining reward.

The halving event which happens every 210,000 mined blocks, or every 4 years, influences the value of the block reward. This halved value is what the miners receive for successfully mining a block. For instance, Bitcoin’s rewards started at 50 BTC per block, after the first halving, they dropped to 25 BTC, then to 12.5 BTC. Currently, the block reward stands at 6.25 BTC.

What is a Genesis Block?

The term Genesis Block defines the very first block of a specific cryptocurrency. Although, it’s often used in regards to the first-ever block built for the cryptocurrency that originated them all - Bitcoin. 

It’s no secret to anyone that Bitcoin was the company that introduced cryptocurrencies. Their first block was built in 2009. It’s known as the genesis block or block zero. 

The very first coinbase transaction happened within the genesis block. Since it did not reach the transaction database, the transaction has a unique feature. This feature makes sure that the transaction will never be spent. 

Satoshi Nakamoto took pride in the fact that Bitcoin, the first cryptocurrency, had completely eliminated the necessity for banks or other financial institutions. Therefore, he left a special message within the code of the BTC genesis block - “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.

This is a headline taken from the daily British national newspaper “The Times”. The article was published on the 3rd of January, 2009 which is the exact same date that Bitcoin was launched. This article discussed how the British government is taking action to financially help banks. 

The founder of Bitcoin never explicitly stated what exactly this message is supposed to symbolize. However, many crypto enthusiasts believe that it’s a testament to the removal of a middleman such as a bank within transactions.

Moreover, the physical copy of this specific newspaper is now considered to be a collector’s item.
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