It can speed up the initial chain download. A newly created wallet will
have only new key-pairs, hence no incoming transactions (unless we have a
key collision, which is unlikely). So there is no need for a bootstrapping
node to download the chain with transactions. The chain itself can be
verified without the transactions. Later full blocks would be required to
detect usable inputs for future outgoing transactions. As long as you
verify the very last blocks in the chain you can be sure that all
preceeding blocks were also valid.
HTH,
Chris
On Mon, Jan 2, 2012 at 6:04 AM, Elden Tyrell <tyrell.el...@gmail.com> wrote:
> Satoshi's paper mentions that storage requirements for the blockchain
> can be reduced by deleting transactions whose outputs have been spent.
>
> If I understand correctly, this technique can only be used for reducing
> *storage* requirements, not *bandwidth* needed for the initial chain
> download by a high-security client that doesn't trust any of its peers
> -- right?
>
> The rule is "trust the longest valid chain of blocks". Part of a block
> being "valid" is that each transaction's inputs are unspent and their
> sum exceeds the transaction's outputs unless it is a coinbase. This
> cannot be verified for "stubbed out" transactions -- they have outputs
> but no inputs, and aren't coinbases. So a paranoid client booting up
> for the first time needs to be given an un-stubbed chain, right?
>
> Of course, if a client decided to accept a stubbed blocks only when the
> sum of the difficulties in the blocks after it exceeds some number N,
> then attacking it could be made very expensive by picking a large
> enough N.
>
> Please let me know if I have misunderstood something.
>
>
>
>
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