A node is a computer (whether it be your phone, laptop or Bitbox) that runs a peer-to-peer banking software. You can think of this as “Banking 2.0”.
Say Satoshi wants to send money to Ted. Satoshi initiates the transaction on his laptop, which is broadcasted to a server (or group of servers) called nodes. All of the data containing Satoshi’s transaction information is stored in a “block.” A block can contain multiple transactions or data elements, up to a specific file size limit.
“A full node is the brains behind any blockchain network... If a block doesn’t follow the rules, it is deemed as a bad block and isn’t added to the blockchain.”
Being that a blockchain is a distributed ledger, it receives blocks once they have been verified. Each block also has a hash or unique fingerprint that identifies it as “this block”. Once a block is is added to the blockchain, it is immutable.
As the next block is created, it has context of the previous blocks “identity”. A full node will check all the new transactions based on the concensus protocol utilized by that specific network.
A full node is important because it is the brains behind any blockchain network. The term full-node means that the computer running the payment software has a FULL copy of the blockchain, from the genesis block to present day. It is responsible for adding new valid blocks as they are created. Each block is looked at by the node and is determined valid or invalid. If a block doesn’t follow the rules, it is deemed as a bad block and isn’t added to the blockchain.
Let’s say there was a global attack on Bitcoin nodes. Currently, there are 9904 full nodes running the Bitcoin protocol - and the global attack destroyed all but one node. Due to the fact that a full node has the complety history of the blockchain network, all you would need to do is setup another computer that runs the Bitcoin protocol and voila, you can slowly start to rebuild the network.
Goldmember wanted to “hack” the Bitcoin blockchain. He uses his personal node to broadcast that “Transaction Get Rich” sent 1,000 coins to his wallet. Currently there are 9,904 active full Bitcoin nodes running, all actively broadcasting to each other the constant flux of valid transactions and blocks. This means that 9,903 nodes will notice that “Transaction Get Rich” has a very suspicious hash associated with it, and will flag the suspicious activity as invalid and dismissing it from ever being added to the blockchain, ultimately deflating Goldmember’s plan.
The primary goal for creating an ICO, is to incentivize stakeholders to run full nodes. Each Bitbox will eventually support and ship with the Bitbox blockchain. As you run nodes, you will earn Bitbox tokens. The ICO tokens, once the sale is over will convert 1:1 to Bitbox tokens, that you can either convert to your cryptocurrency of choice or you can use them to increase your stake in our Proof-of-Stake network.
Another reason for the ICO is to raise capital for future design, development, and research of the Bitbox platform. We would like to eventually move to custom hardware designed specifically for Bitbox and the needs of the community.
These FAQs are provided for informational purposes only and should not be relied upon exclusively or considered representations or warranties of any kind. Please refer to the GitHub repository and other resources for more detailed information.