A Bitcoin node is any computer that runs a 'Bitcoin implementation and holds the blockchain in memory. Since transaction validation is a lengthy process, nodes are of two types: full nodes, which download all transactions, and lightweight nodes (literally "light"), which download only key data.
The network of miners and nodes is what makes Bitcoin a decentralized system, and its resilience is based on the number of nodes: should there be an attack on the network and a vulnerability is exploited, many nodes could be suppressed. Therefore, the network's survival is guaranteed by having a large number of nodes that can continue to validate the blockchain.
Having a personal full node is therefore definitely a contribution to the robustness of the blockchain, but also to personal security. Indeed, by running a node, one can create a transaction and transmit it directly from it without the need to connect to the Internet or other service providers and be more vulnerable.
The main reasons for preferring the increased security provided by a full node are:
- There is no need for a Block Explorer to verify the transaction, an operation that requires the IP address, transaction history, balance, and counterparty information.
- There is no need to expose one's private keys on the Internet during the transaction, thanks to the use of implementations that allow the transaction to be left unsigned, creating a PSBT( Partially Signed Bitcoin Transaction) that can be signed later by other wallet totally offline. Once the signature is affixed, the transaction can be transmitted from the node.
- Control is always against the entire blockchain contained in the node, which simply will not accept/reject any attempt to add a dishonest/wrong block. Trust toward the wallet provider or broker or Block Explorer then becomes unnecessary.
In terms of perception, the benefits seem to be more at the personal level than at the network level, as there are now tens of thousands of nodes in the world. It should be kept in mind that it is not necessarily the case that all nodes are active, because they can drop out and re-enter the blockchain at any time. It is therefore always good that there are new nodes joining the network.
In the common imagination, it is thought to be an extremely complex procedure, executable by few, but nothing could be more false.
There are three ways to install a full node: via cloud, connected to a virtual machine, locally (needs at least 3 gigabytes of RAM and 350 gigabytes of disk space) or preconfigured, manageable via interface.
So what are you waiting for? Go create your own node and let us know in the comments !
Written by Aurora Nardone of the VGen Finance Hub ✍️
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