Hello Blockchain Friends,
I almost finished Blockchain & Bitcoin 101. For me it’s not coming to full circle. Here are three topics I have questions on. It would be awesome if someone can help me in understanding the whole thing! Thank you in advance!
Incentives for nodes:
Where is the incentive for the nodes if they check the transactions on consensus rules and store them in the mempool? Do they do it for free :)?
Creation of blocks
What defines a block and how is it created? Why it must be “found” by the miner, and why or how is it hidden? What is creating and hiding the block? I understood the miners just take the transactions from the mempool with the highest fees and put them together. So what is stoping the miner to create a smaller block to mine on? Why didn’t it happen the years before, that the blocks get full, if you just wait for more transactions you could mine on a full block?
Maybe I have a misunderstanding, but as I remember, the successful miner will be rewarded for mining the block by finding the nonce limited by a target. The reward will be ALL THE FEES?! + Block reward. So all the other miners did their work for nothing?