Valid is defined by the accounting protocol.
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Replies (18)
Give me the simplest example of how it's done, please.
All the data that is part of the accounting protocol. Is any of it 'random'?
Like this 
What do the letters mean? Maybe break down each one
s= the y coordinate of the curve
z= the hash of the txn data
G= the generator point of the curve
r= is the private key
Q= is the public key
R= is the signature.
Nice! So all data for this accounting system has a signature?
Yes.
How will I recognize these individual data points in the accounting protocol so I might arrange them in the correct order for the equation?
Are we really about to walk through byte order to illustrate some point you are making instead of just making the point?
Huh. This one doesn't seem to have a signature on it. Maybe I missed it.
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Tell me how to differentiate between 32bytes of arbitrary data and a valid pubkey.
Dude. There's no unlocking script on coinbase Txns but do you see that little thing that says "Scriptsig" what do you think "sig" means?
You're telling me that's a signature here?
The null witness is the signature.
How does that fit your equation from before?
Try to think, what would make the equation from before correct if the R value is zero...
So I can just use 0 for everything. Neat!
Please do.