Blockchain Exam #1 UPDATED ACTUAL
Exam Questions and CORRECT Answers
David Chaum - CORRECT ANSWER - Father of Cryptopunk movement
Tim May - CORRECT ANSWER - Author of The Crypto Anarchist Manifesto
Macroeconomics - CORRECT ANSWER - "Printing money" - borrow from future tax
payers: fear of erosion of value
Problem: Other people spending your money - CORRECT ANSWER - Private key for
identity
Problem: Spending more money than possess; double spend - CORRECT ANSWER -
Miners validate "balance", blocks are time-stamped
Problem: SPOF - CORRECT ANSWER - Replication incented by rewards to mine
Problem: Hacks - CORRECT ANSWER - PoW (costs per attempt), chaining of blocks
(hard to hack)
Problem: Where do coins come from? - CORRECT ANSWER - Bitcoin "printed" from
mining
Desire open participation of mining - CORRECT ANSWER - Cryptoeconomics: Anyone
who wants to can join, but some guess more than others
Hashing - CORRECT ANSWER - Produce unique, fixed value that represents original text
, Encryption - CORRECT ANSWER - Scramble text with the intent of unscrambling (form
of encryption used for digital transaction)
Encoding - CORRECT ANSWER - Translate from one valid set of values to another (used
for bitcoin address generation)
Preimage resistance - CORRECT ANSWER - Cannot infer or 'reverse engineer' from hash
back to original value
Secondary Preimage Resistance - CORRECT ANSWER - all guesses are worth the same-
hackers cannot create a subset of inputs to try that are better than random
Collision resistant - CORRECT ANSWER - Two inputs will not create same output hash
(some other forms of hashing will produce collisions)
Hashrate - CORRECT ANSWER - Sum of "guesses" the collective miners make each
second
Hashrate drives the time to mine a block
Target hashrate - CORRECT ANSWER - A number "reset" each two weeks
Difficulty - CORRECT ANSWER - Number of "guesses" the winning miner is making on
average over the ten minutes
Year 2140 - CORRECT ANSWER - Demand/supply price point
Individual miners could return
Taken over as utility
Halving - CORRECT ANSWER - Allow time distribution but still result in hard cap
Exam Questions and CORRECT Answers
David Chaum - CORRECT ANSWER - Father of Cryptopunk movement
Tim May - CORRECT ANSWER - Author of The Crypto Anarchist Manifesto
Macroeconomics - CORRECT ANSWER - "Printing money" - borrow from future tax
payers: fear of erosion of value
Problem: Other people spending your money - CORRECT ANSWER - Private key for
identity
Problem: Spending more money than possess; double spend - CORRECT ANSWER -
Miners validate "balance", blocks are time-stamped
Problem: SPOF - CORRECT ANSWER - Replication incented by rewards to mine
Problem: Hacks - CORRECT ANSWER - PoW (costs per attempt), chaining of blocks
(hard to hack)
Problem: Where do coins come from? - CORRECT ANSWER - Bitcoin "printed" from
mining
Desire open participation of mining - CORRECT ANSWER - Cryptoeconomics: Anyone
who wants to can join, but some guess more than others
Hashing - CORRECT ANSWER - Produce unique, fixed value that represents original text
, Encryption - CORRECT ANSWER - Scramble text with the intent of unscrambling (form
of encryption used for digital transaction)
Encoding - CORRECT ANSWER - Translate from one valid set of values to another (used
for bitcoin address generation)
Preimage resistance - CORRECT ANSWER - Cannot infer or 'reverse engineer' from hash
back to original value
Secondary Preimage Resistance - CORRECT ANSWER - all guesses are worth the same-
hackers cannot create a subset of inputs to try that are better than random
Collision resistant - CORRECT ANSWER - Two inputs will not create same output hash
(some other forms of hashing will produce collisions)
Hashrate - CORRECT ANSWER - Sum of "guesses" the collective miners make each
second
Hashrate drives the time to mine a block
Target hashrate - CORRECT ANSWER - A number "reset" each two weeks
Difficulty - CORRECT ANSWER - Number of "guesses" the winning miner is making on
average over the ten minutes
Year 2140 - CORRECT ANSWER - Demand/supply price point
Individual miners could return
Taken over as utility
Halving - CORRECT ANSWER - Allow time distribution but still result in hard cap
