Blockchain UPDATED ACTUAL Exam
Questions and CORRECT Answers
blockchain - CORRECT ANSWER - series of block
Blockchain v Bitcoin - CORRECT ANSWER - Blockchain = underlying technology
Bitcoin = famous application that uses it
Bitcoin - CORRECT ANSWER - went over 10,000 for the first time
underlying premise of blockchain (problems b4 blockchain that make blockchain valuable) -
CORRECT ANSWER - what do you think of trust?
in theory its good, but in the real world it stinks.
every time you log in to a website, there is trust
ppl have inequities in time and access
timeliness issues with everything
^all things that are not ideal
reason info can be hacked and corrupted - CORRECT ANSWER - it is all centralized
-->idea of blockchain - CORRECT ANSWER - it is decentralized
i.e. you control your records and who gets it
, another reason blockchain works - CORRECT ANSWER - consensus or agreement:
ppl can't just add blocks willy nilly
visibility:
everyone can see exactly what is going on, but no one person can corrupt it
bitcoin: who are the ppl that add the blocks? - CORRECT ANSWER - miners:
batch system - group of transactions batched into a block then added to a chain
-->miners add the block and get paid by bitcoin
-takes a lot of computing power to do this
proof of work - CORRECT ANSWER - all of the miners compete by solving these puzzles
(algorithms) to be the person to add to the block and if you are this person you get paid
in order to be able to "play the game" you have to agree that the block that is being added is
correct
the reason bitcoin is seen as secure - CORRECT ANSWER - once the block is on there, it
is tamper-proof (no going back in and messing with a block that has already been added to the
chain)
reason it is uncorruptable - CORRECT ANSWER - hash-pointers
hash-pointers - CORRECT ANSWER - if the hash pointer from the previous block does
not connect to the block you want to add, you can not add it
hash pointer is 256 characters
-->no possible way to randomly figure out the hash number
Questions and CORRECT Answers
blockchain - CORRECT ANSWER - series of block
Blockchain v Bitcoin - CORRECT ANSWER - Blockchain = underlying technology
Bitcoin = famous application that uses it
Bitcoin - CORRECT ANSWER - went over 10,000 for the first time
underlying premise of blockchain (problems b4 blockchain that make blockchain valuable) -
CORRECT ANSWER - what do you think of trust?
in theory its good, but in the real world it stinks.
every time you log in to a website, there is trust
ppl have inequities in time and access
timeliness issues with everything
^all things that are not ideal
reason info can be hacked and corrupted - CORRECT ANSWER - it is all centralized
-->idea of blockchain - CORRECT ANSWER - it is decentralized
i.e. you control your records and who gets it
, another reason blockchain works - CORRECT ANSWER - consensus or agreement:
ppl can't just add blocks willy nilly
visibility:
everyone can see exactly what is going on, but no one person can corrupt it
bitcoin: who are the ppl that add the blocks? - CORRECT ANSWER - miners:
batch system - group of transactions batched into a block then added to a chain
-->miners add the block and get paid by bitcoin
-takes a lot of computing power to do this
proof of work - CORRECT ANSWER - all of the miners compete by solving these puzzles
(algorithms) to be the person to add to the block and if you are this person you get paid
in order to be able to "play the game" you have to agree that the block that is being added is
correct
the reason bitcoin is seen as secure - CORRECT ANSWER - once the block is on there, it
is tamper-proof (no going back in and messing with a block that has already been added to the
chain)
reason it is uncorruptable - CORRECT ANSWER - hash-pointers
hash-pointers - CORRECT ANSWER - if the hash pointer from the previous block does
not connect to the block you want to add, you can not add it
hash pointer is 256 characters
-->no possible way to randomly figure out the hash number
