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Blockchain Exam Study Guide with Q&S of the Latest Update
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Blockchain Exam Study Guide with Q&S of the Latest Update
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Blockchain Exam Study Guide withQ&S of the Latest Update
what nodes do with transactions when they are submitted - Answer Each node collects
the transaction, along with many other transactions happening at same time, running a
series of checks to validate the authenticity of each one.
checks performed by the nodes - Answer These include integrity checks such as input
and output values, and whether the coins are within an allowable range of value,
ensuring the block size is not over a predetermined size limit and validating that
the sender has sufficient funds in his/her wallet to complete the transaction.
How nodes form transaction blocks - Answer Some nodes in the network—called
"miners"—validate transactions for the network. They do this by collecting transactions
and grouping them into "candidate blocks," based on a set of
rules pertaining to the composition and size of a block
,proof-of-work consensus mechanism - Answer Since each miner has produced a
candidate block, a protocol is required to select the block that will be added to the
blockchain. To determine which miner gets to add its candidate block, each miner
attempts to solve a complex computational puzzle that requires quadrillions of trial and
error iterations. This requires a significant amount of computing power and electricity.
The first miner to solve the puzzle alerts the network by immediately transmitting its
block to peer nodes across the network for validation. This consensus method is called
proof-of-work because "work"—in the form of computer processing power—is
necessary to win the right to add a block to the blockchain. Across the network, it takes
approximately 10 minutes for the puzzle to be solved, which means that a new block is
added to the chain every 10 minutes.
blockchain - Answer series of block
Blockchain v Bitcoin - Answer Blockchain = underlying technology
Bitcoin = famous application that uses it
Bitcoin - Answer went over 10,000 for the first time
underlying premise of blockchain (problems b4 blockchain that make blockchain
valuable) - 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 - Answer it is all centralized
-->idea of blockchain - Answer it is decentralized
i.e. you control your records and who gets it
another reason blockchain works - 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? - 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 - 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 - 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)
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