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BLOCKCHAIN EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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BLOCKCHAIN EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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BLOCKCHAIN EXAM 2024/2025 WITH 100%ACCURATE SOLUTIONS
blockchain - Precise Answer ✔✔series of block
Blockchain v Bitcoin - Precise Answer ✔✔Blockchain = underlying
technology
Bitcoin = famous application that uses it
Bitcoin - Precise Answer ✔✔went over 10,000 for the first time
underlying premise of blockchain (problems b4 blockchain that make
blockchain valuable) - Precise 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 - Precise Answer ✔✔it is all
centralized
-->idea of blockchain - Precise Answer ✔✔it is decentralized
i.e. you control your records and who gets it
another reason blockchain works - Precise 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? - Precise 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 - Precise 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 - Precise 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 - Precise Answer ✔✔hash-pointers
hash-pointers - Precise 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
2 to the 130th power is the chance of figuring out the hash
how did the word hash come about - Precise Answer ✔✔real definition
= abbreviation of something larger
when you take marijuana and condense it down into powder form
bitcoin block chain is called - Precise Answer ✔✔permission-less bc
anyone can join it and see every single transaction that is going on
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