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BLOCKCHAIN EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS $17.49   Add to cart

Exam (elaborations)

BLOCKCHAIN EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS

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  • Course
  • BLOCKCHAIN
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  • BLOCKCHAIN

BLOCKCHAIN EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS

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  • October 10, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BLOCKCHAIN
  • BLOCKCHAIN
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YANCHY
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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