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4Blockchain and Money - Blockchain Basics & Consensus $2.64   Add to cart

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4Blockchain and Money - Blockchain Basics & Consensus

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This course is for students wishing to explore blockchain technology’s potential use—by entrepreneurs and incumbents—to change the world of money and finance. The course begins with a review of Bitcoin and an understanding of the commercial, technical, and public policy fundamentals of blockc...

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Preview 4 out of 32  pages

  • March 23, 2023
  • 32
  • 2018/2019
  • Interview
  • Unknown
  • Unknown
  • Secondary school
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  • 5
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Blockchain &
Money




Class 4
September 18, 2018
1

,Class 4 (9/18): Study Questions
• What is the Byzantine Generals problem? How does proof-of-work and
mining in Bitcoin address it? More generally how does blockchain
technology address it?

• What other consensus protocols are there? What are some of the
tradeoffs of alternative consensus algorithms – proof-of-work, proof-of-
stake, etc.?

• How do economic incentives work within blockchain technology to
maintain decentralized ledgers and avoid double spending? What are th
incentives of consensus protocols and mining? (Moved from 9/20)

2

,Class 4 (9/18): Readings

• ‘Geneva Report’ Chapter 1 (pages 1 – 7); Casey, Crane, Gensler, Johnson, and Na

• ‘Blockchain Technology Review’ NIST (pages 23 - 32, sections 3 & 4)

• ‘The Byzantine Generals Problem’ Lamport, Shostak, & Pease (382-387)

• ‘A Short Guide to Consensus Protocols’ CoinDesk




3

, Class 4 Overview
• Review of Blockchain Design

• Consensus through Proof of Work
• Bitcoin Mining
• Native Currency
• Network

• Other Consensus Protocols

• Conclusions
4

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