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Blockchain Questions with Correct Answers.
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Blockchain Questions with Correct Answers.
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Blockchain Questions with Correct Answersblockchain 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
2 to the 130th power is the chance of figuring out the hash
how did the word hash come about Correct Answer-real definition =
abbreviation of something larger
when you take marijuana and condense it down into powder form
bitcoin block chain is called Correct Answer-permission-less bc anyone
can join it and see every single transaction that is going on
business applications of block chain Correct Answer-if you are a
company and adding things to a ledger, you don't want everyone to see it
-->permission block chain
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