BLOCKCHAIN QUESTIONS &
ANSWERS(RATED A+)
blockchain - ANSWERseries of block
Blockchain v Bitcoin - ANSWERBlockchain = underlying technology
Bitcoin = famous application that uses it
Bitcoin - ANSWERwent over 10,000 for the first time
underlying premise of blockchain (problems b4 blockchain that make blockchain
valuable) - ANSWERwhat 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 - ANSWERit is all centralized
-->idea of blockchain - ANSWERit is decentralized
i.e. you control your records and who gets it
another reason blockchain works - ANSWERconsensus 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? - ANSWERminers:
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 - ANSWERall 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 - ANSWERonce 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 - ANSWERhash-pointers
hash-pointers - ANSWERif 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 - ANSWERreal definition = abbreviation of
something larger
when you take marijuana and condense it down into powder form
bitcoin block chain is called - ANSWERpermission-less bc anyone can join it and see
every single transaction that is going on
business applications of block chain - ANSWERif you are a company and adding
things to a ledger, you don't want everyone to see it
-->permission block chain
-->different form of the block chain will be used for businesses
how did blockchain first gain its notoriety? - ANSWERbitcoin
what makes blockchain special? - ANSWERit uses peer-to-peer network technology
—combined with cryptography and a sophisticated security protocol—to enable
parties that don't know or trust each other to conduct financial transactions without
involving a traditional trusted intermediary, such as a bank or payment processing
network.
How can blockchain make traditional payment methods obsolete? - ANSWERBy
eliminating the middleman and harnessing the power of distributed networks,
blockchain technology has the potential to dramatically
reduce transaction costs and increase transaction speeds
checks performed by the nodes - ANSWERThese 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 - ANSWERSome 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
ANSWERS(RATED A+)
blockchain - ANSWERseries of block
Blockchain v Bitcoin - ANSWERBlockchain = underlying technology
Bitcoin = famous application that uses it
Bitcoin - ANSWERwent over 10,000 for the first time
underlying premise of blockchain (problems b4 blockchain that make blockchain
valuable) - ANSWERwhat 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 - ANSWERit is all centralized
-->idea of blockchain - ANSWERit is decentralized
i.e. you control your records and who gets it
another reason blockchain works - ANSWERconsensus 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? - ANSWERminers:
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 - ANSWERall 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 - ANSWERonce 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 - ANSWERhash-pointers
hash-pointers - ANSWERif 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 - ANSWERreal definition = abbreviation of
something larger
when you take marijuana and condense it down into powder form
bitcoin block chain is called - ANSWERpermission-less bc anyone can join it and see
every single transaction that is going on
business applications of block chain - ANSWERif you are a company and adding
things to a ledger, you don't want everyone to see it
-->permission block chain
-->different form of the block chain will be used for businesses
how did blockchain first gain its notoriety? - ANSWERbitcoin
what makes blockchain special? - ANSWERit uses peer-to-peer network technology
—combined with cryptography and a sophisticated security protocol—to enable
parties that don't know or trust each other to conduct financial transactions without
involving a traditional trusted intermediary, such as a bank or payment processing
network.
How can blockchain make traditional payment methods obsolete? - ANSWERBy
eliminating the middleman and harnessing the power of distributed networks,
blockchain technology has the potential to dramatically
reduce transaction costs and increase transaction speeds
checks performed by the nodes - ANSWERThese 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 - ANSWERSome 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
