30 Questions
What is the main advantage of having a ledger in Blockchain technology?
Reduces uncertainty and controversies
In the context of Blockchain technology, what problem does 'double spending' refer to?
Spending the same digital token more than once
Why is the prevention of fraud considered an important aspect of using a ledger in Blockchain technology?
Reduces fraudulent claims and falsehoods
What is a key feature of Ethereum Blockchain, as mentioned in the text?
Smart Contracts
Which entity in the text is responsible for maintaining Ledger F in the Blockchain system?
Insurer F
How does Blockchain technology impact operating efficiency according to the information provided?
Enhances consensus among participants
What is the purpose of miners choosing transactions from the MemPool?
To maximize profits by selecting transactions with smaller sizes
What is the significance of the 1MB block size in Bitcoin mining?
It determines the maximum number of transactions that can be confirmed in a block
What happens to transactions once they are confirmed by miners?
They are removed from the MemPool and placed into the blockchain
How do miners prioritize transactions in the MemPool for confirmation?
By choosing transactions with higher gas fees paid to miners
What action do miners take after confirming a block of transactions?
They verify unconfirmed transactions in the MemPool
Why are higher fees preferred by miners when selecting transactions?
To maximize profits and compensate for energy costs
Which mechanism is known as Nakamoto consensus?
Proof of Work
Which consensus mechanism excludes minorities?
Proof of Stake
Which mechanism has the disadvantage of being slow and costly?
Delayed Proof of Work
Which consensus mechanism is known for being centralized and gamable?
Delegated Proof of Stake
Which mechanism is associated with fewer hardware costs?
Proof of Capacity
Which consensus mechanism is focused on improving on Proof of Stake?
Proof of Importance
What event in Bitcoin's history led to incompatibilities between part of the network using BDB and part using LDB?
Block 225430: Database change from Berkeley DB to LevelDB
What was the outcome of the blockchain fork caused by the erroneous software update in Bitcoin's history?
Two separate blockchains grew temporarily
Which term is used to describe the situation when different parts of the Bitcoin network were mining on different blockchain protocols due to the software update?
Forking Event
What is the significance of block 74638 in Bitcoin's history?
It experienced an integer overflow bug similar to Y2K
Which type of attack is mentioned as a potential security threat to distributed systems in the text?
Sybil Attack
What specific challenge are distributed systems facing, as listed in the text?
Concurrency
What is the main reason miners include as many transactions as possible in a block?
To ensure faster confirmation of transactions
In the scenario provided, who are the first two miners to mine the transactions pool?
Bob and Joe
Why do miners Bob and Joe choose transactions that are valid and pay them a fee?
To earn a reward for their mining efforts
What is the purpose of Proof of Work (PoW) protocol in blockchain mining?
To determine which miner adds their block to the chain
If both Bob and Joe's blocks are valid, how is the choice made between them?
By choosing the block created first
What happens if both Bob's and Joe's blocks are chosen for addition to the chain?
A duplicate transaction may occur in the chain
Learn about Bitcoin mining process and how transactions are included in a block. Understand why miners aim to include as many transactions as possible in a block.
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