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Questions and Answers
What does blockchain technology make unalterable and transparent?
What is the analogy used to understand blockchain technology?
What is the number of bits in a nonce?
What is the purpose of a nonce?
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What is the definition of Blockchain?
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How many blocks make up a chain?
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Who released a white paper on 'What is Blockchain and How it works' in 1991?
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What is distributed when we create a document and share it with a group of people?
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What was developed by Satoshi Nakamoto in 2009?
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What are the three critical ideas of blockchain technology illustrated by the Google Doc analogy?
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What percentage of financial institutions had adopted blockchain technology by 2020?
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What is the characteristic of the hash generated by the nonce?
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What was the main motivation behind the creation of Blockchain?
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What is a characteristic of Blockchain?
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What is the purpose of miners in blockchain technology?
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Who created a platform for creating smart contracts in 2015?
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What was collaboratively founded by IBM & Linux foundations in 2017?
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What are the blocks in a Blockchain linked using?
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What is Bitcoin primarily classified as?
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What is the main aim of Bitcoin?
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What is Blockchain primarily used for?
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What is the scope of Blockchain?
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What is the strategy of Bitcoin?
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What is a key difference between Bitcoin and Blockchain?
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What is a characteristic of Bitcoin?
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What is a requirement for Blockchain?
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What is an advantage of Blockchain over Bitcoin?
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What is the purpose of mining in a blockchain?
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What is the purpose of the Merkle root hash in a block?
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What is the purpose of the 'nBits' in a block?
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What makes it difficult to manipulate blockchain technology?
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What is the main characteristic of a blockchain system?
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What is the role of nodes in a blockchain network?
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What is an example of a consensus protocol?
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What is the consequence of making a change to any block earlier in the chain?
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What is the reward for miners when they successfully mine a block?
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What is the term for the process of linking blocks together?
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What languages can be used to write programs for blockchain?
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What is the significance of the 'golden nonce' in blockchain technology?
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What type of system does blockchain technology represent?
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What is the consequence of decentralization in a blockchain network?
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How do blocks in a blockchain reference each other?
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What is the characteristic of the nonce in blockchain technology?
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What is the term for the header of a block?
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What is the benefit of transparency in a blockchain ledger?
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Study Notes
Blockchain Definition and History
- Blockchain is a peer-to-peer distributed ledger forged by consensus, combined with a system for smart contracts.
- In 1991, Stuart Haber and W. Scott Stornetta released a white paper on blockchain.
- In 2009, Satoshi Nakamoto released a white paper and developed a distributed ledger, cryptocurrency, and electronic cash system called Bitcoin.
- In 2015, Vitalik Buterin created a platform for creating smart contracts in Ethereum.
- In 2017, IBM and Linux foundations collaborated to create a platform for creating smart contracts in Hyperledger.
- By 2020, nearly 77% of financial institutions had adopted blockchain technology as part of an in-production system or process.
Blockchain vs. Bitcoin
- Bitcoin is a cryptocurrency, while blockchain is a ledger.
- The main aim of Bitcoin is to simplify and increase the speed of transactions without government restrictions, while blockchain provides a low-cost, secure, and safe environment for peer-to-peer transactions.
- Bitcoin is limited to currency transactions, while blockchain can transfer anything from currencies to property rights to stocks.
- Blockchain is more open to changes and has the backing of many top companies.
Blockchain Structure and Concepts
- Blockchain consists of three important concepts: blocks, nodes, and miners.
- Each block has three basic elements: data, a nonce, and a hash.
- Miners create new blocks on the chain through a process called mining, which involves solving an incredibly complex math problem to find a nonce that generates an accepted hash.
- Nodes are electronic devices that maintain copies of the blockchain and keep the network functioning.
- Block metadata contains version, previous block header hash, Merkle root hash, time, and nBits.
Consensus Protocols
- There are several consensus protocols, including:
- POW: Proof of Work
- POS: Proof of Stake
- DPOS: Delegated Proof of Stake
- POA: Proof of Authority
- POC: Proof of Capacity
- PoET: Proof of Elapsed Time
- POD: Proof of Deposit
- POB: Proof of Burn
Blockchain Technology
- Blockchain technology makes the history of any digital asset unalterable and transparent through decentralization and cryptographic hashing.
- A simple analogy for understanding blockchain technology is a Google Doc, where a document is distributed instead of copied or transferred, creating a decentralized distribution chain.
- Blockchain is a secure, safe, trustworthy, and transparent system that is the future of all applications in the next 20 years.
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Description
Test your knowledge of Blockchain technology, including its definition, history, applications, and structure. Learn key concepts and more!