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What is a blockchain?
What is a blockchain?
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
The first block of the blockchain is known as the Genesis block.
The first block of the blockchain is known as the Genesis block.
True
Which of the following is a feature of blockchain?
Which of the following is a feature of blockchain?
The current system faces problems like high transaction costs and _____ costs.
The current system faces problems like high transaction costs and _____ costs.
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What does a distributed system attempt to solve?
What does a distributed system attempt to solve?
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What is a node?
What is a node?
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Decentralized applications run under the control of a single node.
Decentralized applications run under the control of a single node.
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Which of the following is NOT a solution provided by the blockchain system?
Which of the following is NOT a solution provided by the blockchain system?
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Study Notes
Blockchain Basics
- A blockchain is a continuously growing list of records (blocks) linked and secured using cryptography.
- Satoshi Nakamoto introduced the concept in 2009.
- Each block contains data, a previous hash, and a unique hash.
- Blocks are cryptographically linked together to form a chain.
- Accessing the first block requires traversing the chain from the last block.
Blockchain Features
- A time-stamped chronological order of blocks.
- A distributed, digital ledger of immutable public records of digital transactions.
- Each new record is validated across the network before being stored in a block.
- Information on the ledger is verifiable and auditable but not editable.
- Blocks are identified by cryptographic signatures.
- The first block is called the Genesis block.
Traditional Trading System
- A ledger is a record-keeping book for transactions.
- Traditional systems utilize ledgers managed by banks and other third-party institutions.
- These systems incur transaction fees, have slow transaction speeds, and lack transparency and fairness.
- Central authorities can manipulate the system and create money at their discretion.
Distributed Systems as a Solution
- Distributed systems allow a network of computers to maintain a shared ledger via the internet.
- This system is open and not controlled by a single entity.
- It provides a single, distributed ledger accessible to all participants.
Decentralized vs Centralized Applications
- Most internet applications are centralized, owned by a specific entity that manages the code and infrastructure.
- Decentralized applications (dApps) operate on a peer-to-peer network with no single node in control.
- Bitcoin uses a blockchain as a decentralized ledger for transactions.
Distributed Applications
- Distributed applications distribute computations across components, communicating and coordinating through messages.
- Examples include CDN, AWS, Cloud instances, Google, Facebook, and Netflix.
Distributed Systems
- Systems with two or more nodes working together to achieve a common goal.
- Present a unified platform to end users.
Nodes
- Individual processing units in a distributed system.
- Capable of sending and receiving information.
- Can be computers, servers, or other devices.
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Description
This quiz explores the fundamental concepts of blockchain technology, including its structure, features, and the differences from traditional trading systems. Learn about how blocks are created, secured, and linked through cryptographic methods and the significance of the Genesis block.
