Lecture 3 Note (easy)

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What motivates miners in the Bitcoin network?

Earning rewards and transaction fees (correct)
Verifying the new block before mining
Ensuring all transactions are valid
Securing Bitcoin from potential attacks

How are miners rewarded for successfully mining a new block in Bitcoin?

By securing the network from attacks
By investing in Bitcoin
With a fixed amount of bitcoins (correct)
By verifying all transactions in the block

What does a miner do after successfully mining a new block?

Immediately add the block to the chain
Broadcast the new block to the network (correct)
Gather all transaction fees
Verify all transactions in the block

What does the Bitcoin sender need to do to prove ownership of the funds being transferred?

Provide a reference to a previous transaction (C) Signup and view all the answers

Why do miners need to verify the new block before they start mining?

To check the validity of all transactions (B) Signup and view all the answers

What is the primary purpose of Proof-of-burn in Bitcoin transactions?

To send coins to a burn account that cannot spend or redeem the coins (B) Signup and view all the answers

What is the main purpose of Pay-to-script-hash in Bitcoin transactions?

To enhance flexibility and security of Bitcoin transactions (A) Signup and view all the answers

What is the purpose of Pay-to-multi signature in Bitcoin transactions?

To offer capability to lock coins with a requirement for multiple parties to sign (D) Signup and view all the answers

What do fully-validating nodes do in the Bitcoin network?

Store the entire block chain, hear and forward every node/transaction (C) Signup and view all the answers

How do lightweight nodes differ from fully-validating nodes in the Bitcoin network?

They only store pieces needed for specific transactions they care about (B) Signup and view all the answers

What is the purpose of a nonce in the process of proof-of-work?

To act as a counter that miners can modify to find a hash that satisfies the puzzle (A) Signup and view all the answers

In hash cash, what is the purpose of incrementing the nonce value by the email sender?

To enable the calculation of a hash by combining it with the email content (B) Signup and view all the answers

How does blockchain resolve disagreements when chain forks occur?

By choosing the fork with the most work (i.e., longest chain) in place (B) Signup and view all the answers

What is the purpose of using Proof-of-work in Bitcoin mining?

To make mining difficult and secure the network (C) Signup and view all the answers

What is contained in the 'Summary of payload' in a blockchain?

A hash value of the payload and other information (A) Signup and view all the answers

What is the purpose of Bitcoin Script?

To define the conditions under which a certain transaction output can be spent (C) Signup and view all the answers

What is UTXO in Bitcoin?

The amount of digital currency left in a wallet after a transaction (A) Signup and view all the answers

What is the relationship between ScriptSig and ScriptPubKey in a Bitcoin transaction?

ScriptSig is a signature generated by the spender, while ScriptPubKey is the public key of the recipient (A) Signup and view all the answers

What does a public key in Bitcoin help to verify?

The validity of spending a transaction output (C) Signup and view all the answers

What are cryptographic keys used for in Bitcoin?

To verify signatures and prove ownership of bitcoins (A) Signup and view all the answers

What is the primary purpose of Proof-of-burn in Bitcoin transactions?

Send coins to a burn account which cannot spend or redeem the coins sent to it. Signup and view all the answers

How does Pay-to-script-hash enhance the flexibility and security of Bitcoin transactions?

It enables more complex spending conditions and addresses limitations in the scripting language of Bitcoin transactions. Signup and view all the answers

What capability does Pay-to-multi signature offer to Bitcoin users?

It locks coins with a requirement for multiple parties to sign the scriptSig before coins can be spent. Signup and view all the answers

What does it mean when a node relays a new block in the Bitcoin network?

The node considers the block valid, meets the hash target, has all valid transactions, and builds on the current longest chain. Signup and view all the answers

How do fully-validating nodes differ from lightweight nodes in the Bitcoin network?

Fully-validating nodes store the entire blockchain, while lightweight nodes only store the pieces needed to verify specific transactions. Signup and view all the answers

What is the purpose of Pay-to-Public-Key in Bitcoin transactions?

It verifies that the provided public key hashes to the hash in scriptPubKey and checks the signature against the public key. Signup and view all the answers

What is the purpose of Pay-to-Public-Key in Bitcoin transactions?

To prove ownership of the funds being transferred. Signup and view all the answers

What is the main purpose of Pay-to-script-hash in Bitcoin transactions?

To enhance security and privacy by hiding the details of the transaction script. Signup and view all the answers

What is the primary purpose of Proof-of-burn in Bitcoin transactions?

To destroy coins in a verifiable way, showing commitment to a cause. Signup and view all the answers

What is the purpose of Pay-to-multi signature in Bitcoin transactions?

To require multiple signatures to authorize a transaction, enhancing security. Signup and view all the answers

How does Pay-to-script-hash enhance security in Bitcoin transactions?

By hiding the details of the transaction script, preventing exposure of sensitive information. Signup and view all the answers

Why is Proof-of-burn considered a unique method in the context of Bitcoin transactions?

It involves sacrificing coins, proving commitment without the need for computational work. Signup and view all the answers

What is the main idea behind the 'Pay-to-Public-Key' method in Bitcoin transactions?

Linking received Bitcoin directly to the recipient's public key. Signup and view all the answers

Why can't a sender provide a full public key in the scriptPubKey of a Bitcoin transaction?

To enhance security and privacy, a Bitcoin address is only a hash, not the full public key. Signup and view all the answers

What does a recipient need to provide when redeeming coins sent to a Bitcoin address using 'Pay-to-Public-Key'?

Both the signature and the public key. Signup and view all the answers

What is the primary goal of 'Pay-to-script-hash' in Bitcoin transactions?

Providing more flexibility and security by allowing the sender to specify the spending conditions. Signup and view all the answers

What is the purpose of 'Proof-of-burn' in Bitcoin transactions?

To destroy coins as a way to prove commitment to the network. Signup and view all the answers

Why is 'Pay-to-multi signature' useful in Bitcoin transactions?

It enhances security by requiring multiple signatures to authorize the spending of funds. Signup and view all the answers

What is the main purpose of Pay-to-Public-Key in Bitcoin transactions?

To send funds directly to a recipient's public key, allowing them to spend the funds using their corresponding private key. Signup and view all the answers

How does Pay-to-script-hash work in Bitcoin transactions?

Pay-to-script-hash allows senders to send funds to a script hash instead of a public key, providing more complex conditions for spending the funds. Signup and view all the answers

What is the primary purpose of Proof-of-burn in Bitcoin transactions?

Proof-of-burn involves sending coins to an unspendable address to show commitment, reducing the circulating supply and increasing the scarcity of the remaining coins. Signup and view all the answers

Why would one use Pay-to-multi signature in Bitcoin transactions?

Pay-to-multi signature allows funds to be sent to a script requiring multiple signatures to spend, enhancing security by requiring the agreement of multiple parties. Signup and view all the answers

How does Pay-to-script-hash enhance security in Bitcoin transactions?

By allowing more complex spending conditions through scripts, such as multi-signature requirements or time-locked transactions. Signup and view all the answers

What is the purpose of a nonce in the process of proof-of-work in Bitcoin mining?

The nonce value is modified by miners to find a hash that satisfies the proof-of-work puzzle, helping secure the blockchain by creating a competitive process for block creation. Signup and view all the answers

What is Pay-to-Public-Key in Bitcoin?

Pay-to-Public-Key (P2PK) is a method in Bitcoin where the recipient's public key is used to create a transaction output. Signup and view all the answers

What is the main purpose of Pay-to-script-hash in Bitcoin transactions?

Pay-to-script-hash (P2SH) is used to enhance the security and flexibility of Bitcoin transactions by allowing more complex conditions for spending. Signup and view all the answers

What is the primary purpose of Proof-of-burn in Bitcoin transactions?

Proof-of-burn is a mechanism in Bitcoin where coins are deliberately destroyed to prove commitment to a project or concept. Signup and view all the answers

What is the purpose of Pay-to-multi signature in Bitcoin transactions?

Pay-to-multi signature (P2MS) allows multiple parties to jointly own funds and require a consensus among them to authorize transactions. Signup and view all the answers

How does Pay-to-Public-Key differ from Pay-to-script-hash in Bitcoin transactions?

Pay-to-Public-Key (P2PK) directly uses the recipient's public key for spending, while Pay-to-script-hash (P2SH) allows for more complex conditions by using scripts. Signup and view all the answers

What is the significance of using Pay-to-multi signature in Bitcoin transactions?

Pay-to-multi signature (P2MS) provides an added layer of security by requiring consensus among multiple parties to authorize spending. Signup and view all the answers

Lecture 3 Note (easy)

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Questions and Answers

What motivates miners in the Bitcoin network?

How are miners rewarded for successfully mining a new block in Bitcoin?

What does a miner do after successfully mining a new block?

What does the Bitcoin sender need to do to prove ownership of the funds being transferred?

Why do miners need to verify the new block before they start mining?

What is the primary purpose of Proof-of-burn in Bitcoin transactions?

What is the main purpose of Pay-to-script-hash in Bitcoin transactions?

What is the purpose of Pay-to-multi signature in Bitcoin transactions?

What do fully-validating nodes do in the Bitcoin network?

How do lightweight nodes differ from fully-validating nodes in the Bitcoin network?

What is the purpose of a nonce in the process of proof-of-work?

In hash cash, what is the purpose of incrementing the nonce value by the email sender?

How does blockchain resolve disagreements when chain forks occur?

What is the purpose of using Proof-of-work in Bitcoin mining?

What is contained in the 'Summary of payload' in a blockchain?

What is the purpose of Bitcoin Script?

What is UTXO in Bitcoin?

What is the relationship between ScriptSig and ScriptPubKey in a Bitcoin transaction?

What does a public key in Bitcoin help to verify?

What are cryptographic keys used for in Bitcoin?

What is the primary purpose of Proof-of-burn in Bitcoin transactions?

How does Pay-to-script-hash enhance the flexibility and security of Bitcoin transactions?

What capability does Pay-to-multi signature offer to Bitcoin users?

What does it mean when a node relays a new block in the Bitcoin network?

How do fully-validating nodes differ from lightweight nodes in the Bitcoin network?

What is the purpose of Pay-to-Public-Key in Bitcoin transactions?

What is the purpose of Pay-to-Public-Key in Bitcoin transactions?

What is the main purpose of Pay-to-script-hash in Bitcoin transactions?

What is the primary purpose of Proof-of-burn in Bitcoin transactions?

What is the purpose of Pay-to-multi signature in Bitcoin transactions?

How does Pay-to-script-hash enhance security in Bitcoin transactions?

Why is Proof-of-burn considered a unique method in the context of Bitcoin transactions?

What is the main idea behind the 'Pay-to-Public-Key' method in Bitcoin transactions?

Why can't a sender provide a full public key in the scriptPubKey of a Bitcoin transaction?

What does a recipient need to provide when redeeming coins sent to a Bitcoin address using 'Pay-to-Public-Key'?

What is the primary goal of 'Pay-to-script-hash' in Bitcoin transactions?

What is the purpose of 'Proof-of-burn' in Bitcoin transactions?

Why is 'Pay-to-multi signature' useful in Bitcoin transactions?

What is the main purpose of Pay-to-Public-Key in Bitcoin transactions?

How does Pay-to-script-hash work in Bitcoin transactions?

What is the primary purpose of Proof-of-burn in Bitcoin transactions?

Why would one use Pay-to-multi signature in Bitcoin transactions?

How does Pay-to-script-hash enhance security in Bitcoin transactions?

What is the purpose of a nonce in the process of proof-of-work in Bitcoin mining?

What is Pay-to-Public-Key in Bitcoin?

What is the main purpose of Pay-to-script-hash in Bitcoin transactions?

What is the primary purpose of Proof-of-burn in Bitcoin transactions?

What is the purpose of Pay-to-multi signature in Bitcoin transactions?

How does Pay-to-Public-Key differ from Pay-to-script-hash in Bitcoin transactions?

What is the significance of using Pay-to-multi signature in Bitcoin transactions?

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