Lecture 3 Note (easy)
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Questions and Answers

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?

<p>Provide a reference to a previous transaction (C)</p> Signup and view all the answers

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

<p>To check the validity of all transactions (B)</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

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

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

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

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

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

How does blockchain resolve disagreements when chain forks occur?

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

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

<p>To make mining difficult and secure the network (C)</p> Signup and view all the answers

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

<p>A hash value of the payload and other information (A)</p> Signup and view all the answers

What is the purpose of Bitcoin Script?

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

What is UTXO in Bitcoin?

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

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

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

What does a public key in Bitcoin help to verify?

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

What are cryptographic keys used for in Bitcoin?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>To prove ownership of the funds being transferred.</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>To enhance security and privacy, a Bitcoin address is only a hash, not the full public key.</p> 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'?

<p>Both the signature and the public key.</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

<p>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.</p> Signup and view all the answers

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

<p>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.</p> Signup and view all the answers

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

<p>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.</p> Signup and view all the answers

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

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

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

<p>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.</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

<p>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.</p> Signup and view all the answers

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

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

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