Podcast
Questions and Answers
What property of Proof of Work (PoW) makes it difficult to compute?
What property of Proof of Work (PoW) makes it difficult to compute?
- Variable costs
- Fixed costs
- Decentralization
- Difficulty level varies with time (correct)
What is the role of nodes in the Bitcoin network regarding transactions?
What is the role of nodes in the Bitcoin network regarding transactions?
- Verifying transactions (correct)
- Creating transactions
- Regulating electricity cost
- Deciding the block rewards
Which rule does Bitcoin follow when resolving conflicts in the blockchain?
Which rule does Bitcoin follow when resolving conflicts in the blockchain?
- Single node decision rule
- Random selection rule
- Longest Chain Rule (correct)
- Equality rule
How is decentralization achieved in the Bitcoin network?
How is decentralization achieved in the Bitcoin network?
What determines the profit for miners in Bitcoin mining?
What determines the profit for miners in Bitcoin mining?
What is the significance of the PoW difficulty level being over 10^20 hashes/block as of 2015?
What is the significance of the PoW difficulty level being over 10^20 hashes/block as of 2015?
Why is it important for all nodes in the Bitcoin network to agree on transaction validity?
Why is it important for all nodes in the Bitcoin network to agree on transaction validity?
How does Bitcoin ensure consensus among all nodes regarding transaction history?
How does Bitcoin ensure consensus among all nodes regarding transaction history?
What property of cryptographic hash functions makes them suitable for PoW?
What property of cryptographic hash functions makes them suitable for PoW?
What is the primary factor affecting miner profits in Bitcoin mining?
What is the primary factor affecting miner profits in Bitcoin mining?
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