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Properties of Cryptographic Hash Functions

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Properties of Cryptographic Hash Functions

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Questions and Answers

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?

Verifying transactions (correct)

Creating transactions

Regulating electricity cost

Deciding the block rewards

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?

Nodes independently verify transactions and propose blocks Signup and view all the answers

What determines the profit for miners in Bitcoin mining?

Rate at which miners propose blocks Signup and view all the answers

What is the significance of the PoW difficulty level being over 10^20 hashes/block as of 2015?

It indicates profitability in mining BTC Signup and view all the answers

Why is it important for all nodes in the Bitcoin network to agree on transaction validity?

To prevent double-spending Signup and view all the answers

Properties of Cryptographic Hash Functions

Choose a study mode

Podcast

Questions and Answers

What property of Proof of Work (PoW) makes it difficult to compute?

What is the role of nodes in the Bitcoin network regarding transactions?

Which rule does Bitcoin follow when resolving conflicts in the blockchain?

How is decentralization achieved in the Bitcoin network?

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?

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?

What property of cryptographic hash functions makes them suitable for PoW?

What is the primary factor affecting miner profits in Bitcoin mining?

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