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Big Data > Block Chain > Flashcards

Block Chain Flashcards

1
Q

What is Blockchain?

A

A series of records called “Blocks” which are all linked together through encryption.

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2
Q

What are the contents of the “Blocks” of the blockchain?

A

Prev_Hash

Tx_Root

Timestamp

Nonce

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3
Q

What does NONCE stands for?

A

Number Only Used Once

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4
Q

What is a ledger

A

A list of transaction records

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5
Q

What is a coin? (Blockchain)

A

An unit of the crypto currency.

Fractions amounts of a coin can be used on trades on the blockchain.

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6
Q

What is Mining?

A

This is the process of brute forcing to get an original solution to a hash result bellow the hash code.

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7
Q

What is a transaction in blockchain?

A

This is transferring crypto currency from one holder to another.

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8
Q

What are smart contracts

A

These are transactions which have code attached to them which will execute once the conditions are met.

The results of the contract are recoded on the blockchain.

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9
Q

What kind of transactions can smart contracts be used for?

A

Predefined contracts (Payment agreements)

Event triggered execution

Execute and value transfer when the value reaches certain threshold.

Settlement, immediately and efficient

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10
Q

What are the 6 steps on how the block chain works

A

1 - Person A wants to send coins to person B

2 - The transaction is represented as a block on the chain.

3 - The block is sent to everyone on the network

4 - The network approves the transaction

5 - The block is added to the chain and its TRANSPARENT and UNALTERABLE.

6 - The transaction is complete.

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11
Q

What is a wallet?

A

This is where you hold all your private keys which provide to you access to the

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12
Q

What is required for a transaction to be approved?

A

The private key and the public key (Coin Address) must be a fit

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13
Q

What aer

A
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14
Q

What does ECDSA stand for?

A

Elliptic Curve Digital Signature Algorithm

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15
Q

What is the ECDSA used for?

A

Its the cryptographic algorithm used by Bitcoin to ensure that funds can only be spent by their rightful owners.

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16
Q

What do you get when you purchase a coin?

A

You get the private key of the coin (one half of the key), which is now attached to your account.

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17
Q

How do you generate an adress?

A

The private key goes through ECDSA and releases the public key, which everyone can see buy only the private key owner can use.

18
Q

What is the SHA 256 ?

A

This is a function that transforms any text into a 256 bit (256 characters, both numbers and letters.)

Which can be interpreted as a string

19
Q

What are the properties of SHA 256?

A

The function is deterministic. (same input means the same output always.)

Hard to invert (with current computing power)

20
Q

How do you mine bitcoin?

A

Mining to approve a block consist in finding a nonce string (Hash 256), which, associated with the block content, and hashed, will provide a result below a threshold (difficulty level)

21
Q

What are the benefits of blockchain? (6)

A

Immutable data

Privacy and anonymity

Digital Freedom

No more intermediaries

Lower transaction fees

Security

22
Q

Explain “Immutable data” as a benefit of the blockchain.

A

All info is stored on the blockchain and cannot be altered.

Pretty good if you wanna keep records over time

23
Q

Explain “Privacy and anonymity” as a benefit of the blockchain.

A

It protects the identity of the users in case someone wants to track what you’ve done

24
Q

Explain “Digital Freedom” as a benefit of the blockchain.

A

Blockchains are decentralized meaning that there is no central body which sets the rules on how data is organized.

25
Q

Explain “No more intermediaries” as a benefit of the blockchain.

A

No more reason to pay Visa or PayPal any as the transfers are secure and facilitate money transaction

26
Q

Explain “Lower transaction fees” as a benefit of the blockchain.

A

Unlike traditional media the lower transaction fees are magnitudes smaller.

27
Q

Explain “Security” as a benefit of the blockchain.

A

public blockchains are distributed over many nodes (computers), so hacking means you need to take the whole server down.

28
Q

Some blockchain applications?

A

Voting
Currencies
Insurance
content “protection” (NFT)
Health: Medical records
Real Estate

29
Q

What is the proof of work of bitcoin?

A

Hash 256

30
Q

What was the first bitcoin transaction?

A

10,000 BTC for a pizza of PapaJoe’s

31
Q

What is the maximum amount of bitcoins?

A

21 Million

32
Q

What is the reward of bitcoin?

A

Mining rewards a certain number of BTC.

The reward is halved every 210k transactions (Every 210k blocks)

33
Q

How many bitcoin are in circulation?

A

18 Million

34
Q

What is one of the main drawbacks of crypto currencies?

A

Maintaining them is very energy intensive.

35
Q

Describe your set-up to mine bitcoin (what components do you need, how does is work) ?

A

You need Many very strong computers, and the bitcoin software to validate blocks, and cooling system

You also want to set up a mining pool.

Miners compete to solve a complex mathematical problem (Proof of Work). The first one to solve it broadcasts the solution to the network.

36
Q

What is a mining pool?

A

To maximize the possible returns many miners get together and distribute the shares.

37
Q

What are the main cost factors for your Crypto mining activity ?

A

Hardware Costs
Power consumption
Cooling costs
Maintenance & Repairs
Mining pool costs
Internet cost
Rent

38
Q

What are the main questions you need to ask yourself when launching a crypto?

A

What problem does it solve?

What underlying Tech/algorithm u gonna use?

How will you fund the venture? ICO?

39
Q

What is an ICO?

A

Initial Coin Offering

40
Q

What is the difference between proof of work and proof of stake?

A

Proof of work: requires mining to find the right nonce

Proof of stake: consensus among every user based on the stake (amount of coins) they have (think shareholders)

Big Data (4 decks)

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