blockchain and web

Question 1

this is the new appraoch to digital data storage

Answer 1

blockchain

Question 2

anything can be digitized, give examples

Answer 2

documents, transactions, executable computer programs

Question 3

blockchain is _____ meant to replace traditional appraoches to data storage

Answer 3

NOT

Question 4

while traditional databases allow for create, read, update, and delete operations, blockchains only support

Answer 4

create and read operations

Question 5

in blockchain app copies of the blockchain are maintained by _____ participants
- participants often elect to have their own local copy of the blockchain

Answer 5

different blockchain

Question 6

participants having their own local copy means. ablockchain app is a ___

Answer 6

distributed system

Question 7

any validated data added to a local copy of the blockchain will be ____ added to all copies of the blockchain

Answer 7

automatically

Question 8

process of copy synchronization and agreeing to add new data to the block chain is called

Answer 8

consensus

Question 9

what are some benefits of having multiple copies of a blockchain

Answer 9

-each participant having their own copy can help to improve trust as to what is being recorded
-data is not being stored in some backroom computer on one companys machine
-permissionless

Question 10

how to protect privacy on “public” blockchain

Answer 10

• use fake names on social media
• encrypt data
  -choose a private blockchain

Question 11

when there are many participants that need to coordinate and there may be potential trust issues between participants, or information flow issues, and there is no strong central intermediary that can be counted on to ensure informatio flow and trust

Answer 11

this is when to use blockchain technology

Question 12

when to use blockhain?

Answer 12

-property rights
-rapid and accurate tracking of history/provenance of items
-simplify rapid generation
-central authority

Question 13

what are types of blockchain?

Answer 13

public blockchains
-private blockchains
-consortium blockchains

Question 14

open to everyone
no central coordinating authority

Answer 14

public blockchains

Question 15

fully centralized and owned by a isngle organizations
- all participants are vetted before entering into this blockchain netowkr
- used by banking organizations

Answer 15

private blockchains

Question 16

private blockchain, but controlled by a group of organizations

Answer 16

consortium blockchains

Question 17

leading technology in this area

Answer 17

hyperledger

Question 18

what are the propeties of blockchain technology

Answer 18

-immutable
-distributed
-transparent
-can store executable computer programs

Question 19

a set of recorded transactions
- has both a header and a body

Answer 19

block

Question 20

a new block will be linked to the last block

Answer 20

block chain

Question 21

math used in creating the block chain
-only works in one direction

Answer 21

hasing

Question 22

is hashing an encryption?

Answer 22

no

Question 23

why is hashing not encryption or compression

Answer 23

Encryption is meant to be reversible
compression is to make a file footprint smaller

Question 24

how is hasing used in blockchain technology?

Answer 24

the block header in the blockchain is the HASH of all the components in the blocks header

Question 25

the hash of block data is a ___ of ___ the block data

Answer 25

-hash - all

Question 26

the hash of the whole block is the

Answer 26

Merkle root hash

Question 27

If any 'earlier' hash is disturbed then

Answer 27

all the dependent hashes become invalid and would need to change

Question 28

included in creating the has for the block header - it is a number - if this changes, so will the header

Answer 28

Nonce

Question 29

abbreviation for "number once" or "number used once"

Answer 29

nonce

Question 30

process of trying different nonce values until we find the nonce value to successfully generate the target pattern

Answer 30

Mining

Question 31

A valid nonce is called

Answer 31

proof of work

Question 32

promised delivery is not registered on the blockchain by a specified deadline, the program may initiative additional terms reflected in the posted code that have been agreed to between the parties in the case this happens - a refund

Answer 32

smart contract

Question 33

written in a programming language stored on blockchain as a transaction -agreement by digiital signatures -break contract leads to loss of funds

Answer 33

smart contract

Question 34

written in legal language, requires degree in law to write -aggreement implied by wet signatures -break contract leads to imprisonment

Answer 34

real world contract

Question 35

new iteration of the WWW that will integrate blockchain and cryptocurrency to create decentralized ecossytem

Answer 35

web3

Question 36

creators user and complementors may need to surrender some control and rights over their created content and personal info this is why many see flaw in ___

Answer 36

web 2.0

Question 37

web3 seeks to give _____ back to tusers as "gatekeepers" and platform owners power is reduced by amore open decentralized system

Answer 37

greater control

Question 38

what are core principles guide creation of web3

Answer 38

-decentralized -permisionless -native payments -trustless

Question 39

ownership gets distributed amongst its builders and users

Answer 39

decentralized

Question 40

everyone has equal access to participate in web3 and no one gets excluded

Answer 40

permissionless

Question 41

uses cryptocurrency for spendig and sending money only instead of relying on the outdated infrastructure of banks and payment processors

Answer 41

native payments

Question 42

operates using incentives and economic mechanisms instead of relying on trusted third parites

Answer 42

trustless

Question 43

digital tokens can represent either ___ or ___ assets

Answer 43

digital, physical

Question 44

each digital token can represent a ___ of the asset unit in a real estate fund

Answer 44

portion

Question 45

small piece of software code that lives on the blockchain and servces as a represntation of asset ownership

Answer 45

digital token

Question 46

what are some token standards

Answer 46

- ERC 20- fungible token -ERC 721- Non-fungible tokens -ERC 1400- security token

Question 47

tokens or assets are divisble and non-unique

Answer 47

ERC 20- fungible token

Question 48

tokens or assets are unique and non-divisible

Answer 48

non-fungible tokens ERC 721

Question 49

security token

Answer 49

ERC 1400

Question 50

money, real estate, and gold are examples of

Answer 50

assets

Question 51

this is another tokenization of assets

Answer 51

equity

Question 52

these tokens reflect a shareholders take in the fund

Answer 52

investment funds

Question 53

tokens can be used by investors to pay for the suppliers goods or services

Answer 53

services

Question 54

The worlds biggest brands are exploring Web3, beginnign with

Answer 54

NFTs, Non-fungible tokens

Question 55

open source, decentralized payment that operates in a peer-to-peer eniornment

Answer 55

bitcoin

Question 56

secure form of mathematics used to handle transactions, control the creatio of additional units

Answer 56

cryptocurrenices