blockchain and web Flashcards
this is the new appraoch to digital data storage
blockchain
anything can be digitized, give examples
documents, transactions, executable computer programs
blockchain is _____ meant to replace traditional appraoches to data storage
NOT
while traditional databases allow for create, read, update, and delete operations, blockchains only support
create and read operations
in blockchain app copies of the blockchain are maintained by _____ participants
- participants often elect to have their own local copy of the blockchain
different blockchain
participants having their own local copy means. ablockchain app is a ___
distributed system
any validated data added to a local copy of the blockchain will be ____ added to all copies of the blockchain
automatically
process of copy synchronization and agreeing to add new data to the block chain is called
consensus
what are some benefits of having multiple copies of a blockchain
-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
how to protect privacy on “public” blockchain
- use fake names on social media
- encrypt data
-choose a private blockchain
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
this is when to use blockchain technology
when to use blockhain?
-property rights
-rapid and accurate tracking of history/provenance of items
-simplify rapid generation
-central authority
what are types of blockchain?
public blockchains
-private blockchains
-consortium blockchains
open to everyone
no central coordinating authority
public blockchains
fully centralized and owned by a isngle organizations
- all participants are vetted before entering into this blockchain netowkr
- used by banking organizations
private blockchains
private blockchain, but controlled by a group of organizations
consortium blockchains
leading technology in this area
hyperledger
what are the propeties of blockchain technology
-immutable
-distributed
-transparent
-can store executable computer programs
a set of recorded transactions
- has both a header and a body
block
a new block will be linked to the last block
block chain
math used in creating the block chain
-only works in one direction
hasing
is hashing an encryption?
no
why is hashing not encryption or compression
Encryption is meant to be reversible
compression is to make a file footprint smaller
how is hasing used in blockchain technology?
the block header in the blockchain is the HASH of all the components in the blocks header
the hash of block data is a ___ of ___ the block data
-hash
- all
the hash of the whole block is the
Merkle root hash
If any ‘earlier’ hash is disturbed then
all the dependent hashes become invalid and would need to change
included in creating the has for the block header
- it is a number
- if this changes, so will the header
Nonce
abbreviation for “number once” or “number used once”
nonce
process of trying different nonce values until we find the nonce value to successfully generate the target pattern
Mining
A valid nonce is called
proof of work
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
smart contract
written in a programming language
stored on blockchain as a transaction
-agreement by digiital signatures
-break contract leads to loss of funds
smart contract
written in legal language, requires degree in law to write
-aggreement implied by wet signatures
-break contract leads to imprisonment
real world contract
new iteration of the WWW that will integrate blockchain and cryptocurrency to create decentralized ecossytem
web3
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 ___
web 2.0
web3 seeks to give _____ back to tusers as “gatekeepers” and platform owners power is reduced by amore open decentralized system
greater control
what are core principles guide creation of web3
-decentralized
-permisionless
-native payments
-trustless
ownership gets distributed amongst its builders and users
decentralized
everyone has equal access to participate in web3 and no one gets excluded
permissionless
uses cryptocurrency for spendig and sending money only instead of relying on the outdated infrastructure of banks and payment processors
native payments
operates using incentives and economic mechanisms instead of relying on trusted third parites
trustless
digital tokens can represent either ___ or ___ assets
digital, physical
each digital token can represent a ___ of the asset unit in a real estate fund
portion
small piece of software code that lives on the blockchain and servces as a represntation of asset ownership
digital token
what are some token standards
- ERC 20- fungible token
-ERC 721- Non-fungible tokens
-ERC 1400- security token
tokens or assets are divisble and non-unique
ERC 20- fungible token
tokens or assets are unique and non-divisible
non-fungible tokens ERC 721
security token
ERC 1400
money, real estate, and gold are examples of
assets
this is another tokenization of assets
equity
these tokens reflect a shareholders take in the fund
investment funds
tokens can be used by investors to pay for the suppliers goods or services
services
The worlds biggest brands are exploring Web3, beginnign with
NFTs, Non-fungible tokens
open source, decentralized payment that operates in a peer-to-peer eniornment
bitcoin
secure form of mathematics used to handle transactions, control the creatio of additional units
cryptocurrenices
