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CDAA Course > Ethereum > Flashcards

Ethereum Flashcards

1
Q

Turing Complete

A

any problem can be solved by computer

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2
Q

Solidity

A

ethereum code / Turing complete / Blocks have code, not just btc

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3
Q

Eth/Ether

A

native currency of ethereum

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4
Q

ethereum virtual machine

A

EVM, Supercomputer

a software framework that allows developers to construct Ethereum-based decentralized applications (DApps).

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5
Q

Block Time

A

15 seconds (BTC 10-minutes)

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6
Q

Ethereum Decentralization

A

Not as DeCent. as BTC because some of the founders/early investors had ETH

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7
Q

Vitalik Buterin

A

Ethereum creator

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8
Q

Smart Contracts

A

code - if, then. (Automated)

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9
Q

value of Eth

A

have to use Eth to run transactions. more transactions, more Eth is needed. Is there more demand than supply of Eth being created

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10
Q

Gas

A

price to pay miners to process transactions

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11
Q

Ethereum

A

Base layer one protocol

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12
Q

P2P

A

Peer-to-peer/ wallet-to-wallet

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13
Q

Lending Pool

A

a smart contract which allows users to deposit and borrow money, allowing businesses to build applications that can leverage the power of interest generation such as lending protocols, savings accounts and others

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14
Q

Layers

A

The blockchain is the first layer in a decentralized ecosystem. Layer two is a third-party integration used in conjunction with layer one to enhance the number of nodes and, as a result, system throughput.

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15
Q

Protocol

A

allow users to manage their data. They allow individuals to create an account – or a wallet – on a protocol that can then be used to pay for services and make financial transactions on other websites.

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16
Q

Collateral

A

type of secured loan in which your crypto holdings are used as collateral in exchange for liquidity from a lender that you’ll pay back in installments

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17
Q

P2P

A

Peer-to-peer/ wallet-to-wallet

18
Q

Composability

A

In the context of Web3, composability is the ability of blockchain applications, like decentralized exchanges (DEXs), decentralized applications (dApps), and decentralized autonomous organizations (DAOs) to communicate and work with each other

19
Q

Staking

A

opportunity to earn extra passive income from their assets.

20
Q

ERC 20/721

A

ERC20 is fungible/721NF Tokens

21
Q

GWEI

A

unit of measurement/processing power. Eth utility cost

22
Q

Utility Token

A

ETH is converted to Gas/GWEI to pay for transactions

23
Q

MEMpool

A

The transactions which are sent on the Bitcoin Network are not added directly to the blockchain. All of the valid transactions have to enter a waiting area before they are accepted in a block.

24
Q

EIP/ERC

A

EIP-Ethereum Improvement Proposal - suggested proposals to improve the code, then goes to miners and validators; which they have to accept or reject

ERC-Ethereum request for comment - creating a standard

25
Q

EIP 1559

A

May 2021 - base fee gets burned, some is created - to minors, At the end, there’s less Eth; which increases value

26
Q

Base Fee

A

Goes up/down based on utilization of the network

27
Q

Tokens

A

smart contract on the bchain, representation of ownership. identity, completion, etc

28
Q

ERC-20 Token

A

fungible token, can be used with other cryptocurrencies

29
Q

Identity Token

A

Verifies certain PII without sharing it

30
Q

Metamask

A

cryptocurrency wallet known for its ease of use, availability on both desktops and mobile devices, the ability to buy, send, and receive cryptocurrency from within the wallet, and collect non-fungible tokens (NFTs) across two blockchains.

31
Q

Governance Tokens

A

token holders get to vote

32
Q

Income Tokens

A

transaction fees go to token holders

33
Q

Hybrid Tokens

A

Combination of different tokens

34
Q

Ethereum 2.0

A

increase efficiency, security

moving from proof of work-to-proof of stake

35
Q

Validator

A

With regard to mining crypto for blockchains such as Bitcoin and Ethereum 1.0 that use a proof-of-work (PoW) protocol, validators are people who volunteer a computer to maintain the blockchain’s integrity by constantly computing the linkage from the first block to the last.

36
Q

Proof of Stake vs. Work

A

Proof of Stake (POS) uses randomly selected miners to validate transactions. Proof of Work (POW) uses a competitive validation method to confirm transactions and add new blocks to the blockchain.

37
Q

Slash

A

a significant part of the validator’s stake is removed:

38
Q

Sidechains

A

a separate blockchain network that connects to another blockchain – called a parent blockchain or mainnet – via a two-way peg.helps with speed. Decide which layer to build off to the side
TOkens needed to run on the sidechains

39
Q

Rollups

A

executes the transaction off the chain mainly on a rollup specific chain and then batch the transaction data, compresses it, and sends it to the main Ethereum chain; this reduces the load on the main Ethereum network of actually processing those transactions.takes data from shards and puts final score back onto a block

40
Q

Layer2

A

a secondary framework or protocol that is built on top of an existing blockchain system. The main goal of these protocols is to solve the transaction speed and scaling difficulties that are being faced by the major cryptocurrency networks.

41
Q

Proof of Stake

A

less energy, works like lottery, put money in, hoping to win

incentive to keep $ in, get dividends (tokens) for staking

42
Q

Sharding

A

splitting a blockchain into multiple pieces, or shards, and storing them in different places. By storing the data across different computers, the computational burden on each can be reduced.

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