Ethereum Flashcards
What is the value token for Ethereum?
Ether (ETH)
What is the difference between Wei and Ether?
Wei is a denomination. 1ETH = 10^18 Wei
What is the average block time in Ethereum?
Roughly 12-14 seconds
What is the average block size in Ethereum?
Around 2KB
Does Ethereum support scripting?
Yes it supports smart contracts
Where do Ethers come from?
60 million were created in a presale in 2014. Also, ethers are created when a block is mined.
What is a node?
A node is basically a computer, connected to the network, which processes transactions.
How many Ethereum networks are you familiar with?
There are 3 types of network - Live Network (Main), Test Network (Ropsten, Rinkeby and Goerli) and Private Network
What are some ways to interact with a network?
You can either use a Wallat or a DApp
Can you “hide” a transaction?
No. All transactions are visible to everyone
What are the ids of those networks?
Live (id=1), Ropsten (id=3), Rinkeby (id=4), Goerli (id=5) , Private (assigned by the developer)
Why would you have a private network?
There are many reasons, but mainly because of data privacy, performances, distributed database, permissions control and testing.
How can you easily see details about transactions and blocks?
Using a blockchain explorer like etherscan.io
What is consensus in blockchain?
The process of validating transactions (creating blocks) following a specific protocol (like Ethereum).
What are the two commonly used consensus models in blockchain?
Proof of work and proof of stake.
Explain proof of work in a simple way.
It is essentially a puzzle which miners have to solve in order to generate proof of work and validate a transaction. It is computationally intensive.
Explain proof of stake in a simple way.
The creator of the block is chosen randomly by means of wealth and age (stake). It is not computationally intensive.
What consensus model does Ethereum use?
Proof of Stake
