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crypto > notes up to midterm > Flashcards

notes up to midterm Flashcards

1
Q

unit of account

A

a monetary unit of measure of value (as a coin)

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2
Q

medium of exchange

A

any item that is widely accepted in exchange for goods and services

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3
Q

store of value

A

an asset, commodity, or currency that can be saved, retrieved, and exchanged in the future without deteriorating in value

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4
Q

how many satoshis = 1 bitcoin

A

100 million satoshis

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5
Q

how does a distributed ledger work?

A
  • People announce transactions
  • Any user may collect information about those transactions
  • Users record transactions on a ledger
  • Broadcast my ledger to everyone else
  • Confirm the transaction
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6
Q

nodes

A

people interested in collecting transaction data

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7
Q

what happens after two people agree on a transaction on the bitcoin blockchain

A

the transaction is announced to nodes

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8
Q

what is the max data that can be on a ledger?

A

1 MB

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9
Q

what happens when a node collects transaction data?

A

it has to solve a computational puzzle to verify/add the transaction to the ledger

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10
Q

nonce

A

the puzzle solution(Set of digits/letters that result in the output below starting with a set number of zeros)

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11
Q

what happens after the node solves the puzzle and puts your transaction on the block?

A

the nodes broadcast the block and nonce to all other nodes

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12
Q

what is the node rewarded with?

A

free bitcoin

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13
Q

in 2009, how many bitcoins were given out per transaction?

A

50 bitcoins

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14
Q

how do you know your odds of solving the puzzle?

A

odds = your CPU power / total network CPU power

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15
Q

what code did litecoin use?

A

the general bitcoin code

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16
Q

how long does it take to mine in litecoin?

A

2.5 minutes

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17
Q

how many litecoin will be produced?

A

84 million

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18
Q

forking

A

people come together and agree to change the rules

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19
Q

soft fork

A

not a fundamental change and all nodes have to agree

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20
Q

hard fork

A

large/fundamental change and not all nodes have to agree

21
Q

when and what was bitcoins first hard fork?

A

2014, changed the block size to 8MB, 1,000 nodes agreed

22
Q

what was the 2016 bitcoin hard fork?

A

created bitcoin classic, 2mb block size, 2,000 nodes agreed

23
Q

what was the 2017 bitcoin hard fork?

A

created bitcoin cash and 8Mb block size

24
Q

51% attack

A

if more than 50% of people/nodes agree the motion/proposal passes

25
Q

Replaced-by-fee

A

you can change an unconfirmed transaction by offering a higher fee

26
Q

what is the basic code of Ethereum?

A

Open software platform built on blockchain to deploy decentralized applications(dApps)

27
Q

dApps

A

decentralized applications

28
Q

how much Ether will be produced?

A

no limit yet

29
Q

what is the INITIAL Ethereum mining time?

A

15 seconds

30
Q

Byzantium hard fork

A

reduced reward to 3 ETH

31
Q

what was the INITIAL reward for Ethereum?

A

5 ETH

32
Q

Constantinople hard fork

A

reduced the reward to 2 ETH

33
Q

What is the current Ethereum mining time?

A

13 seconds

34
Q

proof-of-stake

A

“volunteer” your computer to verify block→ system randomly selects CPUs to verify the block

35
Q

how does proof-of-stake make sure you don’t verify bad blocks?

A

you put up collateral that you can lose

36
Q

how many validators does proof-of-stake select?

A

128 random validators, 1 makes the block, and 2/3 of the rest must validate

37
Q

what is the smallest denomination of Ether?

A

WEI

38
Q

what is the value of 1 WEI?

A

1 ether = 10^18 WEI

39
Q

what is gas?

A

the cost necessary to perform a transaction on the network

40
Q

what is the value of 1 gas?

A

1 ether = 10^9 gas = GWEI

41
Q

what is the gas limit?

A

the max amount of gas a user is willing to pay

42
Q

smart-contract

A

a digital agreement that executes “automatically”, like an if-then statement

43
Q

oracles

A

provide outside info that is used in smart contracts

44
Q

token(interchangeable)

A

currency used on the native apps

45
Q

usage token

A

required to use the service

46
Q

work token

A

used for proof-of-stake

47
Q

security token(“tokenized” securities)

A

assigning a digital title to data(follows SEC rules)

48
Q

non-fundible tokes(NFTs)

A

has a unique identifier, applies ownership to any assigned data

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