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crypto > Practical lecture 1 > Flashcards

Practical lecture 1 Flashcards

1
Q

what are some characteristics of cash?

A
  • no middleman
  • are made peer-to-peer
  • resistant to censorship
  • can verify uniqueness
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2
Q

What is a potential problem with digital assets?

A

Double spending problem

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3
Q

What is a solution to the double spending problem?

A

Trusted bookkeeper

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4
Q

What is the deffered net settlement system?

A

Bank A holds money in correspondent with bank B before the transaction

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5
Q

What is real time gross settlement?

A

Banks hold reserves in the central bank

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6
Q

What is a bank called if it has an account with the central bank in the UK?

A

Clearing bank

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7
Q

How do smaller or foreign banks access central bank reserves?

A

Have to open an account with a clearing bank

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8
Q

How does a centralized system work?

A

all individual nodes directly linked to centralized server

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9
Q

How does a decentralized system work?

A

all individual nodes indirectly connected to centralized server through servers connected to centralized server

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10
Q

How does a distributed system work?

A

all individual nodes linked to each other with no centralized server

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11
Q

What is the goal of Byzantine general problem?

A

How to enforce trust in a distributed system

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12
Q

what is the solution to the problem of setting up accounts needs permission?

A

Use public key as account number

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13
Q

what is the public key derived from?

A

The private key

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14
Q

what is the public key a hexadecimal equivalent of?

A

email address

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15
Q

What is the private key a hexadecimal equivalent of?

A

Password

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16
Q

What is the solution to the problem of a single central bookkeeper?

A

Replicate the books - anyone with access to computer and internet can join network of bookkeepers

17
Q

What is the solution to the problem of transaction ordering?

A

Blocks - slowing down data entry process, blocks created every 10 mins on avg

18
Q

what is the solution to the problem of who can create blocks and how often?

A

Proof of work

19
Q

what is the solution to the problem of incentivising block creators?

A

Transaction fees - block creator gets commission for each transaction

20
Q

what is the solution to the problem of how to bootstrap?

A

Block rewards

21
Q

what is the solution to the problem of more hashing, faster blocks and more monetary supply?

A

Difficulty - faster past mining increases difficulty, decreases target hash

22
Q

what is the solution to the problem of block ordering?

A

A block chain - each block refers to the previous blocks hash which cannot be predicted

23
Q

what is the solution to the problem of block clashes?

A

longest chain rule

24
Q

what is the solution to the problem of double spending?

A

Wait about 6 blocks

crypto (12 decks)

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