Mod 15 Prep Exam

____________ mines the majority of Bitcoins. This can lead to a 51% attack.

China

Bitcoins are stored in a Bitcoin ___________ but you have to purchase Bitcoins at a Bitcoin __________

wallet and exchange

Bitcoin software keeps the rate of proof of work solutions close to a solution time of ____ minutes. In reality it's about 30 seconds faster than this goal.

10

At the time of the lecture video a Bitcoin miner earned this many bitcoins for being the first to solve a transaction block:

12.5

The US dollar is an example of ________ currency. This kind of currency is issued and backed by a government.

fiat

A ________ is a value that makes a blockchain transaction block meet the criteria of having a certain number of leading zeros when hashed.

nonce

____________ is the second most popular crytpocurrency.

Etherium

Uses storage instead of computation so it is more environmentally friendly. The more storage you have, the more likely you'll be the winning miner. Since the storage prices don't scale dramatically it treats all miners somewhat equally.

Proof of Capacity

Everyone waits a random amount of time, the person who wins the lottery with the shortest wait time gets to mine the next bloc. This is fair to all participating miners. It is completely dependent on the Intel hardware so that single company could compromise the system

Proof of Time

A ____________ is the smallest unit of Bitcoin (1/100,000,000 of a Bitcoin).

Satoshi

Whoever created Bitcoin goes by the name __________________ (2 words)

Satoshi Nakamoto

** Requiring another _____________ in front of a transaction block hash roughly doubles the amount of time it takes to generate that hash.

Zero

A ________ is a non-monetized and growing list of transactional records linked by cryptography. In this form it does not represent currency.

blockchain

Proof of ___________ requires miners to spend coins to be more likely to mine the next block.

burn

Proof of __________ uses data storage instead of computing power.

capacity

Proof of ______ allows miners to only mine the percentage of block equal to the percentage of coin they own at the time.

stake

Proof of _______ uses Intel software to create a lottery system to decide who gets a chance of mining the next transaction block.

time

Each transaction in blockchain block is a ___________

token

Bitcoin miners get paid by ___________ fees and ________________ generation (also known as generation fee).

transaction and coinbase