How Much Do You Know About Blockchain Technology— December 2018 review

Basic question

1. What is the blockchain? What is block? What is Chain?

  • Blockchain : A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.
  • Block: Transaction data is permanently recorded in files called blocks. They can be thought of as the individual pages of a city recorder’s recordbook (where changes to title to real estate are recorded) or a stock transaction ledger.
  • Chain: Blocks are organized into a linear sequence over time (also known as the block chain). Every block contains a hash of the previous block so Each block is guaranteed to come after the previous block chronologically because the previous block’s hash would otherwise not be known.
「blockchain block」的圖片搜尋結果
https://medium.com/@lhartikk/a-blockchain-in-200-lines-of-code-963cc1cc0e54

2. Why is blockchain immutable?

3. What is mining and why is it necessary?

4. How does public/private key encryption work?

5. What is the consensus algorithm?

6. What is the public blockchain ,consortium blockchain and private blockchain?

  • Public blockchain : any individual may access the information, submit transactions that would be effectively confirmed, and participate in the consensus procedures therein.
  • Private Blockchain : the private blockchain, the inverse of a public blockchain in almost all key attributes, allows organizations or individuals to control who can see what transactions, and when those people can see them. With private blockchains, writing permissions are retained by a single person or organisation. This allows them to carry out the wishes of an individual while keeping certain transaction information private. A typical example for a private blockchain is MONAX, an open platform for developers and devops to build, ship, and run blockchain-based applications for business ecosystems.
  • Consortium blockchain: Consortium blockchain refers to blockchain with consensus procedures controlled by preset nodes. Consortium blockchains do not allow any person with an internet connection to participate nor do they grant full control to a single entity but rather a group of approved individuals. They therefore provide the efficiency and security of public blockchains while still allowing for some degree of central control, monitoring and safeguarding. Consortium blockchains are most often the banking sector, for instance Quorum is an Ethereum-powered consortium blockchain created by JP Morgan to service the needs of financial industries and beyond. Another example, Hyperledger, open source collaborative effort that unites finance, banking, Internet of Things, supply chains, manufacturing and Technology on a consortium blockchain.

Intermediate question

1. What’s difference between Bitcoin and Ethereum

  • Bitcoin was the first true cryptocurrency and has been in circulation since 2009. Ethereum is a far more recent development, going live in 2015.
  • Bitcoin’s average block time is 10 minutes, whereas Ethereum’s average block time is 15 seconds. Ethereum transactions can be confirmed much faster.

2. What’s the smart contract

3. What’s the difference between Account and UTXO (Unspent Transaction output)

image source: https://bitcoin.org

4. What’s POS(Proof of state) , POW (proof of work) and POA( Proof of Authority?

5. Why is there a public blockchain to mine?

6. What’s mining pool? Why it need mining pool?

7. What’s ERC?

8. What’s difference between ERC20 and ERC721?

9. What’s difference between Decentralized exchange and Centralized exchange?

10. What’s double spending? How does Bitcoin handle it ?

11. What’s sybil attack?

12. What’s 51% attack?

13. What’s soft fork? what’s hard fork ?

Advance question

1. Why bitcoin generate a block every ten minutes?

2. Why it take around a hour for a bitcoin transaction to be confirmed?

3. What’s Orphan block ?

4. What’s sharding, extension block and sidechain?

5. What problem does the existing blockchain application face?

6. What is Byzantine Generals Problem?

7. What’s IPFS?

8. What DAG?

9. What’s Merkle Tree?

An example of a binary hash tree, Image from Wikipedia

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撰寫任何事情,O型水瓶混魔羯,咖啡愛好者,Full stack/blockchain Web3 developer,Founder of Blockchain&Dapps meetup ,Udemy teacher。 LinkedIn: hukenneth , TG:kennethhutw

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胡家維 Hu Kenneth

胡家維 Hu Kenneth

撰寫任何事情,O型水瓶混魔羯,咖啡愛好者,Full stack/blockchain Web3 developer,Founder of Blockchain&Dapps meetup ,Udemy teacher。 LinkedIn: hukenneth , TG:kennethhutw

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