Byzantine General Problem (Bitcoin version) quiz

1. What fundamental challenge does the Byzantine General Problem address in the context of Bitcoin and blockchain technology?

• Ensuring consensus among distributed nodes with malicious actors.

• Implementing governance structures for crypto organizations.

• Streamlining transaction processing in blockchain.

• Strengthening cryptographic protocols for data security.

Question:
The “longest chain” rule in Bitcoin means the chain with the most accumulated Proof-of-Work is considered the valid version of the ledger.

• TRUE

• FALSE

Which of the following are challenges associated with Bitcoin’s consensus method? (Select all that apply.)

• High energy consumption

• Full control by a single authority

• Potential 51% attack

• Slow block times (around 10 minutes)

What happens when two miners solve a block at the same time?

• The blockchain splits permanently

• The network follows the longest chain rule to determine the valid one

• The transaction history gets deleted

• Bitcoin crashes

What is the main purpose of the Proof-of-Work (PoW) mechanism in Bitcoin?

• To guarantee instant transaction finality

• To reduce the cost of electricity used by miners

• To make it very difficult and expensive to rewrite transaction history

• To assign IP addresses to all miners in the network