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WorksheetsIT2864 Blockchain & Distributed Ledger Technologies (Week 5)
Total questions: 10
Worksheet time: 5mins
What is cryptocurrency?
Physically stored in online wallet
Digital / virtual money that is created and stored electronically in the blockchain
What are the properties of cryptocurrency? (Choose 3)
Decentralized network
No physical form
Distributed ledger technology
No intrinsic value
Not controlled by any government or central bank
Bitcoin is a...
blockchain
proof-of-work
cryptocurrency
mining mechanism
What do miners do? (Choose 2)
Write new blocks onto the blockchain
They look at proof-of-work and scrutinize transactions
Try to be the first to solve "cryptographic puzzle"
Helps the transaction owners get block rewards
How does blockchain adjust difficulty of mining? (Choose 2)
By pumping in more electricity to prevent others from getting the hash
By changing the difficulty every 2016 blocks / 2 weeks
The range of solutions will be adjusted
Rewards are halved every 210,000 blocks created
What a block must contain? (Choose 3)
Previous hash
Current hash
Next hash
transactions
nonce
What is a block reward?
The transaction fees
First to solve "cryptographic puzzle" gets the reward
All miners will transfer coins to the winner
What is a transaction fee?
Block reward
Fee for every transaction for miners after creating block
Fees that miners give to transaction owners after creating block
(1) Mining pool and (2) memory pool (Choose 2)
(1) Big companies and (2) Small companies
(1) Group of miners and (2) transactions in a pool
(1) Share block rewards and (2) Miners pick higher transaction fees
(1) Less computing power and (2) more rewards
What causes orphan blocks to be created?
A lot of transactions are created
Block rewards are not given to miners who are in the orphan blocks
When another "valid" block is solved nearly the same time
