Blockchain Flashcards
(21 cards)
What do crypto wallets store?
Wallets store public + private keys, not coins.
What is the purpose of crypto wallets?
Used to authorize and transfer cryptocurrency.
What is a public key used for?
Public key = receiving
What is a private key used for?
Private key = signing/sending
What technology does Bitcoin use?
Uses blockchain (a public ledger)
What is the genesis block?
Genesis block = 1st ever bitcoin transaction
What does a transaction require from the receiver?
Receiver sends public key
What does the sender do in a Bitcoin transaction?
Sender signs w/ private key and adds own public key too.
What is the IN part of the transaction?
This is the IN part of the transaction.
What cryptography does Bitcoin mining use?
Bitcoin mining uses Elliptic Curve Cryptography (ECC).
What are the key sizes used in Bitcoin mining?
256-bit private key and 512-bit public key.
What do miners do?
Miners solve hashes to validate transactions and earn bitcoin.
What is a public blockchain?
Public Blockchain: Open to all (e.g., Bitcoin) and transparent.
What is a private blockchain?
Private Blockchain: Restricted to certain users and used in enterprise settings.
What does Ethereum add to blockchain technology?
Ethereum adds smart contracts = programmable rules.
What is gas in the context of Ethereum?
Gas = unit measuring work needed for a transaction or computation.
What hashing is gas based on?
Based on Keccak-256 hashing.
What does more gas indicate?
More gas = more complex action.
What is the length of a Bitcoin private key?
256 bits
What is the purpose of a Bitcoin private key?
Used to sign transactions and prove ownership of the wallet
What does a secure key ensure?
Secure wallet access
