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infos final > blockchain and web > Flashcards

blockchain and web Flashcards

1
Q

this is the new appraoch to digital data storage

A

blockchain

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2
Q

anything can be digitized, give examples

A

documents, transactions, executable computer programs

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3
Q

blockchain is _____ meant to replace traditional appraoches to data storage

A

NOT

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4
Q

while traditional databases allow for create, read, update, and delete operations, blockchains only support

A

create and read operations

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5
Q

in blockchain app copies of the blockchain are maintained by _____ participants
- participants often elect to have their own local copy of the blockchain

A

different blockchain

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6
Q

participants having their own local copy means. ablockchain app is a ___

A

distributed system

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7
Q

any validated data added to a local copy of the blockchain will be ____ added to all copies of the blockchain

A

automatically

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8
Q

process of copy synchronization and agreeing to add new data to the block chain is called

A

consensus

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9
Q

what are some benefits of having multiple copies of a blockchain

A

-each participant having their own copy can help to improve trust as to what is being recorded
-data is not being stored in some backroom computer on one companys machine
-permissionless

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10
Q

how to protect privacy on “public” blockchain

A
  • use fake names on social media
  • encrypt data
    -choose a private blockchain
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11
Q

when there are many participants that need to coordinate and there may be potential trust issues between participants, or information flow issues, and there is no strong central intermediary that can be counted on to ensure informatio flow and trust

A

this is when to use blockchain technology

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12
Q

when to use blockhain?

A

-property rights
-rapid and accurate tracking of history/provenance of items
-simplify rapid generation
-central authority

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13
Q

what are types of blockchain?

A

public blockchains
-private blockchains
-consortium blockchains

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14
Q

open to everyone
no central coordinating authority

A

public blockchains

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15
Q

fully centralized and owned by a isngle organizations
- all participants are vetted before entering into this blockchain netowkr
- used by banking organizations

A

private blockchains

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16
Q

private blockchain, but controlled by a group of organizations

A

consortium blockchains

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17
Q

leading technology in this area

A

hyperledger

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18
Q

what are the propeties of blockchain technology

A

-immutable
-distributed
-transparent
-can store executable computer programs

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19
Q

a set of recorded transactions
- has both a header and a body

A

block

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20
Q

a new block will be linked to the last block

A

block chain

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21
Q

math used in creating the block chain
-only works in one direction

A

hasing

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22
Q

is hashing an encryption?

A

no

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23
Q

why is hashing not encryption or compression

A

Encryption is meant to be reversible
compression is to make a file footprint smaller

24
Q

how is hasing used in blockchain technology?

A

the block header in the blockchain is the HASH of all the components in the blocks header

25
Q

the hash of block data is a ___ of ___ the block data

A

-hash
- all

26
Q

the hash of the whole block is the

A

Merkle root hash

27
Q

If any ‘earlier’ hash is disturbed then

A

all the dependent hashes become invalid and would need to change

28
Q

included in creating the has for the block header
- it is a number
- if this changes, so will the header

A

Nonce

29
Q

abbreviation for “number once” or “number used once”

A

nonce

30
Q

process of trying different nonce values until we find the nonce value to successfully generate the target pattern

A

Mining

31
Q

A valid nonce is called

A

proof of work

32
Q

promised delivery is not registered on the blockchain by a specified deadline, the program may initiative additional terms reflected in the posted code that have been agreed to between the parties in the case this happens - a refund

A

smart contract

33
Q

written in a programming language
stored on blockchain as a transaction
-agreement by digiital signatures
-break contract leads to loss of funds

A

smart contract

34
Q

written in legal language, requires degree in law to write
-aggreement implied by wet signatures
-break contract leads to imprisonment

A

real world contract

35
Q

new iteration of the WWW that will integrate blockchain and cryptocurrency to create decentralized ecossytem

A

web3

36
Q

creators user and complementors may need to surrender some control and rights over their created content and personal info this is why many see flaw in ___

A

web 2.0

37
Q

web3 seeks to give _____ back to tusers as “gatekeepers” and platform owners power is reduced by amore open decentralized system

A

greater control

38
Q

what are core principles guide creation of web3

A

-decentralized
-permisionless
-native payments
-trustless

39
Q

ownership gets distributed amongst its builders and users

A

decentralized

40
Q

everyone has equal access to participate in web3 and no one gets excluded

A

permissionless

41
Q

uses cryptocurrency for spendig and sending money only instead of relying on the outdated infrastructure of banks and payment processors

A

native payments

42
Q

operates using incentives and economic mechanisms instead of relying on trusted third parites

A

trustless

43
Q

digital tokens can represent either ___ or ___ assets

A

digital, physical

44
Q

each digital token can represent a ___ of the asset unit in a real estate fund

A

portion

45
Q

small piece of software code that lives on the blockchain and servces as a represntation of asset ownership

A

digital token

46
Q

what are some token standards

A
  • ERC 20- fungible token
    -ERC 721- Non-fungible tokens
    -ERC 1400- security token
47
Q

tokens or assets are divisble and non-unique

A

ERC 20- fungible token

48
Q

tokens or assets are unique and non-divisible

A

non-fungible tokens ERC 721

49
Q

security token

A

ERC 1400

50
Q

money, real estate, and gold are examples of

A

assets

51
Q

this is another tokenization of assets

A

equity

52
Q

these tokens reflect a shareholders take in the fund

A

investment funds

53
Q

tokens can be used by investors to pay for the suppliers goods or services

A

services

54
Q

The worlds biggest brands are exploring Web3, beginnign with

A

NFTs, Non-fungible tokens

55
Q

open source, decentralized payment that operates in a peer-to-peer eniornment

A

bitcoin

56
Q

secure form of mathematics used to handle transactions, control the creatio of additional units

A

cryptocurrenices

infos final (7 decks)

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