Flashcards in Byzantine Generals Problem Deck (11):
What is Blockchain
A tamper-proof*, shared digital ledger that records transactions in a decentralized peer-to-peer network. The permanent recording of transactions in the Blockchain stores permanently the history of
asset exchanges that take place between the peers(participants) in the network.
What is a Ledger?
A complete record for a business's economic activities, usually used to keep track of transfer of money and transfer of asset ownership.
Why is the role or use of a ledger
Ledgers are used to record economic
activities and prove the ownership and the
transfer of the value of assets among various
stakeholders such as consumers, suppliers,
producers and market makers. Assets in a ledger could be money, stock certificates,cars, houses
Centralized Ledgers are not perfect because
Gatekeepers are not always trustworthy,
Examples of centralized ledgers
your bank account, credit card transactions, hotel reservations, Citizenship records, academic degrees, medical records
What is a central authorities areas of weakness (
Corruption, Inclusion, Technical Failures
characteristics of the Byzantine Generals’ Problem?
Which of the following is true of miners in the bitcoin ecosystem? Select all that apply
They are economically motivated
They earn transaction fees when successful
What is the current rate of bitcoin
The current rate of rewards is 12.5 bitcoins per block. Given that blocks are produced on average every 10 minutes, the correct answer is approximately 1,800.
When two miners confirm blocks at about the same time, what happens?
The blockchain will continue on top of only one of the blocks which enhances the greatest difficulty