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Lecture 1: An Introduction to Cryptocurrency
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What is the double-spending problem?
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1 point
Picking one out of multiple pending transactions to confirm.
Assuming two or more transactions are trying to spend the same coin, only one transaction can be finalised.
Select one or more key insights by Satoshi Nakamoto to solve the problem which plagued all previous e-cash protocols?
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2 points
Replacing human trust with programmable rules.
Incorporating the US legal system in the block production process.
Allowing anyone to participate as a broker.
Relying solely on altruistic behaviour of participants
Required
What is a Bitcoin address or Ethereum account?
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1 point
A cryptographic hash of the public key such that A = H(P).
An encryption of the public key.
What is trust engineering?
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1 point
Setting up a trusted party to protect the system
Defining and reducing trust in the system
What is a block producer not trusted to enforce in a cryptocurrency like Bitcoin or Ethereum?
5 points
Monetary policy
Rules that dictate validity of a transaction
An approve list of who can participate
Not to reverse already confirmed transactions
Deciding the order of execution for a list of transactions
Picking the next leader for producing blocks
What does an attacker need to forge a signature from your public key?
1 point
Private key
Previous digital signatures
Address/account
Screenshot of your metamask wallet
Clear selection
Who pays for a transaction?
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1 point
User
Node
Block producer
No fee
Is a block producer also a node on the network?
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1 point
Yes
No
What is a block?
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1 point
An unordered list of transactions
An ordered list of transactions
A full copy of the database at a given time
Does proof of work help scale transactions on the network?
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1 point
Yes
No
Why do we need a leader election?
2 points
Satoshi appointed a large set of participants in advance and we need to pick amongst them just in case some go offline.
There is no trusted authority who can pick a leader to run the system.
Protect liveness of the system as anyone can participate.
Democratic elections are a way to secure the system.
By knowing the leaders, we can rapidly scale transaction throughput.
What properties can we find in proof of work?
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3 points
Popular on TV
Time consuming to solve
Time consuming to verify solution
Only one solution for the same challenge
Quick to solve
Quick to verify solution
Multiple solutions to same challenge
Puzzle is subjective
Puzzle is set by a leader
Required
What is a fork in the chain's tip?
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1 point
Competing blocks at the tip of the blockchain
A special reward to the block producer
Why do we need a fork choice rule?
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1 point
It is not needed. Block producers can just extend all competing blocks.
To decide which chain of blocks should be considered part of the blockchain.
Can a transaction get dropped (reversed) after it is confirmed?
1 point
Yes
No
Clear selection
What is the recommended number of confirmations to wait for a Bitcoin transaction?
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1 point
1
2
3
4
5
6
How are new coins issued on a network like Bitcoin or Ethereum?
1 point
All coins existed and allocated when the network was formed.
Every new block issues new coins to the block producer.
Every new block issues new coins to all users of the network.
Clear selection
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