Lecture 4: Peer to Peer Network, Block Producers and the Fee Market

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What is the current duty of a peer on the network? *

2 points

Propagate messages

Alert network fo a bad peer

Serve a copy of the blockchain

Try to connect to as many peers as possible

Required

Is it a requirement for a peer on the network to serve a full copy of the blockchain? *

1 point

Yes

is the DNS seed trustless or trusted? *

1 point

Trustless

Trusted

What message is propagated across the network when advertising a new transaction? *

1 point

Transaction hash (inv)

Transaction data (tx)

What storage assists with flooding attacks? *

1 point

Blockchain

Account database

Memory pool

What is a 0-confirmation transaction? *

1 point

The intended receiver of the payment has not yet confirmed the transaction on their website.

The transaction is in a block, but the tip of the chain is not yet stable.

The transaction is not yet included in a block, but propagated across the network.

Which approaches can undermine 0-confirmation transactions? *

2 points

Merchant may decide not to update their website and pretend the transaction is not confirmed

The transaction signer can replace the content of a pending transaction by bumping its fee.

The transaction signer can simply send a replacement transaction directly to the miner.

Required

What is an archival node? *

1 point

A node that validates the blockchain, but only keeps around recent blocks.

A node that validates the blockchain and keeps a few snapshots of the latest database.

A node that validates the blockchain and records a snapshot of the database for every block.

A node that does not keep a copy of the database or blockchain, but only the chain of block headers.

Is a "full node" and an "archival node" the same thing? *

1 point

Yes

What is headers-first sync? *

1 point

Fetch the blocks and the relevant data in chronological order

Download a block header and its data together, and process each block in chronological

Download all block headers first and then download the corresponding block data

Download all block headers, but not the block data.

From the perspective of the peer to peer network, what is the goal of decentralization? *

1 point

A % of the world's population can afford to use the network

A % of the world's population can produce blocks

A % of the world's population can verify the blockchain's integrity in real-time

What is Proof of X really proving? *

1 point

Prove ownership of a scarce resource

Prove ownership of X

Prove ownership of hardware

Prove ownership of an abundant resource

Does Proof of X impact the network's throughput? *

1 point

Yes

Has a single mining pool ever achieved more than 51% of Bitcoin's hashrate? *

1 point

Yes

Should block producer's rely on the longterm upside of holding crypto coins as their business model? *

1 point

Yes

In Bitcoin, what is the auction mechanism for transaction bidding? *

1 point

Second priced auction

First priced auction

Sealed price auction

It can be argued that the blockchain's tip in Bitcoin can become unstable when the block subsidy disappears. What is the argument for that? *

1 point

The subsidy will never go away. It is not an argument.

If the memory pool becomes empty, miners will create a fork at the tip and try to steal transaction fees from an already mined block

Without a block subsidy, miners will have no income and simply stop mining altogether

What is the base fee in EIP-1559? *

1 point

A fee set by the user before they send their transaction

A constant value (10 gwei) that must be paid for all transactions

A minimum fee that is computed for the transaction based on the network's current congestion

Why is it possible for Ethereum to become "deflationary"? *

1 point

People are losing their coins and can be considered lost for ever.

The block reward will go to zero and no new coins will be issued.

The base fee is burnt and it is expected the total burnt fees will be greater than the total issuance of new coins.

Ethereum will issue new coins forever and it will never be deflationary.

What is the idea behind minimal viable issuance? *

1 point

We need to pay the bock producers the minimum necessary to secure the network.

An ERC-20 token should issue coins over time and avoid the physical limit of a uint.

Ethereum has reduced the subsidy from 5 eth to 2 eth over time. It should eventually go to 0.

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