Blockchain concepts

Blockchain Description:

A blockchain is a growing list of records, called blocks and can be considered as an amalgam of three technologies:
Cryptography/P2P Networks/Game theory.
Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The timestamp proves that the transaction data existed when the block was published to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it.
Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
Blockchains are typically managed by a peer-to-peer network for use as a publicly distributed ledger, where nodes collectively adhere to a protocol to communicate and validate new blocks. Although blockchain records are not unalterable as forks are possible, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance.

Blockchain can be further categorized as:
Public/Private/Federated Blockchain.

Bitcoin has emerged as Decentralized cryptocurrency
which uses cryptography to control its creation and management.

Few interesting facts about Blockchain Ethereum:

  • EVM stands for::Ethereum Virtual Machine
  • EIP stands for::Ethereum Improvement Proposal
  • Ethereum’s proof of Work Algorithm is::Ethash
  • The time taken for mining one block in Ethereum is::14 seconds
  • What are Ethereum tokens::Digital asset
  • How many lower denominations does the Ether have::6
  • Ethereum network is classified into::Public, Private and Consortium blockchain
  • Based on the storage of keys, wallets are classified into::hot and cold
  • All normal transactions are::Private transactions
  • Wallets and Ethereum Clients are used to interact with Ethereum network::True
  • How can one send ethers::Between accounts on any same network
  • What is the smallest unit of Ether::Wei
  • Basic Structure for ERC20 Tokens is::6 Functions, 2 Events, 3 Token information
  • Ethereum tokens are created by using ::Smart contracts
  • What are Ethereum tokens::Digital asset
  • what requires lots of Electricity/Energy::Proof of work
  • How many rewards (Wei/Ether) does the miner receive for adding a block to the chain::5 ether
  • Which consensus algorithm is to be added in Ethereum Serenity update::Proof of Stake
  • Ethereum’s mining process is similar to bitcoin::True
  • How is the ether brought into the Ethereum system::Mining
  • How is transaction fee calculated::Gas used * gas price
  • Solidity is a language::Turing Complete
  • Which of the following is a geth command::geth.getAccounts
  • Configuration file of Truffle is::truffle-config.ts
  • All normal transactions are::Single-signature Transactions
  • In geth, the implementations are done in::Go Programming

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