Homework on Blockchain and Mining Visually - Questions

Blockchain and Bitcoin 101
#2995
  1. Why is it important that the blocks are cryptographically linked together?
  • it is a reason of security.
  1. What does the block structure look like in bitcoin?
  • has of the previous block. + nonce + data of actually transaction + timestamp
2 Likes
#2996
  1. If you change one of them, all of them change, even a dot, it makes it impossible to alter with.
    2.TXs, input vs output, hash,
2 Likes
#2997
  1. Why is it important that the blocks are cryptographically linked together?
  2. What does the block structure look like in bitcoin?
  3. set up integrity of network, won’t allow corrupt info
  4. 2 tx, input and output, hash
2 Likes
#2998

Why is it important that the blocks are cryptographically linked together?
Blocks are cryptographically linked for security reasons. It prevents data from being manipulated.

What does the block structure look like in bitcoin?
A block has the previous block’s hash, a list of transactions within the block, and the nonce which are used to calculate its own hash.

2 Likes
#2999
  1. this is a very important feature in the bitcoin protocol because it increases the difficulty of tampering existing data.
  2. the block structure includes the previous block hash, the transaction list and the nonce.
2 Likes
#3000

  1. It is important that the blocks are cryptographically linked together as that way is insured integrity of blockchain data.The network retains immutability by using a quality of hash functions, to create unique outputs, to link blocks. Transactions cannot be altered, censored or stopped by anyone.

  2. The structure of the bitcoin consists the list of current transactions that the miner has picked up from the mempool, the hash of the previous block and a nonce, number randomly guessed such that hushed together is lower number than the threshold of the current mining target.
    Based on 3 things it is calculates the hash of a block

  • Hash of the previous block
  • Transactions
  • Nonce

https://en.bitcoin.it/wiki/Block

https://en.bitcoin.it/wiki/Block_hashing_algorithm

2 Likes
#3001

  1. Having them linked in this way makes the blockchain immutable, secure, and because of its transparent nature, incentivizes honesty.

  2. The Bitcoin block consists of the previous block’s hash, a full list of transactions, including fees and beginning with the block reward sent to the miner’s address, the nonce, the new hash for the current block, which is its digital fingerprint, and the current target.

2 Likes
#3002

  1. This ensures that data in previous blocks, cannot be changed without breaking the blockchain after the changed block.

  2. The block structure is made up of the previous block’s hash, the new block data and the nonce.

2 Likes
#3003

-blockchain intergrity, secure network so there is no double spend

  • linked list with hash of each block and has of previous block in the blockchain. 12.5 btc plus any transactions
2 Likes
#3004
  1. This ensures the blockchain is secured
  2. The block structure integrates the previous blocks, ‘hash,’ and the transaction list and the nonce.
1 Like
#3005
  1. This is to ensure that the data becomes difficult to be tampered with without expending an enormous amount of effort/resource to do so. In other words becomes immutable when it scales up.
  2. The structure revolves around a current hash that is a combination of three elements.

  • The previous block’s Hash

  • The current blocks transaction/list

  • A nonce

This 3 key elements would be taken by miners and they hashed it into SHA256 (Hash function). They will compared their Hash to the TARGET (number set by the network) and if its lower than the target then the block will be accepted. If the miner gets a higher Hash than the TARGET than the block will be rejected and this process is repeated. The puzzle is basically an attempt to guess Nonce to get a Hash with lower value than the TARGET.

1 Like
#3006

  1. Why is it important that the blocks are cryptographically linked together?
    To make it incredibly difficult to alter the blockchain, as to alter a single point requires the revision of the entire, ever-growing block chain that follows the correction.

  2. What does the block structure look like in bitcoin?
    Blocks in the bitcoin blockchain consist of ;
    -The previous blocks hash.

  • The selected transactions by the miners.
  • The Nonce, a randomly generated number that hashs with the other elements to below the target value.

If all elements are correct and hash lower than the target value, the block is accepted in the blockchain.

1 Like
#3007

  1. It maintains security and prevents the changing of previous block history and double spending.

  2. Blocks contain previous block hash, transactions, and nonce.

1 Like
#3008

  1. Why is it important that the blocks are cryptographically linked together?
    They are linked for security resons. You cannot change any data from a previous block withouth afecting all the sbsequent blocks.

  2. What does the block structure look like in bitcoin?
    It contains the block number, the nonce, all inputs and outputs, the previous and the current hash.

1 Like
#3009
  1. It is important that the blocks are cryptographically linked together to have a secure and accurate network. It is impossible to modify or change a previous block without breaking the link between the following blocks, meaning that would be easily noticed and traceable.
  2. A block consists of the previous hash, a transaction list and a nonce. All this together creates a new hash for that specific block.
1 Like
#3010
  1. Cryptographically linked blocks equates to security and validity of the network and the history of those blocks.
  2. Each block has a list of hashes, with the next block containing a hash of the previous block. In BTC, it a UTXO will be contained, as well as a block reward of 12.5 BTC, plus transaction rewards. It also contains a timestamp, a target, the nonce, the size, a counter for transactions and the transactions themselves.
1 Like
#3011
  1. Why is it important that the blocks are cryptographically linked together?
    -It’s important that the blocks are crypographically linked together because it adds another level of security and it makes it harder to alter any information in the blockchain.
  2. What does the block structure look like in bitcoin?
    -The number of the block(block height), Parent block hash & current block hash, Nonce, transactions
1 Like
#3012

Homework - Mining Part 2

Bitcoin Basics

Why is it important that the blocks are cryptographically linked together?

That will ensure that somebody can’t change a previous block.

What does the block structure look like in bitcoin?

Block --> Link --> Block --> Link --> Block …

1 Like
#3013

What is contained in a block specifically? :wink:

#3014

  • Why is it important that the blocks are cryptographically linked together?
    This is the heart of the security of blockchain concept, designed to provide the tamper-free nature, democratizing the system.

  • What does the block structure look like in bitcoin?
    It should contain a hash (which is dependent upon the previous blockchain’s hash), transactions and a nounce.

1 Like