Homework on Blockchain and Mining Visually - Questions

What do the individual blocks contain? :wink:

Its determined based on the hash rate of the network so new blocks get mined approximately every 10 min.

A miner is considered good if he is creating blocks that fit the consensus :slight_smile:

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  1. This way you can ensure that no previous data is amended (hence, no double spending for example);

  2. A block is composed of a list of transactions, the hash of the previous block and a nonce that has to be guessed in order to mine the current block.

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  1. It is important that blocks are cryptographically linked together because it means everything cant be altered and each block needs to validate each other, maintaining a trustless network. By having each block in a chain maintains the need for a block reward for the miners trying to add their blocks to the chain.

  2. A block structure of BTC is a hash, which is calculated by adding previous hash (previous block) + transaction list + nonce.

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  1. Blocks need to be linked so no new blocks can be added that are not a valid part of the chain of transactions in the blockchain and previous blocks can not be changed.
  2. The block consists of the previous hash, the transactions in the block and the nonce. These create a new hash that becomes the previous hash for the next block.
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  1. ensures noone will go back in time and change blocks, waste of time

  2. block structure:
    -hash of previous blocks
    -tx list
    -nuance

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  1. That is the only way things can work, If anything gets changed, or done wrong like double spending, the only thing that will be spend is the miner time and electricity. No win for anyone.

  2. The hash of the block is based by the transaction, the nonce and the hash of the previous block.

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  1. For security and integrity of the blockchain.
  2. Previous hash, Tx list, nonce.
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  1. transactions cant be changed
    2)hash-input-output
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  1. To protect the integrity of the network. If a block is altered, all the links will be broken and the blockchain invalidated. It would be more difficult and costly to begin the mining process again to reestablish the links. It is more profitable to play by the rules.
  2. The block includes the transactions generated by the wallet, the previous hash, and the nonce. A new hash is generated with these inputs and it is below the target, an new block is confirmed or accepted.
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The blocks are linked Together cryptographically so if there is a change to one block it will change all the blocks infront of it.This prevents double spend and censorship.

The block structure in bitcoin - Hash=previous hash + data + nonce

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  1. It is important that blocks are cryptorgraphically linked together because it provides security for the network. When a previous block is tampered with and all hashes change following the tampered block, you are responsible for re-mining every block and catching up to the longest chain, which is practically impossible.

  2. The block structure in bitcoin is a nonce number, transaction data and the hash from the previous block.

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  1. Blocks a linked together to create security in the networks operations. Makes it incredibly difficult to change past blocks and catch up to the existing longest chain. You would have to redo previous work with exponentially less computing power.

  2. Bitcoin block structure consists of a hash that is created by the hash of the previous block plus the transactions residing in the block. This hash is lower than a threshold the network created for acceptable hashes and will be used in creasing the next blocks hash, linking them together.

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  1. If the blocks are cryptographically linked it makes it impossible to go back and change earlier blocks without it being detected.
  2. Hash from the previous block, Nonce, Tx data, hash from the current block.
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  1. Why is it important that the blocks are cryptographically linked together?

Makes hacking the info exponentially more difficult and practically impossible as well as unprofitable.

  1. What does the block structure look like in bitcoin?

Consecutive groups of transaction summaries including a hash of previous block, hash of current block, and also PoW by nonce.

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  1. If all the blocks re linked together, than each block will readjust to changes of the former, insuring a remining of all the broken blocks, keeping miners honest.

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  1. Why is it important that the blocks are cryptographically linked together?
    This is what gives the network its integrity/secureness. You can’t go in and alter blocks without it affecting subsequent blocks and getting noticed.
  2. What does the block structure look like in bitcoin?
    Previous block hash + transaction data +nonce (random #)
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  1. Like it’s name implies, a blockchain is link all together like a chain and if one fail, they all fail.

  2. There’s the nonce, the previous hash that is used to make the new hash. the hashes are made of the previous and new transactions. Rinse and repeat for all the blocks in the blockchain

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Ensures integrity of blockchain and cannot be altered.

  1. Block number > Nounce > Trx data > Hash of the Previous Block > Hash of the current block
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  1. Why is it important that the blocks are cryptographically linked together?
    This way it makes it impossible to change a block. When you would change a block all the links between the other blocks also change.
  2. What does the block structure look like in bitcoin?
    We have our current HASH wich is generated from “Previous HASH , TX list and the guessed NONCE”
    The current HASH will be compared to the “TARGET” wich is a number that is depending on the difficulty of the BTC network.The more miners are mining the lower the target will be and the more difficult it is to mine the block , the less miners are mining the higher the target will be.
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