Homework on Blockchain and Mining Visually - Questions

[bennytuesday]

Homework on Blockchain and Mining Visually - Answers

1. This ensures a network in which everybody follows consensus.

2. Hash Block including a nonce, tx list, & prev. hash. This repeats creating a chain!

[Shelby_Ilochonwu]

1. to make blockchain more reliable
2. a hash based on a random number, previous block hash, and current block transactions

[CryptoPac]

1.
It is important cuz the whole system wouldn’t work secure, immutability! This ensure the data is reliable and not been played with of any kind or the chainlink will be broken.

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2.
The Block structure contains:

• The Magic number *identification for the blockchain network so it know what software it is, in this case its bitcoin " *0xD9B4BEF9

• Blocksize of the block

• Header (blockheader)
  The blockheader cointains:
  - Version
  - previous block hash ( *hash of previous header *

• in the previous block*
  - Merkle root hash (hash of the root value wish is the root of the merkle tree wish cointains all the transactions.
  - Timestamp ( current timestamp )
  - Bits " TARGET" ( when miner take the hash and apend a nounce(random number) and compare to target, if the hash is less then target then pussle is solved. ( part of the network that helps adjusting the difficulty of mining a block with the help up timestamp, the bitcoin network is adjusting for a target of 10min per block creation.
  - nounce ( a random number miners use to solve the “puzzle”, basically hashing it with the merkle root hash to get a hash less then the target to get the target.

• Transaction Counter ( Tells how many transactions in the block)

• Transactions ( Contains a list of all transaction in the block)

[stefansimonsson]

1. To make sure that the information in the blocks are correct and that the block is based on the block before it and so on.
2. The hash of the previous block combined with the information in the new block and the nonce produces the hash of the new block.

[Cazuum]

Homework - Mining Part 2

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

The cryptographic puzzle is based on the context of previous blocks linking them together - this ensures the security and integrity of the blockchain

2. What does the block structure look like in BTC?

The structure of the blockchain contains the hash of the previously mined block, the list of tx for this block and the nonce

Cheers

[MoonBoy]

Homework on Blockchain and Mining Visually - Questions

1. Why is it important that the blocks are cryptographically linked together?
   Answer: To protect the blockchain from individuals making any changes to any blocks in the future and protect the network from double spending.
2. What does the block structure look like in bitcoin?
   Answer: A hash function i.e. SH256 (data) = Hash (digital finger print) of a block . A hash is based on a) previous hash + tx list & b) guess of nonce

[iequere]

1. This is important to ensure that no altering of the block can be done which compromises the security of the network.

2. A bitcoin block hash = Hash of the previous linking block + guessed nonce + block data(i.e transaction fee)

[takeshiCovac]

1. The importance of the blocks being cryptographically linked together creates security in the network.
2. The block structure is composed of all validated blocks linked together with the newest validated block being the most current and the oldest being the last in the list.

[pappas_kellyn]

1. the linking of the blocks is what makes transactions simultaneously transparent and traceable, and is one of many variables that makes fraudulent transactions near impossible

2. the candidate block (which is pending inclusion into blockchain) consists of the version (summary of data structure inside block to insure correct reading of the block by computer), last block hash id, transaction data (Unix timestamp, computation data, and transaction details - including UTXO’s or inputs and, after finalized, outputs and fees), and the merkle root (hash for this block that is generated based on all the aforementioned data); it also contains the accepted nonce number (first number guessed that generated a hash below the target number) and the target number itself

[JonPag]

1. This creates greater security in the blockchain which makes it harder for someone to randomly change created blocks.

2. The structure of bitcoin has a genesis block then the next block will have a nonce, the data of the block, previous block hash, and the block hash.

[mperlingeiro]

1. The blocks are cryptographically linked together to make it more difficult to change previous transactions and do not let people double spend.

2. The block structure is made up of the previous block hash, a list of transactions and the nonce.

[jcon84]

1. Blocks being linked cryptographically is important because it provides security to the network. If they weren’t connected in such a way it would be easy to change the previous blocks.

2. Each new block relies on the hash, data, and previous transaction of the block before it.

[Sergio_LGD]

1. Blocks are cryptographically linked together to insure the integrity of the validated chain.
2. Merkle root hash
   Previous Block hash
   Nounce
   UTXOs
   Current block hash

[skawal22]

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

Blocks are cryptographically linked together in a way that each blocks are constructed using the hash from the previous block and it goes on like this in a blockchain. If someone wants to change or tamper any of the block it will break the chain and but they will not be able to do it because it will take an enormous amount of hashing power to do it.

What does the block structure look like in bitcoin?

In Bitcoin blockchain, blocks are linked together by chain where each block contains the hash of the previous block. Also the current block contains all the current transactions and nonce.

[alp257]

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

• Ensures the integrity of the blockchain, invalidating any chain that doesn’t make sense (i.e altered transaction) by requiring any succeeding blocks to be remine which is practically almost impossible to do (without the majority of the network’s hash rate).

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

• Contains a header with metadata and a list of transactions

[mrodiek]

1. Why is it important that the blocks are cryptographically linked together?
   Blocks must be cryptographically linked so that any one transaction a bad actor attempts to change will break the links in all blocks mined afterwards. Not one byte can be changed in a block without completely unlinking & changing the blockchain after the change.

2. What does the block structure look like in bitcoin?
   Each block is constructed of;
   -previous blocks hash
   -all transactions on current block
   -nonce
   -current block hash.

[Sarcasshole]

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

accounting, continuity, coherence, authenticity

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

each block points to the preceding block (excluding genesis) & contains <1MB of transactional data.

[dnicng]

1. This is to secure the network, if the block are cryptographically linked, miners will not try to edit the previous block (which require more works), instead they will follow the rules. This is to eliminate history alteration and also double spending.

2. A bitcoin hash block structure contain previous hash, transactions & nonce.

[Brad_Burwash]

1. Why is it important that the blocks are cryptographically linked together?
   It makes the network secure, you cannot censor, you cannot double spend and you cannot alter the transactions.
2. What does the block structure look like in bitcoin?
   The hash of previous data, the hash of the block and the nonce.

[BenF]

1.to secure the network and make a concensus of the true blockchain
2. Hash -previous hash plus transactions plus nonce