Homework on Blockchain and Mining Visually - Questions

  1. Why is it important that the blocks are cryptographically linked together?
    This ensures that old blocks can’t be changed without changing all the following blocks. This makes cheating harder. The older the blocks, the more secure they are.
  2. What does the block structure look like in bitcoin?
    There is the hash from the previous block, the transaction data of the current block and the nonce, estimated by a miner. Those three together result in the hash of the current block.

1.For security and immutability. It makes it extremely hard to change anything in
any of the blocks in the chain.
2
-Number of block
-Nonce
-Transaction data
-Hash previous block
-Hash this block

1- So nobody can’t try to cheat the protocol or make changes to an specific block to double spend for example.

2- Hash of the previews block; Data for the current block, meaning transaction list; Nonce, which is a number randomly guessed by the miner that needs to be lower than the target.

    1. It is important that the blocks are cryptographically linked to ensure that they are secure and immutable.
    1. Index> Hash> Previous hash>numTx (Total Tx)> Timestamp> Nonce> Transaction > Merkle Tree
  1. Having the blocks linked cryptographically makes it difficult to change them. One alteration will change the rest of them. You would have to re mine them all.

  2. Prev hash
    tx List
    nonce

  1. It ensure the blockchain integrity because the hash of a block is based on previous hash.

  2. -previous hash

    • transaction list
    • nonce (to find or founded for the valid blocks)
    • difficulty target
    • block header , number, timestamp
  • current block hash
  1. It is important that the blocks are cryptographically linked together so that if anyone tries to change a block, it will affect all subsequent blocks. This makes it nearly impossible to change a transaction once committed to the blockchain.

  2. The bitcoin block structure includes the hash of the previous block, and the transaction list, and the nonce.

  1. Why is it important that the blocks are cryptographically linked together?
    it is important that blocks are cryptograpgically linked together to ensure the security of the consensus network.

  2. What does the block structure look like in bitcoin?
    the block structure in bitcoin has, the block, the hash and nonce for that block, Data of transactions and fees, and the previous block hash also.

So that it is difficult to go back and change a tx in an accepted block

It is based on the previous block, the tx’s list and on a nonce

  1. Why is it important that the blocks are cryptographically linked together? It is important that the blocks be cryptographically linked together because this creates immutability within the entire chain. Any changes in the transaction data will obviously change the hash of the block and all subsequent blocks invalidating that chain.
  2. What does the block structure look like in bitcoin? Each block contains transaction data, the hash of the previous block and a nonce or random number which is all hashed until a number less than the target is found and the block is added to the blockchain and propagated to the network.
  1. To secure the blockchain. It guarantees the blockchain is immutable and you can have confidence that the data is unchanged. If for any reason there is a change, no matter how minor, it will immediately be discovered by seeing a change in the block hash and breaking the blockchain link(s).

  2. Block height, previous block hash, transaction data, and a correctly guessed nonce (below the target number) will generate the current block hash.

Hello,

  1. by having all blocks linked together, the tampering of an old block nullifies all the new blocks with a cascading effect. All following blocks must ALSO be re-mined, and there are always new blocks being added, making this a race against time. This makes each block more secure as time progresses, and this is the reason why at least 3 confirmations are required to determine with certainty a transaction.

  2. A block is composed of the hash of the former block, the new compiled transactions, and a nonce. The nonce is the number that is randomly guessed in order to determine a hash of these three former elements that is lower than the target difficulty.

Best

1 The link is the hash of the “hash former block + nonce + hash new transactions included” , this makes a new hash, this hash is used for the new block. If something changes in any of the old blocks the hash that linds will differs and all Block hashes change and therefore the block is rejected.

2 Hash former block + nonce + new transactions

1.By having blocks cryptographically linked together makes it near impossible to chain previous data (which could cause double spending). Extremely difficult to hack and makes people want to play by the rules.

  1. Transaction date / Previous Hash / Nonce / Hash
  1. This stops transactions from being able to be removed, if they are removed then theoretically someone can spend those same coins/tokens again in a future transaction.
  2. previous blocks hash, list of transactions in current block, nonce, current block hash which needs to be below the target based on difficulty.

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

The blocks on the Bitcoin blockchain are mined in a sequential order and are cryptographically linked which creates the data structure known as a blockchain or a literal chain of blocks. A miner can be thought of as a group or individual who devotes computer resources to solve mathematical problems that help to secure the underlying ledger and add transactions or blocks to the ledger. Blocks of transactions that are added to the blockchain by miners are then stored on nodes, or hard drives connected to the internet with a copy of the complete blockchain. Due to this linkage between blocks, the entire state of the ledger must be stored in order to fully validate a transaction, as all previous transactions are referenced when making a new transaction. This trait of cryptographically linked blocks is one of the main attributes to Bitcoins “unalterable” ledger. It is considered to be unalterable since it would require an infeasible amount of time, money, and miner resources to alter.

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

A block is a container data structure. In the Bitcoin world, a block contains more than 500 transactions on average. A block is composed of a header and a long list of transactions.

Block Header

The header contains metadata about a block. There are three different sets of metadata:

  • The previous block hash. Remember that in a blockchain, every block is inherited from the previous block because we use the previous block’s hash to create the new block’s hash.

  • Mining competition. For a block to be part of the blockchain, it needs to be given a valid hash. This contains the timestamp, the nonce and the difficulty.

  • The third part is a merkle tree root. This is a data structure to summarize the transactions in the block.

Block identifiers

To identify a block, you have a cryptographic hash, a digital signature if you will. This is created by hashing the block header twice with the SHA256 algorithm.

Merkle Trees

The transactions in a block are contained in a structure called a merkle tree or binary hash tree.

  1. It makes the network more secure by making it almost impossible to change a previous transaction. A change in a previous block would change all future blocks causing them to have to be re-mined.

  2. A block consists of the Previous Hash, a Current Transaction List and the Nonce.

  1. to ensure the integrity of the chain allowing you to see if anything has been altered.

  2. the block structure in bitcoin is a cryptographic linked list…

  1. The ledger is a digital stone in which you can only add transactions and not alter them. All blocks are connected to each other. Blocks are appended into the blockchain by solving a cryptographic puzzle and the puzzle is based on previous TXs(blocks). The links between blocks are expensive and they are not a random connection. The links are special because they are based on the information of the previous block. Changing a transaction in an accepted block will break the link to the next block because the puzzle was based on the contents of the modified block.
  2. A constructed block is dependent on previous block’s hash, it own hash which is derived from its transactions and the nonce.
  1. It is a fundamental security aspect of the blockchain that ensures immutability of data.
  2. prev hash, tx list and nonce