Blockchain and Transaction Mechanics Flashcards
7 cards from real CBP practice questions. Tap to flip, then mark Knew It or Still Learning โ missed cards come back until you master them.
Read the first 7 Blockchain and Transaction Mechanics flashcards as text
What is a Merkle tree used for in a Bitcoin block?
Answer: Efficiently summarizing and verifying all transactions in a block
The Merkle tree hashes pairs of transaction IDs up to a single root, allowing efficient proof that a specific transaction is included in a block.
What problem does Simplified Payment Verification (SPV) solve for Bitcoin users?
Answer: It lets lightweight clients verify transactions without downloading the entire blockchain
SPV lets clients verify a transaction's inclusion in a block using only block headers and a Merkle proof, rather than the full blockchain.
In Bitcoin's scripting system, what does the opcode OP_CHECKSIG do?
Answer: It verifies that a provided signature is valid for the given public key and transaction hash
OP_CHECKSIG pops a public key and a signature from the stack, verifies the signature against the serialized transaction hash, and pushes TRUE or FALSE.
What is the significance of a transaction achieving 6 confirmations in Bitcoin?
Answer: It is a widely accepted threshold indicating the transaction is extremely difficult to reverse
Six confirmations is a practical industry standard because reversing 6 blocks would require controlling enormous hashrate, making attacks economically infeasible for typical amounts.
Which of the following best describes an orphan block in Bitcoin?
Answer: A valid block whose parent block is not yet known to the receiving node
An orphan (or stale) block is a valid block whose predecessor has not yet been received, so it temporarily cannot be attached to the known chain.
What does the difficulty adjustment algorithm in Bitcoin target?
Answer: Maintaining an average of one block every 10 minutes
Every 2,016 blocks (~2 weeks), Bitcoin recalculates difficulty to keep the average inter-block time close to 10 minutes regardless of total network hashrate.
In Bitcoin, what is the purpose of the witness discount introduced by SegWit?
Answer: To incentivize use of SegWit inputs by charging witness data at 1/4 the weight of non-witness data
SegWit weights witness data at 1 instead of 4 (per byte), making SegWit transactions cheaper to include and incentivizing adoption of the new format.