Transactions & Verification Flashcards
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Read the first 6 Transactions & Verification flashcards as text
What does a blockchain transaction include?
Answer: Digital signature and transaction details
A blockchain transaction typically includes sender and receiver addresses, amount, timestamp, and a digital signature.
How is a transaction verified on the blockchain?
Answer: Through consensus among network nodes
Network nodes validate transactions using consensus mechanisms like Proof of Work or Proof of Stake.
What is a hash in blockchain?
Answer: A cryptographic summary of data
A hash is a unique digital fingerprint of data, used to verify integrity and link blocks securely.
What prevents double-spending in blockchain?
Answer: Consensus protocol validation
Consensus mechanisms and public verification ensure a transaction is recorded only once on the blockchain.
What is the role of a miner in transaction verification?
Answer: They validate and add transactions to the ledger
Miners solve complex problems to validate and add transactions to the blockchain, earning rewards for doing so.
Why is immutability important in transaction verification?
Answer: To ensure trust and prevent tampering
Immutability ensures once a transaction is confirmed and recorded, it cannot be altered, supporting trust and auditability.