Blockchain Basics
The opposite type of system in which the power of that system is held by a singular power
What is decentralized?
This language is typically used to write native Solana programs
What is Rust?
The first mainstream cryptocurrency
What is Bitcoin?
Used as "cold"/offline storage for NFTs/crypto
What is a ledger/hard wallet?
The amount of BTC mined in one hour if Bitcoin's block reward is 3.125 BTC and a block is mined every 10 minutes
What is 18.75 BTC?
A platform that you can keep your crypto and NFTs in
What is a (crypto) wallet?
What is Phantom?
Blockchains built on Blockchains
What are Layer 2s?
The amount of mining power compared to the whole pool to control a proof of work blockchain
What is 51%?
The identity-verification process exchanges require before you can trade, due to financial regulations.
What is KYC?
The digital containers that transactions are grouped into that are then posted to the ledger and chained together
What are blocks?
This acronym is a 32 byte account address generated mathematically from a program ID
What is a PDA (Program Derived Address)?
The type of coin that is backed by a currency or is not supposed to be volatile in value
The term for solving complex problems to verify Proof of Work transactions
What is crypto mining?
This is the year that the Bitcoin genesis block was mined
When was 2009?
The type of string of randomly generated characters that fit the blockchain’s verification algorithm is called
What is a hash?
Devnet tool allowing the request of free test SOL for development
What is Solana faucet/airdrop?
This country was the first to adopt Bitcoin as a legal tender
What is El Salvador?
The man who conducted the giant scam at FTX
The name of the transaction fee paid to miners during transactions
What are gas fees?
Max size in bytes of a single Solana transaction
What is 1232 bytes?
The block reward for mining the very first Bitcoin block
What is 50 BTC?
The recent hardware wallet that cost people $80 million + in losses
What is coldcard?
The term when a blockchain splits into two separate chains due to a protocol change
What is a Hard Fork?