Concept/fundamentals
What does Consensus do?
determines who within the business network gets to validate or approve a transaction that is encoded into the blockchain system.
are ordering service nodes aware of application state?
these nodes are entirely unaware of the application state.
In what are is IBM not involved in?
cryptocurrency
where does system chaincode run?
this type of chaincode runs directly on peer process.
name 3 problems created when each institution has its own ledger.
inefficient, expensive, vulnerable
What does Provenance mean?
A complete record of who’s owned what asset throughout its lifecycle
can committee peers work as endorsing peers?
these peers may optionally work as endorsing peers
What is hyper ledger fabric?
a modular blockchain framework which acts as a foundation for developing blockchain-based products, solutions and applications using plug-and-play components that are aimed for use within the private enterprises
what do committing peers do?
these peers validate endorsements
What are the requirements of blockchain for business?
Shared ledger, smart contract, privacy, trust
What is the advantage of Immutability?
It is impossible to tamper with the blocks once they’re actually written
What is the definition of a channel?
a mechanism by which a set of components within a blockchain network can communicate and transact privately
In which database is fabric world state stored by default?
Couch DB
what is BFT?
this is the consensus used in fabric.
an unregulated shadow currency which has the property of anonymity
What are the benefits of having a common ledger?
consensus, provenance, immutability, finality.
administrators
they may have permission to modify endorsement policies
What is the first question to ask when deciding: to blockchain or not to blockchain?
Does it involve a business network?
what do you do if you make a mistake?
make a second transaction
name 3 differences between bitcoin and blockchain for business.
What is a blockchain network?
a technical infrastructure that provides ledger and smart contract (chaincode) services to applications
WHAT was the name of the fake/scrapped/mock blockchain project involving ABN Amro?
Torch
what does proof of stake mean?
it is the name of a protocol for block verification in which mining power is allocated based on ownership of cryptocurrency.
what is a smart contract?
a computer program that directly controls the transfer of digital currencies or assets between parties under certain conditions