Posted: April 20th, 2022

1. Proof of Work (13 points total) (First Name: JY Last

1. Proof of Work (13 points complete) (First Title: JY Last
1. Proof of Work (13 points complete) (First Title: JY Last identify: Gong)
Go to the web site https://andersbrownworth.com/blockchain/blockchain, which simulates the mining of blocks on a blockchain just like Bitcoin’s. Enter your first and final identify into the “Information” subject. To generate a legitimate block, this web site requires a Nonce to be found. A legitimate Nonce has the property such that, when mixed with the Information subject (your identify) and the hashcode of the earlier block (“Prev”), the output hashcode begins with at the very least 4 zeroes.
(1) (1 level) In the event you have been to enter a single random integer into the Nonce subject, what can be the chance of producing an output hashcode that begins with 4 or extra zeroes? Trace: every digit of the hashcode can take 16 completely different values, both an integer from zero to 9 or a letter from a to f.
(2) (2 points) In the event you got down to mine a block by trial-and-error, what number of Nonces would you might want to try such that the cumulative chance of discovering a passable hashcode that begins with 4 or extra zeroes is at the very least 50%? Trace: The chance of not discovering a passable Nonce on any guess is 1-p, the place p is the worth obtained in Question Assignment 1 above.
(Three) (1 level) Hit the “Mine” button beneath every block, and you will notice that the web site is programmed to seek for a Nonce that solves this drawback. How shortly can the web site discover a passable Nonce? Trace: To enhance the precision of your estimate, see what number of blocks you possibly can mine efficiently in 60 seconds by hitting the Mine button, after which divide 60 by that quantity. Be at liberty to proceed for longer.
(four) (1 level) Reply Question Assignment (2) once more, however with the requirement that a passable hashcode begins with at the very least 17 zeroes (the present BTC goal) as an alternative of at the very least 4.
(5) (1 points) Primarily based in your solutions to (2), (Three), and (four), roughly how lengthy would you anticipate the web site to take to discover a Nonce that generates a hashcode starting with 17 zeroes, if you happen to reprogrammed it?
(6) (7 points) Utilizing your solutions to the questions above, clarify in a paragraph of 300 phrases or much less how proof of work mining contributes to the safety of a decentralized public blockchain (also referred to as an “open” blockchain).
2. Decentralized lending (7 points complete)
Learn the current story on Coindesk, “DeFi Lending: Three Main Dangers to Know.”
https://www.coindesk.com/study/2021/07/13/defi-lending-Three-major-risks-to-know/
Close to the top of the article, a sub-section titled “Find out how to Keep away from These DeFi Lending Threats” presents recommendation about find out how to mitigate the dangers highlighted within the article. In a paragraph of 300 phrases or much less, give your opinion about how straightforward this recommendation can be to comply with, and the way doubtless DeFi credit score buyers can be to take action.

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1. Work Proof (13 points complete) (JY is my first identify.) Last
1. Work Proof (13 points complete) (JY is my first identify.) Gong (Last identify)
Go to https://andersbrownworth.com/blockchain/blockchain, which simulates block mining on a blockchain just like Bitcoin’s. Fill within the “Information” subject together with your first and final identify. This web site requires a Nonce to be found so as to generate a legitimate block. When mixed with the Information subject (your identify) and the hashcode of the earlier block (“Prev”), a legitimate Nonce has the property that the output hashcode begins with at the very least 4 zeroes.
(1) Formalized paraphrase (1 level) What’s the probability of producing an output hashcode that begins with if you happen to enter a single random integer into the Nonce subject?

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