web3bridge week 2 revisions
below are definations of terms i was able to remember without the help of any material as at the second week of the corhort..
- what do we mean when we say something is turing complete? when we say some thing is turing complete we mean that that thing if given the required time, memory and resources can perform any task it has been assigned to perform .
- what is cryptography? cryptography is a one way hashing function used to validate transactions.
- What is ethereum ? Ethereum is an open source globally decentralized computing infrastructure that executes programs called smart contracts and uses blockchain to store the system state changes at the same time and rate. ethereum can also be said to be the world cumputer.
- whats is proof of wok? proof of work is a type of consensus mechanism that is used to validate transaction when a minner solves a cumputational hard puzzle the minner would be allowed to validate the transaction because of the work and resources used in the process of solving that puzzle this puzzle solved is known as the block difficulty and it is sovled by getting a value less than the block difficulty.
- Proof of stake ? this is a type of consensus mechanism that is used to validate transaction and this happens when minners stake a certain amount of Ether to be able to validate transactions, when transactions are not validated the amount of Ether staked will not be wiped but remains and when the transcation is validated the minner recieves and award. this was introduced to reduce cases of uncle blocks.
- what is PBFT? this is a type of consensus mechanism that deals with the longest chain rule ie. the minners with the longest number of successfull validations are allowed to validate transactions.
- what are uncle blocks ? uncle blocks are block that where not successfully minned into the ethereum blockchain but the minner responsible for the minning recieves insentives for the efforts resource and time used to attempt the minning process.
- what is checksum? checksum is an algorithm used to validate the random numbers generated to get a private key.
- what is ECDSA? ECDSA is an abbrevation for Eliptic Curve Digital Signature Algorithim its an algorithm used to form the tansaction signature.
- what is world state ? world state is the current state of ethereum.
- how many decimal points is finney? 10^15
- how many decimal point is wei? 10^18
- what it a public address? a public address is a 20 byte long charaters which includes 40 hexadecimal characters gotten from the hash of the public key in keccak256 algorithm.
- what is gas unit? gas unit is the smallest possible amount of gas/energy.
- what is gas price? gas price is the amount of ether in wei an originator is willing to pay for a transaction to be successfully added in the block.
- what is gas limits? gas limits is the maximum amount of gass an originator is willing to pay/ buy for a transaction to be successful. 17.what is gass fee? gass fee is the amount paid to the minner to validate a transcation
- what is a message? a message is what is contained in a transaction.