In Hashcash, Miners All Compete to Look for a So

question 202

Multiple Choice

In Hashcash, miners all compete to look for a so called. "____________"which, if provided as input (together with other parts of a block header) to a hash function, yields an output that's numerically small enough to claim the next block reward.

• A) Difficulty bits
• B) Nonce
• C) Merkle Root
• D) Timestamp

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Definitions:

Externalities

Economic impacts on bystanders not directly engaged, with potential for both positive and negative outcomes.

Transaction Costs

The expenses incurred when buying or selling goods and services, which can include fees, commissions, and the costs of the time and effort involved in making the transaction.

Coase Theorem

A principle stating that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights.

Externalities

Monetary consequences or side effects that touch upon third parties not directly engaged, with potential for both positive or negative outcomes.