Blockchain and Cryptocurrency Fundamentals - Part 2: Blockchain, POW, and Mining (Ohio Timed & Monitored Video)

In Blockchain and Cryptocurrency Fundamentals - Part 2: Blockchain, POW, and Mining , you'll learn ...

• A detailed understanding of Bitcoin’s block data structure and purpose (which can be expanded to most blockchains)
• The validation rules used by Bitcoin to ensure a stable and secure network
• Mining algorithms and how mining pools and rigs operate on the inside, and how they earn money

Overview

To meet the Ohio Board's intent that online courses be "paced" by the provider, a timer will be used to record your study time. You will be unable to access the quiz until the required study time of 100 minutes has been met.

Credit: 2 PDH

Duration: 100 minutes

This is the second course in a series that explains the fundamentals of blockchain technology and cryptocurrency applications. Most of us have heard about blockchain, yet very few have invested the time to really understand what’s happening under the hood.

Engineers from all disciplines will satisfy their curiosity by learning how this amazing new technology actually works! The course is designed for a broad engineering audience beyond computer scientists and programmers. If you’re looking to earn PDHs about a refreshing, modern and different subject, this course is for you.

This course continues the deep dive into Bitcoin’s blockchain operation. These learnings easily extend to most other blockchain technologies in the market. The exact data structure of Bitcoin’s block is presented using figures and drawings to make it simple. The concepts of Merkle root, nonce, timestamp, version and block hash are explained. The Byzantine General’s problem is presented, since the solution to this trustless consensus problem (“double-spend” issue) is what allows the blockchain to be commercialized globally.

Proof of Work (POW) is described in detail, along with the exact techniques used by mining rigs in order to solve blocks and earn money. Mining techniques and terminology such as difficulty, block rewards, halvings, hash rate and sybil resistance are described. Animated diagrams demonstrate the methods POW algorithms us to propagate information across the blockchain, and how they ultimately lead to a consensus of the next block globally. The validation rules used by Bitcoin nodes are described to understand how blocks are accepted and rejected. Consensus forks are described graphically to explain what happens when there are disagreements among the nodes, and how this is ultimately settled.

The course explains the differences between the various mining hardware, such as FPGA, ASIC, GPU and CPU. Mining farms are shown and mining performance and money-making is explained. Mining pools are demonstrated in detail, showing how these pools outsource the hash calculations to mining rigs globally (including one in your garage if you want!). The concepts of mining shares are explained to understand how miners get paid fairly and equitably.

Specific Knowledge or Skill Obtained

This course teaches the following specific knowledge and skills:

• Learning why the blockchain is immutable and tamper-proof via block hashes
• Understanding the purpose and function of Merkle roots and how they are used in the blockchain
• Exposure to technical blockchain terminology with a focus on Bitcoin
• Solutions to the trust-less consensus and double-spend problems using Nakamoto Consensus
• Consensus forks and how Bitcoin deals with network conflicts globally
• Trade-offs between various types of mining hardware

Certificate of Completion

You will be able to immediately print a certificate of completion after passing a multiple-choice quiz consisting of 10 questions. PDH credits are not awarded until the course is completed and quiz is passed.