Live support chatBlockchain and Cryptocurrency Fundamentals - Part 4: Wallets, Exchanges, Fees, and Block Rewards (Ohio Timed & Monitored Video)
Credit: 2 PDH
Subject Matter Expert: Dana DeMeo, P.E.
In Blockchain and Cryptocurrency Fundamentals - Part 4: Wallets, Exchanges, Fees, and Block Rewards , you'll learn ...
- The purpose and function of a cryptocurrency wallet
- The purpose and function of a cryptocurrency centralized exchange
- Techniques that could exploit a fee-dominant network, such as undercutting, selfish mining and petty compliance
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 120 minutes has been met.
Credit: 2 PDH
Duration: 120 minutes
This is the fourth 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 PDH that cover a refreshing, modern and different subject, this course is for you. This course continues with a deep dive into cryptocurrency wallets and exchanges, along with the fees and rewards that occur during transactions.
Wallets could be the most under-appreciated part of the blockchain ecosystem. Sure, they provide a great user interface to see crypto balances and make payments. But the real value lies in the fact that the wallet software is responsible for creating the transactions themselves and managing all your keys, all while ensuring compatibility with the every-changing blockchain standards. In this course, we’re going to go deep under the hood of wallets. The course begins with a description of a cryptocurrency wallet and its major functions. Special consideration is given to the tasks that a wallet is not responsible for since many people make incorrect assumptions about this. The most common standards that define modern wallets are presented that include multi-currency Hierarchical Deterministic (HD) wallets with mnemonic code words. Examples of various types of wallets and common wallet provides are given.
The generation and management of private keys is described in detail, including how wallets automatically generate keys with little probably of conflicting with another wallet. Those mysterious code words a wallet presents the first time it runs are explained in detail – how they are generated and used, and why it’s so critical that those words are not lost or stolen. Different types of wallets are explained including “hot” and “cold” along with their pros and cons.
The lighter-weight wallets that run on cell phones and tablets (Simplified Payment Verification or SPV) are explained in detail, along with the risks and trade-offs. This is also where the benefits of Merkle Roots come to light. Exchanges are explained, which are different from traditional wallets. Most common exchanges are centralized and simplify the complexities of cryptocurrencies, but at the risk of solvency and security. These trade-offs are explained.
Finally, an in-depth analysis of blockchain fees is presented. Fees are more complex than meets the eye and their intricacies are explained in detail. When this course is completed, an engineer of any background will be ready to learn the technical details of what happens under the hood of blockchain systems and will be better prepared to become personally involved with cryptocurrencies.
Specific Knowledge or Skill Obtained
This course teaches the following specific knowledge and skills:
- Different types of wallets, including hot, cold and SPV
- The most common standards that dictate all the modern wallets used today
- Private and public key generation
- Merkle proofs and their benefits
- Bloom filters and how they add some security to the wallet operation
- Block rewards and fees
- Block rewards and fees
- Fee vlatility and network risks
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.
| This course is applicable to professional engineers in: | ||
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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 120 minutes has been met.
Credit: 2 PDH
Duration: 120 minutes
