This is module 4 of 10 for the Blockchain and Cryptocurrency course.
Readings
The Pros and Cons of Blockchain
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Self-Directed Learning
- Track your personal transactions on a blockchain explorer like Snowtrace for Avalanche or Etherscan for Ethereum. Blockchain explorers provide an easy-to-view window into all transactions on a public blockchain. You should be able to view every transaction you’ve made from the addresses associated with your wallet.
- Can you identify the initial transfer of funds from your point of purchase to your wallet? Think about what the sender address is in this transaction and how it relates to the exchange.
- Try to trace transactions from the previous module exercise. We did student-to-student (peer-to-peer) transactions. Note how the flow of funds is recorded on the public ledger. Can you follow the flow of funds among the students in the class?
- What information on the explorer relates to the transaction block and how it was validated?
- How do you feel about your transactions being recorded on a public ledger?
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Online Discussion of Module Topic
- Why is blockchain called “blockchain”?
- What does “distributed” mean and why is it important?
- How does blockchain relate to the term “distributed ledger technology”?
- Is blockchain public or private or both?
- Were you able to see the transactions you made on the blockchain explorer? What’s your reaction?
- Describe the various information fields available on a blockchain explorer like Snowtrace or Etherscan. Try to explain the information.
- What data analysis could be done using blockchain? How do you identify a “whale”?
- What does “decentralized” mean and why is it important?
- What does “immutable” mean and why is it important?
- Is blockchain more or less secure than other systems for recording information?
- Why might regulators benefit from the use of blockchain?
- What are the pros and cons of blockchain?
- What makes for a good blockchain application?
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Technical exercise
There is no technical exercise for this module. Module 4 is a wrap-up for the first part of the course and a momentary pause to help everyone get caught up. Students should work on their contribution to the team presentation.