Parthsarthi GB

[parthsarthimishra]

q.1) If seed is generated/chosen randomly then how is it ensured that it doesn't match seed of any other user on the network?
Soln : Seed is generated through a random 128 bits number , chances of two random guess to be same hence becomes 1/2^128 which is an almost impossible event to happen .

q.2) Bitcoin network is decentralized but for using the network one uses a wallet which saves seed , Does that mean that we are trusting a centralized organization/company ? Isn't this a violation of decentralization goal ?
Soln :

q.3)If a person loses his private key / seed , then is there any way he/she can claim their bitcoins back ? isn't this burning of bitcoins a loss to the network as the theoretical and actual amount of coins in the network would differ in this case ?
Soln:

q.4) Why does bloom filter have 8 bits , this leads to collision of same address for different transactions , isnt it a problem ?
Soln : That is a feature as it ensures that no one can trace our transaction , It saves our identity and data .

q.5) How is Merkle proof useful ?
soln: As the number of transactions in a block increase , merkle proof takes less memory(Logarithmic increment) in comparison to simple proof whose memory requirement increases linearly .

q.6) What exactly makes Bitcoin decentralized?
soln) Proof of Work makes sure about bitcoin being decentralized in true sense . Noone can make blocks at indefinite rate and get coinbase transactions , They have to prove their work which makes the block generation rate to be nearly 10 minutes .

q.7) What are benefits of using Proof of work ?
soln) "With proof of work, you don’t need anything other than the block itself to determine if the block is valid. You used to need stuff from outside the blockchain—the miner’s public key from the bulletin board. This is a major leap forward toward decentralization. No central sources for public keys are left that can be manipulated. "

q.8) What is Nonce ? Is there any specific strategy that miners use to crack Proof of work or rather they proceed linearly in any direction ?
Soln)