[Competition]💡Naija Board Quiz Competition 💡June Edition 📅

[Churchillvv]

Welcome to Naija board monthly quiz competition, this is not your usual contest, it's an inspiration from some of the little things I (we) have noticed in the local board but instead of forcing people to go with my (initiatives) an innovative idea was born to help achieve the goal in a fun way.

This competition is basically going to have only one winner and for now rewards will be basically in merit however as time goes by it will be integrated to a larger volume and sponsorship might be held hence rewards will include financial support.

Rewards

🏆 Winner - 10 Merits

Rules for the Competition
1. You must be an active member of the local board.
2. You must rank at least Member to be eligible for this competition.
3. You must have earned at least 10 merits in your last 120 days to participate.
4. We do not accept edited submissions; all posts will be watched closely. Edited posts will be automatically disqualified. Fastest fingers are encouraged, as the first to get the answers right wins.
5. The competition will be open for 48 hrs before a temporary lock. Posts one minute late will not be counted.
6. Use of AI is highly prohibited; all answers must be raw, with no sentence enhanced post.
7. Do not enroll your Alts. You, a person, are not allowed to enroll with more than one account.
8. Read rule number (1-7) again. I also reserve the right to deny any post as eligible and disqualify any participant based on personal discretion.

Competition Questions

1. [Technical] Bitcoin SHA-256 is very important to the bitcoin network, what exactly does it do that makes it so important?
2. [Technical] How does Bitcoin’s difficulty adjustment algorithm maintains network stability?
3. [Historical] Who was the first to receive merit on the forum and who was the sender?.
4. [Historical] Satoshi Nakamoto created bitcoin with some features which makes it a preborn ideas of the cyberpunk community! what are the correlation of cyberpunk community with bitcoin, what are the features?  how do they help bitcoin.
5. [Financial & Economical] Bitcoin price is volatile what is the correlation of bitcoin volatility and recession and/or inflation since 2009?
6. [Financial & Economical] Miners mine for block rewards but in 2140 block rewards would exist, what incentives will be a core tenants for rewards? and how might that affect network security.
7. [Regulatory and Legal] How do global anti-money laundering (AML) and know-your-customer (KYC) regulations affect Bitcoin’s pseudonymous (privacy) nature?
8. [Local board] What is the position of bitcoin in Nigeria legal system; who first proposed Naija local board? on what premises was his inspiration?

Goodluck everyone!!
Wishing you all the best and have fun.
  Regards
- Churchillvv

[Churchillvv]

Reserved

[Ever-young]

I like when a context have a monetary reward attached to it, I will be donating $10 to the first person who will emerge as winner and $5 to the second person.

Inbetween; Op don’t you think 48hrs is too short or it’s enough time for anyone to search out the answer and publish their result.

[Perfectbaby]

This is a welcomed idea and these are the kind of things we need to make this forum more fun and lovable to interact with, I could remembered few people who also hosted contest as then and you hosting this shows a great improvement.

Good luck to the participants.

[Callido]

1. SHA-256 helps in POF (Proof of Work).

2. Bitcoin alogrithm is created to be efficient, not too difficult not also very easy. Bitcoin adjust it's hash rate every two weeks making the process of mining to be balanced, not too quick and not too fast.

3. Satoshi the founder sent the first ever merit to Hal Finney

4. The first thing to come in mind is total decentralization, Bitcoin has it so those the Bitcointalk community and its advantage is to keep the community out of physical attack where users here are mostly anonymous.

5. The near correlation is that inflation/recession isn't a good climate for individuals not just individuals including firms and companies who prioritized investing in Bitcoin to continue. Individually, during inflations prices of everything goes high, living stability becomes tragic, this scenario in general will affect how much is thrown into the market, as we know Bitcoin growths rely on Buy/Sell.

6. In 2140 no new Bitcoin will be mined, what will the miner receives as rewards will be transaction fees and will be too little for us to have the same number of miners we have currently.

7. AML and KYC always asks for your personal information, like ID's or Passport, NIN...

8. Bitcoin continues to remain legal as of recent, only that our government are a bit skeptical with the way they judge matters about Bitcoin, but no rule is against Bitcoin. CryptopreneurBrainboss talked about it earlier. The initiative of CryptopreneurBrainboss was firmly to build a community of Bitcoin enthusiast within his own region.

[Felicity_Tide]

Nice initiative @OP.
Some of the questions about the forum and local board already exist far before so many people (including myself), came to the forum, but I hope the search button works well in this case.

Let me give it a shot...

1. There is something we call Pow(proof of work), which is how different computers runs their computation is securing a block that houses all valid transactions. The SHA-256 is the algorithm being used in that computation, so when a block is secured and added to the chain, it makes a reversal difficult.

2. AFAIK, the idea is to produce blocks at an average of 10mins, so few adjustments must been made after 2140 blocks which is approximately 2 weeks.

3. Receiver - AdolfinWolf
Sender -Thymos

4. AFAIK, the Cyberpunk community are strong advocates for cryptography, decentralization and privacy, though, Bitcoin offers a level of decentralization and uses cryptography, which we are all familiar with.

5. Bitcoin volatility correlates with Inflation when buyers choose to preserve their fiats as a result of fiat losing its stance against the prices of goods. While in times of recession, we find Bitcoin dumping because investors are now moving to fait in a reverse case.

6. The question wasn't direct, but I assume you mean 2140(coming years).
Answer - By then all Bitcoin would have been mined, so miners would focus on collecting transaction fees only, and it might affect the network security because the fees is definitely going to skyrocket from what we are seeing now. Maybe those who can afford higher fees would get a better preference.

7. Financial privacy is still a very key principle that so many of us would have love to enjoy, but those regulatory affects us especially through centralized exchange platforms that happens to be the common medium to transact and exchange Bitcoin for fiat, or the reverse.

8. I will continue to say it, there is no clear stances of Bitcoin in Nigeria and our legal system. Let's just say it is legal to use and also not legal.

Mpamaegbu made the proposal, but I'm not sure of what premises, but I guess it was for us as Nigerians to have our own place where we can communicate probably in our own pidgin language.

[Charles-Tim]

1. [Technical] Bitcoin SHA-256 is very important to the bitcoin network, what exactly does it do that makes it so important?

It is used in PoW for data security. It is used in block headers and transaction data and Merkel tree also makes use of it

2. [Technical] How does Bitcoin’s difficulty adjustment algorithm maintains network stability?

It makes new blocks to be mined in approximately 10 minutes. If there are more miners generating more hash rates, the blocks will be mined mostly in less than 10 minutes. If there is decrease in the hash rates, blocks will be mined in more than 10 minutes leading to mempool congestion. But there is difficulty adjustment in the next block 2016 blocks which is around 2 weeks so that block mining will be approximately 10 minutes.

3. [Historical] Who was the first to receive merit on the forum and who was the sender?.

Theymos received the first merit
Dahman El_Harrachi sent the merit to theymos
https://bitcointalk.org/index.php?topic=178608.msg28792130#msg28792130
I am wrong. I am sure about it.

4. [Historical] Satoshi Nakamoto created bitcoin with some features which makes it a preborn ideas of the cyberpunk community! what are the correlation of cyberpunk community with bitcoin, what are the features?  how do they help bitcoin.

Freedom from oppressive restrictions from the authorities. Decentralization and privacy. Bitcoin has all these characteristics. But people now see bitcoin more as an investment although if they want to be private, they can. Bitcoin is decentralized in design and you can make use of bitcoin to avoid many government restrictions like for cross border payments and alternative to fiat in some cases.

5. [Financial & Economical] Bitcoin price is volatile what is the correlation of bitcoin volatility and recession and/or inflation since 2009?

This chart answers it:





Also bitcoin supply in mining and the remaining to enter into circulation is reducing. Limited and total supply of 21 BTC. It is a deflationary currency.

6. [Financial & Economical] Miners mine for block rewards but in 2140 block rewards would exist, what incentives will be a core tenants for rewards? and how might that affect network security.

The block reward is reducing into halves every 210000 blocks mined which always takes approximately 4 years. By 2140, approximately all bitcoin would have been mined which people refers to all bitcoin would have been mined.

7. [Regulatory and Legal] How do global anti-money laundering (AML) and know-your-customer (KYC) regulations affect Bitcoin’s pseudonymous (privacy) nature?

They are both not affecting bitcoin because all what we consider is the bitcoin network and noncustodial wallet which is when part of it. We do not consider exchanges and custodial wallets, including others like ETFs. Although, they are helping in adoption but you can decide to remain private or anonymous if you want.

8. [Local board] What is the position of bitcoin in Nigeria legal system; who first proposed Naija local board? on what premises was his inspiration?

Bitcoin is legal in Nigeria.

Mpamaegbu first proposed naija local board.

[George Edward]

1:because it creates and verify digital certificates issued by a  Certificate Authorities
2 :Bitcoin difficulty adjustment algorithm ensures network stability by adjusting the mining difficulty every 2weeks
3; the sender was satoshi Nakamoto to Hal Finney eventually the transaction took place on January 12, 2009, ont too soon after the launch of Bitcoin
4 :The cyberpunk community and Bitcoin shared the same  ideals of decentralization , privay, and also to be free from centralization
5:the bitcoin Price votility has indeed shown some  relationship with economic events like recession and some  periods of high inflation but it is not actually a simple constant relationship
6: well the it will be  certain that  miners will rely solely on  transaction fees for their income.
 7 :they ask for it because basically for requiring cryptocurrency exchanges and  platforms to verify user identities and to also track transactions .
8:

[ColdLava40]

1.SHA-256 (secure hash algorithm 256-bit) is important because of proof-of-work, SHA-256 is an algorithm use by miner to hash a block of transaction data                  in prove of work.

2.The difficulty adjustment algorithm has a critical role in network stability by using 10 minutes to adjust the hash every 2 weeks for network security purpose.

3.The receiver was hal Finney from satoshi nakamoto, hal finney is one of the best contributor to bitcoin development, he created the first reusable proof-of-work system in 2004.

4.The cyberpunk community make bitcoin offers a decentralized alternative to traditional financial system it also protect privacy in economic transaction, this features helps in transparency transactions and control against resilience by the governments or cooperate firms.

5.The votility price in bitcoin can be affected by different reasons with time, some reason are the risk in rates, liquidity, historical events from the past 16 years.

6.For bitcoin transaction, a small fees is been attach by the sender for a quick process of transaction, which is collected by miners. The low fees reduced hash rate which make the network vulnerable to attacks.

7. The (AML AND KYC) don't really affect bitcoin if decentralized method are used for the transaction ,but if the this process are used it increase risk of reviewing both party mean of identification which breaks bitcoin privacy regulations.

8.Bitcoin is a legal cryptocurrency exchange in Nigeria.

[Ambatman]

1. SHA256 helps with security by hashing

2. Occurs after 2016 Blocks are mined in making sure blocks are mined approximately 10 minutes. It makes sure that Bitcoin supply is consistent hence the limit of 4× increase and 75% decrease.

3. Uhhhmmm this one is hard. Ninjastics stops at 2020. But I'm certain is not satoshi. I'd say lutpin received first by a user obviously .

4. Privacy and Decentralization. It helped pushed for self custody after the 2008 financial Crisis

5. I'd say positive correlated but they were times bitcoin failed to keep up with inflation increase.

6. Transaction fee. We assume that the few should be enough to sustain miners.

7. It makes users provide their real information rather than relying on pseudonyms. Worse it pushes for a centralized system despite bitcoin itself being decentralized.

8. Not a legal tender but isn't illegal either. Mpamaegbu proposed

it will be wonderful aggregating them to help push crypto talks further down home. Also, our pidgin English flavour is something to savour when Nigerians communicate.

[Ruttoshi]

1. SHA-256 is used in POW, which role is to maintain the network security from attackers.

2. The difficulties stabilize the network because the target is always calculated aagain in every 2016 blocks which is apprx two weeks in order to guarantee that blocks are mined once in every ten minutes. If a block is mined in less than ten minutes , the difficulty increases and vice versa.

3. Can't get this information.

4. Financial freedom from the government and third parties. It gives us the right to be our own bank and control our funds privately in a decentralized manner.

5. Positive and negative but bitcoin a deflationary currency.

6. Miners will get their profits from tranaction fee after the last bitcoin has been mined in 2140.

7. Bitcoin network is still the way it was created  which is decentralized. It hasn't changed despite the government involving in it for regulation. Use bitcoin in a decentralized way and enjoy privacy.

8. Bitcoin is not illegal in Nigeria because we have Nigeria exchange operating hee in the country owned by Nigerians.

Mpamaegbu proposed first.

[Sexylizzy2813]

1. [Technical] Bitcoin SHA-256 is very important to the bitcoin network, what exactly does it do that makes it so important?

Answer: E dey help to maintain the general accepted opinion for the mechanism inside Bitcoin.


2. [Technical] How does Bitcoin’s difficulty adjustment algorithm maintains network stability?

Answer: ??


3. [Historical] Who was the first to receive merit on the forum and who was the sender?.

Answer: Me wey no know first person to drop post for our local board...bros I no sabi oh


4. [Historical] Satoshi Nakamoto created bitcoin with some features which makes it a preborn ideas of the cyberpunk community! what are the correlation of cyberpunk community with bitcoin, what are the features?  how do they help bitcoin.

Answer: ??



5. [Financial & Economical] Bitcoin price is volatile what is the correlation of bitcoin volatility and recession and/or inflation since 2009?

Answer: Bitcoin dey experience inflation because dem dey always dey mine new new coins...I no fit get more on this one.


6. [Financial & Economical] Miners mine for block rewards but in 2140 block rewards would exist, what incentives will be a core tenants for rewards? and how might that affect network security.

Answer: ??



7. [Regulatory and Legal] How do global anti-money laundering (AML) and know-your-customer (KYC) regulations affect Bitcoin’s pseudonymous (privacy) nature?

Answer: this AML and KYCdey help users wey dey always keep or leave their money for exchange to get that assurance say their money dey fully protected from all these wayo people them so if incase something happen them go know wetin to do.


8. [Local board] What is the position of bitcoin in Nigeria legal system; who first proposed Naija local board? on what premises was his inspiration?

Answer: the government never legalize am but them no dey too much against am like when them be dey actively against am for February 2021...
The users Becky99 and BrainBoss nai I know of.


Support PIGIN For Our Local Board...

[EL MOHA]

1. [Technical] Bitcoin SHA-256 is very important to the bitcoin network, what exactly does it do that makes it so important?

It is hash function that actually used proof of work (POW) mechanism where each mining node has the capability to get the block hash by finding the value below the target.
The most important part of this is that each block gets a unique number because of each block header that is hashed, this actually makes each block different and avoid exploits like collision.

2. [Technical] How does Bitcoin’s difficulty adjustment algorithm maintains network stability?

Bitcoin adjustment is simply the process by which the bitcoin difficulty is adjusted every 2016 blocks apart to ensure that the bitcoin block mined is correlated, this was implemented such that the overall block doesn’t get hard or easy to mine. For example if the average time to mine 2016 blocks is higher than 10 minutes, the difficulty adjust higher for the next 2016 blocks and if it is below 10 minutes then the difficulty adjust lower for the next 2016 blocks, all this is to make sure the block mined is within the average 10 minutes threshold even if the hashrate of the miners equipment increases or decreases.

3. [Historical] Who was the first to receive merit on the forum and who was the sender?.

Theymos would be the first person to get merited because after he created the merits requirement and rank on 24th January 2018, it might have been tested on his profile by members.  I think the sender was VOD

4. [Historical] Satoshi Nakamoto created bitcoin with some features which makes it a preborn ideas of the cyberpunk community! what are the correlation of cyberpunk community with bitcoin, what are the features?  how do they help bitcoin.

Both Cyberpunk community and the idea of bitcoin was centered on people having freedom and privacy on their money and to not have their money censored, all this translate to decentralized system without government or institutional control.

5. [Financial & Economical] Bitcoin price is volatile what is the correlation of bitcoin volatility and recession and/or inflation since 2009?

The bitcoin itself which has an hedge against inflation has been doing excellently well since its inception with the its price have been on an increase and has done more than 100000x compare to any other asset most especially with the inflation and recession eating up the value of the traditional currency

6. [Financial & Economical] Miners mine for block rewards but in 2140 block rewards would exist, what incentives will be a core tenants for rewards? and how might that affect network security.

Base on the difficulty adjustment bitcoin will be total mined around 2140 and that stops the block reward which leaves only the transaction fees as the only source of incentives. In as much  as this will take a longer time from now, with the present transaction fees this to me wouldn’t be enough for most miners to stay on board and the security changes I expect is that the mining will be done by pools as solo miners wouldn’t be able to cope, will this cause censorship or make the network weak to attacks like 51% attacks? I don’t think it will make the network vulnerable.

7. [Regulatory and Legal] How do global anti-money laundering (AML) and know-your-customer (KYC) regulations affect Bitcoin’s pseudonymous (privacy) nature?

As stated bitcoin is pseudonymous which means regulations like this aren’t going to affect bitcoin user except any one going through a centralized platform but peer to peer transaction using the addresses without reuse of addresses protects one privacy.

8. [Local board] What is the position of bitcoin in Nigeria legal system; who first proposed Naija local board? on what premises was his inspiration?

Bitcoin position in Nigeria isn’t clearly stated but it hasn’t been legally approved by the government and it is not declared illegal either, hopefully in the future the right stands will be made.  User Mpamaegbu proposed the idea on the basis that newbies from Nigeria can find ease to communicate in our local pidgin English dialects