Masters of Science in Risk Management
Fall 2018
Fintech Section
风险管理作业代写 Enter your name into the “Data” field. To generate a valid block, this website requires a Nonce to be discovered.
- Please submit your answers with numerical, paragraph or bullet point answers as indicated. (Brevity is appreciated).
- Please submit only as a PDF.
- Please answer the question asked. For the second section questions, you may take either side of the argument. Please provide supporting evidence for your answer.
- Total points = 40
Blockchain Section 风险管理作业代写
Proof of Work
Visit the website https://anders.com/blockchain/blockchain.html, which simulates the mining of blocks on a blockchain similar to Bitcoin’s. Enter your name into the “Data” field. To generate a valid block, this website requires a Nonce to be discovered. A valid Nonce has the property such that, when combined with the Data field (your name) and the hashcode of the previous block (“Prev”), the output hashcode begins with at least four zeroes.
(1) (1 point) If you were to enter a single random integer into the Nonce field, what would be the probability of generating an output hashcode that begins with four or
more zeroes? Hint: each digit of the hashcode can take 16 different values, either an integer from 0 to 9 or a letter from a to f. 风险管理作业代写
(2) (2 points) If you set out to mine a block by trial-and-error, how many Nonces would you need to attempt such that the cumulative probability of finding a satisfactory hashcode is at least 50%?
(3) (1 point) Hit the “Mine” button underneath each block, and you will see that the website is programmed to search for a Nonce that solves this problem.
How quickly can the website find a satisfactory Nonce? Hint: To improve the precision of your estimate, see how many blocks you can mine successfully in 60 seconds by hitting the Mine button, and then divide 60 by that number. Feel free to continue for longer.
(4) (1 point) Answer question (2) again, but with the requirement that a satisfactory hashcode begins with at least nine zeroes instead of at least four.
(5) (2 points) Based on your answers to (2), (3), and (4), approximately how long would you expect the website to take to find a Nonce that generates a hashcode beginning with nine zeroes, if you reprogrammed it?(6) (8 points) Using your answers to the questions above, explain in a paragraph of 250 words or less how proof of work mining contributes to the security of a decentralized public blockchain (also known as an “open” blockchain).
(7) (5 points) With your name entered as the input into the Data field, use any method that you wish to search for a Nonce that generates a hashcode with as many
zeroes as possible. You get one point for each zero above four. For instance, if you find a hashcode beginning with five zeroes your score is 1, a hashcode beginning with six zeroes is 2, and so forth. The maximum possible score is 5 for a hashcode beginning with nine zeroes or more (the record up to now by students attempting this question is eleven zeroes). As part of your answer, report your name (exactly as you entered it), the Nonce you discovered, and the output hashcode. Make sure the “Prev” field is filled with 64 zeroes, which is the default when the website is launched.
Fintech Innovation, Case Studies and Implications Sections 风险管理作业代写
Reminder: please use bullet points to answer these questions.
(8) (4 points) Clayton Christiansen’s definition of disruptive innovation still provides useful prescriptions for incumbent financial institutions adapting to fintech. (YES OR
NO, reasons) 风险管理作业代写
(9) (4 points) Pirate Booty will/will not succeed as a company. (YES OR NO, reasons)
(10) (4 points) Trumid overcame the “chicken and egg problem” in launching a corporate bond-trading platform doing what three things?
(11) (4 points) Fintechs should be valued like technology companies. (YES OR NO,reasons)
(12) (4 points) Elon Musk’s dystopian fears of financial services automation are not valid (YES OR NO, reasons)
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