1. Describe the bitcoin protocol and the bitcoin cryptocurrency. (3-6 double-spaced pages) (35 points)

In your description make sure at a minimum to explain the bitcoin blockchain, the role of miners, cryptography, and wallets. Address the features of the Bitcoin monetary system including transaction fees, halving, and the total supply of bitcoin and describe proof of work.

2. Centralization vs. Decentralization (up to 4 pages )( 30 points)

What is your understanding of centralized vs decentralized systems? Provide examples of both. (these can be governmental, technological platforms , or others.)

What are the pros and cons of centralized and decentralized systems? (Again use examples to illustrate).

3. Short Answer (up to 1 page): (30 points)

What was The Dao Hack on Ethereum? What was the moral hazard associated with the outcome?

What blockchain innovation gave rise to defi (decentralized finance), icos, nfts, and decentralized autonomous organizations? Define two and give at least one example of each. (defi, ico, nft or daos)

What is the difference between a cryptocurrency such as bitcoin and Ethereum and a Non-Fungible Token (NFT)?