Compendium admissions 2023-25
How to solve a Product Management problem
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- Blockchain What is Blockchain
- What are Blocks in Blockchain
- What is the difference between Bitcoin and Ethereum
| How to solve a Product Management problem Steps: 1. Define a Goal a. Acquisition b. Activation c. Retention d. Monetize 2. CIRCLE Framework a. Comprehend the situation b. Identify the customers who will benefit from this product c. Report the needs of the customers d. Cut through different priorities and select the highest priority feature or customer group, e. List all solutions f. Evaluate the tradeoffs through analysis 3. Define some metrics to track the success of your product (e.g., App downloads, Customer traffic, Daily/active users, etc) 114 Blockchain What is Blockchain? Blockchain is a decentralized, distributed, and immutable digital ledger that can store and record everything of value, not only financial transactions. Although it was created as a technology for the cryptocurrency Bitcoin, it is now employed by businesses in various industries. The purpose of Blockchain is to enable the recording and distribution of digital data without the ability to modify it. In this sense, a blockchain is a foundation for immutable ledgers or transaction records that can't be changed, erased, or destroyed. Blockchains are also known as distributed ledger technology because of this (DLT). Blockchain increases trust, security, transparency, and the traceability of data shared across a business network — and delivers cost savings with new efficiencies. Examples of Bitcoin and Ethereum are popular examples of blockchains. What are Blocks in Blockchain? A Blockchain is made up of several blocks that include financial transaction data. Each block has a timestamp, transaction data, and a one-of-a-kind hash pointer that connects it to the block before it. All the blocks come together to form a Blockchain. What is the difference between Bitcoin and Ethereum? ● Ethereum is a smart contract platform, whereas Bitcoin is a cryptocurrency. ● Ethereum employs Ether instead of the SHA-256 algorithm used by Bitcoin. ● The block time for Bitcoin is 10 minutes, while Ethereum's block duration is roughly 12-14 seconds. ● Unlike Bitcoin, which has yet to be labeled as 'scalable,' Ethereum is extremely scalable. Download 4.08 Mb. Share with your friends:
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