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Blockchain Fundamentals Quiz
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Blockchain Fundamentals Quiz

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Questions and Answers

What does blockchain technology make unalterable and transparent?

  • Any digital asset (correct)
  • Any physical asset
  • Any network connection
  • Any financial transaction
  • What is the analogy used to understand blockchain technology?

  • Google Doc (correct)
  • Microsoft Excel
  • Online Database
  • Facebook Page
  • What is the number of bits in a nonce?

  • 128-bit
  • 64-bit
  • 32-bit (correct)
  • 16-bit
  • What is the purpose of a nonce?

    <p>To generate a block header hash</p> Signup and view all the answers

    What is the definition of Blockchain?

    <p>A peer to peer distributed ledger forged by consensus, combined with a system for smart contracts</p> Signup and view all the answers

    How many blocks make up a chain?

    <p>Multiple blocks</p> Signup and view all the answers

    Who released a white paper on 'What is Blockchain and How it works' in 1991?

    <p>Stuart Haber and W. Scott Stornetta</p> Signup and view all the answers

    What is distributed when we create a document and share it with a group of people?

    <p>The document's copy</p> Signup and view all the answers

    What was developed by Satoshi Nakamoto in 2009?

    <p>A distributed ledger, cryptocurrency/Electronic Cash System, Bitcoin</p> Signup and view all the answers

    What are the three critical ideas of blockchain technology illustrated by the Google Doc analogy?

    <p>Decentralization, cryptographic hashing, and transparency</p> Signup and view all the answers

    What percentage of financial institutions had adopted blockchain technology by 2020?

    <p>77%</p> Signup and view all the answers

    What is the characteristic of the hash generated by the nonce?

    <p>It starts with a huge number of zeroes</p> Signup and view all the answers

    What was the main motivation behind the creation of Blockchain?

    <p>To eliminate the need for third-party intermediaries</p> Signup and view all the answers

    What is a characteristic of Blockchain?

    <p>Peer to peer distributed ledger</p> Signup and view all the answers

    What is the purpose of miners in blockchain technology?

    <p>To mine blocks</p> Signup and view all the answers

    Who created a platform for creating smart contracts in 2015?

    <p>Vitalik Buterin</p> Signup and view all the answers

    What was collaboratively founded by IBM & Linux foundations in 2017?

    <p>Hyperledger</p> Signup and view all the answers

    What are the blocks in a Blockchain linked using?

    <p>Cryptography</p> Signup and view all the answers

    What is Bitcoin primarily classified as?

    <p>A cryptocurrency</p> Signup and view all the answers

    What is the main aim of Bitcoin?

    <p>To simplify and increase the speed of transactions without government restrictions</p> Signup and view all the answers

    What is Blockchain primarily used for?

    <p>To provide a low-cost, secure, and safe environment for peer-to-peer transactions</p> Signup and view all the answers

    What is the scope of Blockchain?

    <p>More open to changes and has backing of many top companies</p> Signup and view all the answers

    What is the strategy of Bitcoin?

    <p>To reduce the cost of influencers and reduce transaction time</p> Signup and view all the answers

    What is a key difference between Bitcoin and Blockchain?

    <p>Bitcoin is limited to currency transactions, while Blockchain can transfer anything</p> Signup and view all the answers

    What is a characteristic of Bitcoin?

    <p>It likes to be anonymous</p> Signup and view all the answers

    What is a requirement for Blockchain?

    <p>It should have compliance with KYC and other norms</p> Signup and view all the answers

    What is an advantage of Blockchain over Bitcoin?

    <p>It is more flexible and can be adapted to different industries</p> Signup and view all the answers

    What is the purpose of mining in a blockchain?

    <p>To create a new block on the chain</p> Signup and view all the answers

    What is the purpose of the Merkle root hash in a block?

    <p>To provide a cryptographic hash of all transactions in the block</p> Signup and view all the answers

    What is the purpose of the 'nBits' in a block?

    <p>To provide the current difficulty of the block</p> Signup and view all the answers

    What makes it difficult to manipulate blockchain technology?

    <p>The requirement of enormous amount of time and computing power</p> Signup and view all the answers

    What is the main characteristic of a blockchain system?

    <p>Decentralized, secure, safe, trustworthy, and transparent</p> Signup and view all the answers

    What is the role of nodes in a blockchain network?

    <p>To maintain copies of the blockchain and keep the network functioning</p> Signup and view all the answers

    What is an example of a consensus protocol?

    <p>Proof of Work (POW)</p> Signup and view all the answers

    What is the consequence of making a change to any block earlier in the chain?

    <p>All of the blocks that come after the changed block need to be re-mined</p> Signup and view all the answers

    What is the reward for miners when they successfully mine a block?

    <p>The miner is rewarded financially</p> Signup and view all the answers

    What is the term for the process of linking blocks together?

    <p>Block Chaining</p> Signup and view all the answers

    What languages can be used to write programs for blockchain?

    <p>Any language, including C++, Python, and Solidity</p> Signup and view all the answers

    What is the significance of the 'golden nonce' in blockchain technology?

    <p>It is the accepted nonce that generates an accepted hash</p> Signup and view all the answers

    What type of system does blockchain technology represent?

    <p>Decentralized system</p> Signup and view all the answers

    What is the consequence of decentralization in a blockchain network?

    <p>No one computer or organization can own the chain</p> Signup and view all the answers

    How do blocks in a blockchain reference each other?

    <p>Using a cryptographic hash</p> Signup and view all the answers

    What is the characteristic of the nonce in blockchain technology?

    <p>It is 32 bits</p> Signup and view all the answers

    What is the term for the header of a block?

    <p>Block Header</p> Signup and view all the answers

    What is the benefit of transparency in a blockchain ledger?

    <p>Every action in the ledger can be easily checked and viewed</p> Signup and view all the answers

    Study Notes

    Blockchain Definition and History

    • Blockchain is a peer-to-peer distributed ledger forged by consensus, combined with a system for smart contracts.
    • In 1991, Stuart Haber and W. Scott Stornetta released a white paper on blockchain.
    • In 2009, Satoshi Nakamoto released a white paper and developed a distributed ledger, cryptocurrency, and electronic cash system called Bitcoin.
    • In 2015, Vitalik Buterin created a platform for creating smart contracts in Ethereum.
    • In 2017, IBM and Linux foundations collaborated to create a platform for creating smart contracts in Hyperledger.
    • By 2020, nearly 77% of financial institutions had adopted blockchain technology as part of an in-production system or process.

    Blockchain vs. Bitcoin

    • Bitcoin is a cryptocurrency, while blockchain is a ledger.
    • The main aim of Bitcoin is to simplify and increase the speed of transactions without government restrictions, while blockchain provides a low-cost, secure, and safe environment for peer-to-peer transactions.
    • Bitcoin is limited to currency transactions, while blockchain can transfer anything from currencies to property rights to stocks.
    • Blockchain is more open to changes and has the backing of many top companies.

    Blockchain Structure and Concepts

    • Blockchain consists of three important concepts: blocks, nodes, and miners.
    • Each block has three basic elements: data, a nonce, and a hash.
    • Miners create new blocks on the chain through a process called mining, which involves solving an incredibly complex math problem to find a nonce that generates an accepted hash.
    • Nodes are electronic devices that maintain copies of the blockchain and keep the network functioning.
    • Block metadata contains version, previous block header hash, Merkle root hash, time, and nBits.

    Consensus Protocols

    • There are several consensus protocols, including:
      • POW: Proof of Work
      • POS: Proof of Stake
      • DPOS: Delegated Proof of Stake
      • POA: Proof of Authority
      • POC: Proof of Capacity
      • PoET: Proof of Elapsed Time
      • POD: Proof of Deposit
      • POB: Proof of Burn

    Blockchain Technology

    • Blockchain technology makes the history of any digital asset unalterable and transparent through decentralization and cryptographic hashing.
    • A simple analogy for understanding blockchain technology is a Google Doc, where a document is distributed instead of copied or transferred, creating a decentralized distribution chain.
    • Blockchain is a secure, safe, trustworthy, and transparent system that is the future of all applications in the next 20 years.

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    Test your knowledge of Blockchain technology, including its definition, history, applications, and structure. Learn key concepts and more!

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