Blockchain Lottery Smart Contract Implementation
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Questions and Answers

What vulnerabilities were exploited in the attack on The DAO in 2016?

  • Recursive calls (correct)
  • Smart contract deployment
  • Blockchain consensus mechanism
  • Public key encryption

    • How much Ether did the user gain control of in the attack on The DAO?

  • 5 million Ether
  • 3.6 million Ether (correct)
  • 10 million Ether
  • 1 million Ether

    • What was the value of the affected Ether at the time of the attack on The DAO?

  • $100 million
  • $200 million
  • $50 million (correct)
  • $10 million

    • What step is involved in deploying a smart contract for a lottery?

    <p>Transparent Rules Definition</p> Signup and view all the answers

    How do participants enter a lottery conducted through a smart contract?

    <p>By initiating cryptocurrency transactions to the smart contract</p> Signup and view all the answers

    What community responses were observed after The DAO attack?

    <p>Some called for re-appropriation of Ether</p> Signup and view all the answers

    What is the purpose of utilizing the blockchain's pseudorandomness in lotteries?

    <p>To ensure fair and unpredictable winner selection</p> Signup and view all the answers

    How does recording lottery transactions on the blockchain promote auditability?

    <p>By leveraging the immutable nature of the blockchain</p> Signup and view all the answers

    What is a key benefit of blockchain in auctions?

    <p>Transparency and traceability for auction items</p> Signup and view all the answers

    How do smart contracts in lotteries reduce the need for intermediaries?

    <p>By automating prize distribution</p> Signup and view all the answers

    What is a significant advantage of establishing trust through blockchain consensus in lotteries?

    <p>Reduction in fraudulent activities</p> Signup and view all the answers

    How does tokenizing auction items using blockchain tokens benefit the auction process?

    <p>Boosting transparency and ownership representation</p> Signup and view all the answers

    What is the purpose of conducting transparent bidding in an auction?

    <p>To establish trust through blockchain consensus</p> Signup and view all the answers

    How does automatic bid validation benefit an auction process?

    <p>It ensures fair and tamper-proof processes</p> Signup and view all the answers

    What is the advantage of establishing a trustless environment in an auction?

    <p>It eliminates the need for a central authority</p> Signup and view all the answers

    How does blockchain consensus help in an auction process?

    <p>By establishing trust among participants</p> Signup and view all the answers

    What role do smart contracts play in auctions?

    <p>Automating bidding, validation, and settlement processes</p> Signup and view all the answers

    How does immediate transaction settlement benefit an auction?

    <p>By providing quick and secure transfers of assets</p> Signup and view all the answers

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