Blockchain Technology Overview
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Questions and Answers

What is a blockchain?

  • An exchange
  • A type of cryptocurrency
  • A distributed ledger on a peer-to-peer network (correct)
  • A centralized ledger

    • A permissionless blockchain has a central authority that controls transactions.

    False

    What does P2P stand for?

    Peer to Peer

    The first block of a blockchain is known as the ______.

    <p>genesis block</p> Signup and view all the answers

    What is one main application of blockchain technology?

    <p>Healthcare management</p> Signup and view all the answers

    Match the following blockchain features with their descriptions:

    <p>Decentralization = No central authority controlling the network Security = Data is encrypted and immutable Transparency = All transactions can be viewed by authorized users Distributed ledger = Copies of the ledger are maintained across multiple nodes</p> Signup and view all the answers

    Blockchain technology can help in creating an immutable data backup.

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

    Who created Bitcoin?

    <p>Satoshi Nakamoto</p> Signup and view all the answers

    What is one of the main characteristics of cryptocurrency?

    <p>It is a decentralized digital payment system.</p> Signup and view all the answers

    Bitcoin is the first decentralized digital currency.

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

    What mechanism does a sidechain utilize to connect to the Ethereum Mainnet?

    <p>Two-way bridge</p> Signup and view all the answers

    A _____ is a digital system for recording transactions in which details are recorded in multiple locations simultaneously.

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

    Which of the following best describes a semi-private blockchain?

    <p>Its public part is open for anyone, while the private part is controlled by a group.</p> Signup and view all the answers

    Distributed ledgers have a central data store that manages all transactions.

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

    Match the following blockchain concepts with their descriptions:

    <p>Tendermint = Example of a consortium blockchain P2P Network = Allows decentralized transactions without intermediaries Cryptocurrency = Digital currency secured by cryptography Sidechain = A separate blockchain connected to a main blockchain by a bridge</p> Signup and view all the answers

    Name a security feature inherent in blockchain technology.

    <p>Cryptographic security</p> Signup and view all the answers

    What is a disadvantage of the Proof of Work process?

    <p>Larger mining pools have greater chances of mining valid blocks.</p> Signup and view all the answers

    Ethereum is solely managed by a single entity.

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

    What does Ethereum primarily support in addition to its cryptocurrency?

    <p>Decentralized applications (dApps)</p> Signup and view all the answers

    Smart contracts are embedded in computerized codes on a ______.

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

    Match the following terms with their definitions:

    <p>Proof of Work = A computational mechanism to validate transactions. Smart Contracts = Self-executing agreements with predefined rules. Decentralization = Distribution of control among multiple entities. P2P Network = A direct connection between users for transactions.</p> Signup and view all the answers

    Which of the following best describes how Ethereum expands on Bitcoin's capabilities?

    <p>By allowing for complex agreements and new rules of ownership.</p> Signup and view all the answers

    The history of all smart contracts is stored solely on the Ethereum platform's server.

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

    Who facilitates transactions between parties in a peer-to-peer network like Ethereum?

    <p>No third party is needed, the network facilitates directly.</p> Signup and view all the answers

    Study Notes

    Blockchain Technology Overview

    • Blockchain serves as a secure network for transactions, protecting sensitive data from unauthorized access.
    • Types of blockchain include permissionless (public) and semi-private variants.
    • Core applications encompass voting management systems, supply chain management, healthcare, real estate, NFT marketplaces, copyright protection, and identity systems.

    Key Blockchain Definitions

    • Blockchain: A distributed ledger operating on a peer-to-peer network.
    • P2P: Stands for "Peer to Peer," emphasizing direct interaction without intermediaries.
    • Genesis Block: The first block in a blockchain, foundational for subsequent transactions.
    • Cryptocurrency: Digital currency utilizing cryptography for security, characterized by decentralization and eliminating the need for traditional banking institutions.

    Permissionless vs. Private Blockchains

    • Permissionless Blockchain: Open-access for all participants, operates without central authority, allows everyone with good hardware and internet to participate.
    • Semi-private Blockchain: Combines public participation with private controls enforced by a specific group.

    Sidechains and Distributed Ledger Technology

    • Sidechain: A separate blockchain connected to a main blockchain (e.g., Ethereum) via a two-way bridge; operates independently with tailored parameters.
    • Distributed Ledger: A decentralized digital system that records transactions across multiple locations simultaneously, lacking a central data store.

    Cryptocurrency Insights

    • Cryptocurrencies operate without central regulatory authorities, relying on decentralized systems to document transactions.
    • Transactions are recorded in public ledgers, while digital wallets serve as storage for cryptocurrencies.

    Bitcoin Specifics

    • Bitcoin is the inaugural decentralized digital currency, employing a Proof of Work consensus mechanism.
    • Larger mining pools dominate block validation due to their computational power, disadvantaging smaller miners.

    Ethereum and Smart Contracts

    • Ethereum: A blockchain platform supporting the cryptocurrency ether (ETH) and decentralized applications (dApps); operates independently of any single entity.
    • Smart Contracts: Digital agreements coded on the blockchain that self-execute when predefined conditions are met; allow for complex transactions beyond simple monetary exchanges.

    Ethereum's Blockchain Features

    • The Ethereum blockchain maintains a complete history of all smart contracts, stored by a worldwide network of volunteers.

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    Related Documents

    BLOCK CHAIN_INTRO.pptx

    Description

    Explore the fundamentals of blockchain technology including its types, core applications, and key definitions. This quiz covers permissionless and private blockchains, alongside concepts like cryptocurrency and the genesis block. Test your knowledge and understanding of how blockchain serves as a secure network for transactions.

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