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Crypto-currency, smart contracts, application stack
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Crypto-currency, smart contracts, application stack

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Questions and Answers

What is the main purpose of a master node in Dash cryptocurrency?

  • To mix coins and hide transaction records (correct)
  • To increase block generation time
  • To perform real-time transactions
  • To mine new coins

    • How does Dash achieve instant transactions?

  • By using smart contracts
  • By implementing proof-of-stake consensus
  • By increasing block generation time
  • By reducing block generation time to 1 second (correct)

    • What is a unique characteristic of blockchain application stacks compared to traditional software application stacks?

  • They do not involve smart contracts
  • They are not distributed across nodes
  • They are centralized in nature
  • They are decentralized and distributed (correct)

    • Who first proposed the concept of smart contracts?

    <p>Nick Szabo</p> Signup and view all the answers

    What is another term used to refer to a smart contract?

    <p>Self-executing language</p> Signup and view all the answers

    What is a dApp?

    <p>A software program designed to exist on the Internet not controlled by any single entity</p> Signup and view all the answers

    How do traditional websites interact with databases?

    <p>Front End → API → Database</p> Signup and view all the answers

    What technology is used in traditional web applications to render a page?

    <p>HTML, CSS, and Javascript</p> Signup and view all the answers

    What is the critical difference between dApps and traditional web applications in terms of database connection?

    <p>Smart Contracts connecting to a database</p> Signup and view all the answers

    What security failure is mentioned in the text related to dApps?

    <p>The DAO - digital decentralized autonomous organization</p> Signup and view all the answers

    What is the primary example of a blockchain application in the text?

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

    Which term is used to describe cryptocurrencies alternative to Bitcoin?

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

    What makes it difficult for beginners and non-professionals to enter the Bitcoin market?

    <p>High competition</p> Signup and view all the answers

    Why are Bitcoin and other cryptocurrencies considered digital assets?

    <p>Absence of institutional framework such as regulation and oversight</p> Signup and view all the answers

    How are altcoins different from Bitcoin in terms of popularity?

    <p>Altcoins are less popular than Bitcoin</p> Signup and view all the answers

    When was LiteCoin released as an open-source client on GitHub?

    <p>October 7, 2011</p> Signup and view all the answers

    What differs LiteCoin from Bitcoin primarily?

    <p>All of the above</p> Signup and view all the answers

    What is the primary advantage of clean bitcoins in the context of anonymous transactions?

    <p>They have no history linking ownership of the coins to specific wallet addresses</p> Signup and view all the answers

    What additional functions does Dash have compared to LiteCoin?

    <p>Anonymous transaction and instant transaction</p> Signup and view all the answers

    How do FPGA and ASIC devices for mining Litecoin compare to those for Bitcoin?

    <p>More complicated to create and more expensive to produce</p> Signup and view all the answers

    What is a crypto-currency?

    <p>A digital asset similar to fiat currency but lacking institutional regulation and oversight.</p> Signup and view all the answers

    What does the term 'altcoin' refer to?

    <p>Any cryptocurrency alternative to Bitcoin.</p> Signup and view all the answers

    Why is it difficult for beginners and non-professionals to enter the Bitcoin market?

    <p>The Bitcoin market is extremely competitive, making it expensive and challenging for newcomers to participate.</p> Signup and view all the answers

    What is the main advantage of altcoins compared to Bitcoin?

    <p>Altcoins provide alternatives to Bitcoin in the competitive cryptocurrency market.</p> Signup and view all the answers

    What is the primary example of a blockchain application provided in the text?

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

    How are altcoins different from Bitcoin in terms of popularity?

    <p>Altcoins are less popular and widespread compared to Bitcoin.</p> Signup and view all the answers

    What is the main purpose of a master node in Dash cryptocurrency?

    <p>To hide transaction records by mixing coins</p> Signup and view all the answers

    Who first proposed the concept of smart contracts?

    <p>Nick Szabo</p> Signup and view all the answers

    What is the primary advantage of clean bitcoins in the context of anonymous transactions?

    <p>Enhanced anonymity</p> Signup and view all the answers

    What technology is used in traditional web applications to render a page?

    <p>Application stack</p> Signup and view all the answers

    How does Dash achieve instant transactions?

    <p>By reducing block generation time to 1 second</p> Signup and view all the answers

    How do FPGA and ASIC devices for mining Litecoin compare to those for Bitcoin?

    <p>They are less competitive and more accessible</p> Signup and view all the answers

    Who released LiteCoin as an open-source client on GitHub?

    <p>Charlie Lee</p> Signup and view all the answers

    What are the primary differences between LiteCoin and Bitcoin, as mentioned in the text?

    <ol> <li>Decreased block generation time (2.5 minutes), 2) Increased maximum number of coins, 3) Different hashing algorithm (Scrypt instead of SHA-256)</li> </ol> Signup and view all the answers

    What additional functions does Dash offer compared to LiteCoin?

    <p>Dash offers anonymous transactions and instant transactions.</p> Signup and view all the answers

    How do FPGA and ASIC devices for mining Litecoin differ from those for Bitcoin?

    <p>FPGA and ASIC devices for mining Litecoin are more complicated and expensive to produce than those for Bitcoin.</p> Signup and view all the answers

    Why are 'clean bitcoins' considered valuable in the context of anonymous transactions?

    <p>'Clean bitcoins' are valuable because they have no transaction history linking ownership to specific wallet addresses.</p> Signup and view all the answers

    What is the primary advantage of blockchain application stacks over traditional software application stacks?

    <p>Blockchain application stacks offer transparency and immutability compared to traditional software stacks.</p> Signup and view all the answers

    Explain the main difference between a traditional web application and a dApp in terms of database connection.

    <p>In a traditional web application, an API connects to a database. In a dApp, a Smart Contract connects to a blockchain.</p> Signup and view all the answers

    What technology is utilized by traditional web applications to render a page?

    <p>HTML, CSS, and Javascript.</p> Signup and view all the answers

    Define what a dApp is in relation to a 'blockchain enabled' website.

    <p>A dApp is a website where the front end interacts with a Smart Contract that connects to a blockchain.</p> Signup and view all the answers

    Explain the security failure mentioned in the text related to dApps.

    <p>The DAO was a digital decentralized autonomous organization that suffered a security failure.</p> Signup and view all the answers

    What type of software programs are designed to exist on the Internet without being controlled by a single entity?

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

    What type of network do traditional dApps like BitTorrent, Popcorn Time, BitMessage, and Tor run on?

    <p>P2P (Peer-to-Peer) network.</p> Signup and view all the answers

    What is the primary difference between decentralized applications (dApps) and traditional applications?

    <p>dApps are run on a P2P network of computers, while traditional applications run on a single computer.</p> Signup and view all the answers

    What are some issues commonly found in Ethereum smart contracts according to the text?

    <p>Ambiguities, easy but insecure constructs, compiler bugs, Ethereum Virtual Machine bugs, attacks on the blockchain network, and immutability of bugs.</p> Signup and view all the answers

    What is the main characteristic of blockchain application stacks that sets them apart from traditional software application stacks?

    <p>The blockchain application stacks are immutable, meaning once deployed, they cannot be easily changed.</p> Signup and view all the answers

    What are altcoins and how do they differ from Bitcoin in terms of popularity?

    <p>Altcoins are cryptocurrencies alternative to Bitcoin. They differ in popularity as they are not as widely recognized or adopted as Bitcoin.</p> Signup and view all the answers

    In the context of a smart contract example provided in the text, what does Alice agree to pay and to whom?

    <p>$1 to the account that will receive the highest amount in the next 10 blocks.</p> Signup and view all the answers

    What is the primary advantage of decentralized applications (dApps) over traditional applications?

    <p>Decentralized applications offer more transparency and resilience due to their P2P network setup.</p> Signup and view all the answers

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