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Introduction to Blockchain: What is Blockchain and How Does it Work?

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Introduction to Blockchain: What is Blockchain and How Does it Work?

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Questions and Answers

What is a primary characteristic of blockchain technology?

Centralized database

Requires a central authority

High transparency and security (correct)

Easy to change recorded data

Which method is more energy-efficient in blockchain technology?

Proof of Stake (correct)

Proof of Work

Neither

Both have the same energy consumption

What is the process of mining in blockchain technology?

Solving simple mathematical problems

Selecting validators based on coin holdings

Using computer power to solve complex mathematical problems (correct)

None of the above

In a trustless environment created by blockchain, what is not required?

Parties need to know each other Signup and view all the answers

What is the definition of blockchain technology?

A decentralized system with copies of the ledger on multiple computers Signup and view all the answers

What is the process involved in Proof of Work?

Solving complex puzzles to validate transactions Signup and view all the answers

What happens once data is recorded in the blockchain?

It becomes immutable Signup and view all the answers

What is the purpose of smart contracts in blockchain technology?

Automating transactions based on predefined conditions Signup and view all the answers

How are miners rewarded in blockchain technology?

With cryptocurrency for successfully validating a new block Signup and view all the answers

What ensures the security of transactions in blockchain technology?

Each transaction is encrypted and linked to the previous one Signup and view all the answers