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Questions and Answers
What is the purpose of mining?
What is the purpose of mining?
- To authenticate data on the blockchain (correct)
- To increase the capacity of the financial system
- To verify and authenticate transactions
- To alter or remove data
What is the main benefit of blockchain technology?
What is the main benefit of blockchain technology?
- Security
- Transparency (correct)
- Immutability
- Flexibility
What is the main advantage of using smart contracts?
What is the main advantage of using smart contracts?
- They are difficult to hack
- They are secure and permanent
- They can be executed automatically (correct)
- They can be used to store data
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Study Notes
- Blockchain is a distributed ledger technology that allows for transparency and security in transactions.
- The blockchain is immutable and permanent, meaning no one can alter or remove the data.
- Mining is the process of verifying and authenticating data on the blockchain.
- Smart contracts are programs that are executed automatically on the blockchain.
- The blockchain increases the capacity of the financial system by allowing for more computers to work together without dependency.
- The blockchain is difficult to hack and is permanent.
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