Podcast
Questions and Answers
What characteristic most distinguishes NFTs from standard fungible tokens?
What characteristic most distinguishes NFTs from standard fungible tokens?
- NFTs are non-fungible, representing unique assets. (correct)
- NFTs are divisible, whereas standard tokens are not.
- NFTs are custodial, requiring a central authority for management.
- NFTs are interoperable across different blockchain platforms.
Which of the following is a common criticism associated with NFTs?
Which of the following is a common criticism associated with NFTs?
- Centralized nature, requiring a custodian for management (correct)
- Limited interoperability across blockchain networks
- Inability to be used for digital art and collectibles
- Decentralized control, making them susceptible to manipulation
How do decentralized exchanges (DEXs) differ from centralized exchanges (CEXs) regarding their operational structure?
How do decentralized exchanges (DEXs) differ from centralized exchanges (CEXs) regarding their operational structure?
- DEXs are managed by intermediaries, whereas CEXs operate peer-to-peer.
- DEXs have higher trading fees compared to CEXs.
- DEXs operate peer-to-peer without third parties, whereas CEXs are managed by intermediaries. (correct)
- DEXs offer a limited range of trading pairs compared to CEXs.
Which of the following exchanges is an example of a Decentralized Exchange (DEX)?
Which of the following exchanges is an example of a Decentralized Exchange (DEX)?
What is the primary function of the ERC-20 standard in the Ethereum blockchain?
What is the primary function of the ERC-20 standard in the Ethereum blockchain?
What is the Ethereum Virtual Machine (EVM)?
What is the Ethereum Virtual Machine (EVM)?
What factor does the Howey Test primarily evaluate to determine whether an asset qualifies as a security?
What factor does the Howey Test primarily evaluate to determine whether an asset qualifies as a security?
Which action characterizes phishing in the context of cryptocurrency security?
Which action characterizes phishing in the context of cryptocurrency security?
What defines a 51% attack on a blockchain network?
What defines a 51% attack on a blockchain network?
What is the purpose of a private key in cryptocurrency transactions?
What is the purpose of a private key in cryptocurrency transactions?
What is the main objective of zk-Rollups as Layer 2 solutions for Ethereum?
What is the main objective of zk-Rollups as Layer 2 solutions for Ethereum?
Which of the following represents a trade-off associated with zk-Rollups?
Which of the following represents a trade-off associated with zk-Rollups?
Which of the following is a platform that utilizes zk-Rollup technology?
Which of the following is a platform that utilizes zk-Rollup technology?
What is the term for the base layer of a blockchain network, such as Bitcoin or Ethereum, which provides the fundamental infrastructure for transaction processing and security?
What is the term for the base layer of a blockchain network, such as Bitcoin or Ethereum, which provides the fundamental infrastructure for transaction processing and security?
Which of the following best describes the function of Layer 0 in the context of blockchain technology?
Which of the following best describes the function of Layer 0 in the context of blockchain technology?
What is the primary role of scaling solutions like Arbitrum and Polygon, which operate as 'Layer 2' in the blockchain ecosystem?
What is the primary role of scaling solutions like Arbitrum and Polygon, which operate as 'Layer 2' in the blockchain ecosystem?
Who is credited with creating the Ethereum blockchain ecosystem?
Who is credited with creating the Ethereum blockchain ecosystem?
Which of the following individuals is recognized as the creator of Solana?
Which of the following individuals is recognized as the creator of Solana?
Which activity constitutes a key use case for tokens within blockchain ecosystems?
Which activity constitutes a key use case for tokens within blockchain ecosystems?
Which of the following use cases involves locking up tokens to earn rewards or interest?
Which of the following use cases involves locking up tokens to earn rewards or interest?
What do stablecoins aim to mitigate in the cryptocurrency market?
What do stablecoins aim to mitigate in the cryptocurrency market?
Which type of stablecoin maintains its peg to a fiat currency or other asset through algorithms?
Which type of stablecoin maintains its peg to a fiat currency or other asset through algorithms?
Which of the following is a characteristic often attributed to memecoins?
Which of the following is a characteristic often attributed to memecoins?
Which of the following is an example of a memecoin?
Which of the following is an example of a memecoin?
How does blockchain technology enhance security compared to traditional systems?
How does blockchain technology enhance security compared to traditional systems?
What role does the consensus mechanism play in a blockchain network?
What role does the consensus mechanism play in a blockchain network?
Which statement accurately characterizes the concept of 'immutability' in the context of blockchain technology?
Which statement accurately characterizes the concept of 'immutability' in the context of blockchain technology?
What is the role of nodes in a blockchain network?
What is the role of nodes in a blockchain network?
How do smart contracts automate processes on the blockchain?
How do smart contracts automate processes on the blockchain?
Which of the following defines the concept of decentralization in blockchain networks?
Which of the following defines the concept of decentralization in blockchain networks?
In what way can blockchain technology be utilized to streamline voting processes?
In what way can blockchain technology be utilized to streamline voting processes?
How does blockchain facilitate the creation and management of digital identities?
How does blockchain facilitate the creation and management of digital identities?
Which of the following is a key application of DeFi (Decentralized Finance)?
Which of the following is a key application of DeFi (Decentralized Finance)?
What is the primary role of oracles in decentralized applications (dApps)?
What is the primary role of oracles in decentralized applications (dApps)?
Which factor significantly contributes to the energy consumption concerns associated with certain blockchain networks?
Which factor significantly contributes to the energy consumption concerns associated with certain blockchain networks?
Which approach is employed by Proof-of-Stake (PoS) to validate transactions and maintain network security?
Which approach is employed by Proof-of-Stake (PoS) to validate transactions and maintain network security?
Flashcards
What makes NFTs unique?
What makes NFTs unique?
Non-fungible and typically 1:1 unique tokens.
Top NFT collections?
Top NFT collections?
Bored Ape, CryptoPunks, Azuki, Pudgy Penguins, Bonkz.
Pros and cons of NFTs?
Pros and cons of NFTs?
Pros: Interoperable, fast. Cons: Custodial, centralized.
CEX vs. DEX?
CEX vs. DEX?
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Examples of CEXs and DEXs?
Examples of CEXs and DEXs?
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What is ERC-20 used for?
What is ERC-20 used for?
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What is EVM?
What is EVM?
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What does the Howey Test determine?
What does the Howey Test determine?
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What is phishing in crypto?
What is phishing in crypto?
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What is a 51% attack?
What is a 51% attack?
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Define private key.
Define private key.
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What are zk-Rollups?
What are zk-Rollups?
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Pros and cons of zk-Rollups?
Pros and cons of zk-Rollups?
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Examples of zk-Rollup platforms?
Examples of zk-Rollup platforms?
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Three main layers in blockchain?
Three main layers in blockchain?
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3 major blockchain ecosystems and their creators?
3 major blockchain ecosystems and their creators?
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4 key uses of tokens?
4 key uses of tokens?
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What are stablecoins?
What are stablecoins?
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Types of stablecoins?
Types of stablecoins?
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What are memecoins?
What are memecoins?
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Study Notes
NFTs (Non-Fungible Tokens)
- NFTs are unique because they are non-fungible and 1:1 unique.
- Some top NFT collections include Bored Ape, CryptoPunks, Azuki, Pudgy Penguins, and Bonkz.
- The pros of NFTs are that they are interoperable and fast.
- The cons of NFTs are that they are custodial and centralized.
Exchanges
- CEXs are managed by intermediaries.
- DEXs are peer-to-peer without third parties.
- Examples of CEXs include Binance, Coinbase, OKX, KuCoin, and Kraken.
- Examples of DEXs include Uniswap, PancakeSwap, dYdX, and Raydium.
Ethereum and Token Standards
- ERC-20 is a standard for creating fungible tokens on Ethereum.
- EVM (Ethereum Virtual Machine) is a decentralized computer engine that runs smart contracts.
- The Howey Test determines whether a token is a security or a utility.
Blockchain Security & Risks
- Phishing in crypto involves scammers sending malicious links to steal information.
- A 51% attack occurs when a group controls over 50% of network power, which allows them to manipulate the network.
- A private key is a secret string used to authorize transactions.
zk-Rollups & Layer 2 Solutions
- Zk-Rollups are Ethereum Layer 2 scaling solutions that batch transactions for efficiency.
- The pros of zk-Rollups are that they are scalable, secure, and faster.
- The cons of zk-Rollups are that they require heavy compute power and are complex.
- Examples of zk-Rollup platforms are zkSync, Starkware, and Aztec.
Layers of Blockchain
- The three main layers in blockchain are Layer 0, Layer 1, and Layer 2.
- Layer 0 is for interoperability (e.g., Cosmos).
- Layer 1 includes base blockchains (e.g., Bitcoin, Ethereum).
- Layer 2 consists of scaling solutions (e.g., Arbitrum, Polygon).
Ecosystems
- Three major blockchain ecosystems and their creators:
- Bitcoin was created by Satoshi Nakamoto.
- Ethereum was created by Vitalik Buterin.
- Solana was created by Anatoly Yakovenko.
Token Utility
- Four key uses of tokens:
- Payment
- Farming
- Staking
- Governance
Stablecoins
- Stablecoins are cryptocurrencies pegged to fiat, commodities, or crypto to reduce volatility.
- Types of stablecoins:
- Fiat-collateralized (e.g., USDT)
- Commodity-backed (e.g., Paxos Gold)
- Crypto-backed (e.g., DAI)
- Algorithmic (e.g., UST - now failed)
Memecoins
- Memecoins are joke coins with no inherent value or utility (e.g., Doge, Pepe, Shiba).
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