Understanding Blockchain Fundamentals Quiz
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Questions and Answers

What is the definition of Blockchain?

  • An open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way (correct)
  • A decentralized autonomous organization
  • A digital currency that doesn’t require a centralized authority to work or function
  • A process of distributing free cryptocurrency coins to the general public

    • What is Airdrop in the context of Blockchain?

  • The first cryptocurrency that came into existence in 2009 by Satoshi Nakamoto
  • A process of distributing free cryptocurrency coins to the general public (correct)
  • A decentralized autonomous organization
  • Any cryptocurrency other than Bitcoin

    • What does Altcoin refer to in the context of Blockchain?

  • A digital currency that doesn’t require a centralized authority to work or function
  • An open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way
  • Any cryptocurrency other than Bitcoin (correct)
  • A process of distributing free cryptocurrency coins to the general public

    • What is Bitcoin in the context of Blockchain?

    <p>The first cryptocurrency that came into existence in 2009 by Satoshi Nakamoto</p> Signup and view all the answers

    What does DAO stand for in the context of Blockchain?

    <p>A decentralized autonomous organization</p> Signup and view all the answers

    What is the main characteristic of Blockchain technology as per the given text?

    <p>It is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way</p> Signup and view all the answers

    What does dApp stand for?

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

    What is ERC-20?

    <p>A technical standard for issuing tokens on Ethereum blockchain</p> Signup and view all the answers

    What is Ether in the context of the Ethereum network?

    <p>Fuel that powers the distributed Ethereum network</p> Signup and view all the answers

    What is Fiat in the context of cryptocurrency?

    <p>Government-controlled currency declared as legal tender</p> Signup and view all the answers

    What does ICO stand for in the context of blockchain?

    <p>Initial Coin Offering used by startups to raise funds</p> Signup and view all the answers

    What is the main characteristic of Mainnet in a blockchain environment?

    <p>Ability to transfer digital currencies between users in a blockchain environment</p> Signup and view all the answers

    What is a 51% attack in blockchain technology?

    <p>Exploitable vulnerability if a group of miners controls 51% of the hash rate</p> Signup and view all the answers

    What is a utility token in the context of blockchain?

    <p>Token used for accessing a product or service</p> Signup and view all the answers

    'DYOR' stands for:

    <p>'Do Your Own Research'</p> Signup and view all the answers

    'FOMO' stands for:

    <p>'Fear Of Missing Out'</p> Signup and view all the answers

    Smart contracts offer total transparency, no miscommunication, efficient performance, no paperwork, backup, trustworthy, and guaranteed outcomes

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

    Smart contracts do not have the disadvantage of confidentiality

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

    Web 3.0 is the 2nd generation of the internet

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

    FUD stands for Fear, Uncertainty, and Doubt

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

    ICO is used by startups to raise funds by selling fiat currency

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

    Rogue contracts are not a disadvantage of smart contracts

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

    Ether is the fuel that powers the Bitcoin network

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

    DApp stands for the centralized applications that run under the control of a central authority

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

    FOMO stands for Fear Of Missing Out

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

    Blockchain technology is not overhyped according to the given text

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

    Blockchain is a centralized ledger that records transactions between two parties.

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

    Bitcoin is the first cryptocurrency that came into existence in 2009 by Satoshi Nakamoto.

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

    DAO stands for the decentralized anonymous organization.

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

    Altcoin refers to any cryptocurrency other than Bitcoin.

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

    Smart contracts are not a part of Blockchain technology.

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

    An airdrop is a process of distributing free cryptocurrency coins to the general public.

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

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