Understanding Ethereum and Smart Contracts
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Questions and Answers

What vulnerabilities were exploited in the attack on The DAO in June 2016?

  • SQL injections
  • Buffer overflows
  • Cross-site scripting
  • Recursive calls (correct)

What was the value of the Ether gained by the user who attacked The DAO?

  • $25 million
  • $100 million
  • $50 million (correct)
  • $10 million

What was the holding period for the funds put into an account after The DAO attack?

  • 14 days
  • 7 days
  • 28 days (correct)
  • 60 days

Which type of system is discussed for applications with blockchain in the provided text?

<p>Decentralized systems (C)</p> Signup and view all the answers

How do participants enter the lottery in a decentralized way according to the text?

<p>By initiating cryptocurrency transactions to the smart contract (A)</p> Signup and view all the answers

What is the purpose of transparent bidding in the context of auctions?

<p>To ensure fairness and visibility for all participants (A)</p> Signup and view all the answers

What is the first step in setting up a voting system using blockchain technology?

<p>Enabling voter registration by allowing participants to create blockchain-based identities (C)</p> Signup and view all the answers

How does automating bid validation benefit auction processes?

<p>It ensures fair and tamper-proof auction processes (C)</p> Signup and view all the answers

What is a key advantage of using smart contracts in auctions?

<p>Efficient and automated processes (B)</p> Signup and view all the answers

How does blockchain voting ensure transparency and authenticity?

<p>Using cryptographic signatures for voters to cast votes (D)</p> Signup and view all the answers

What is the role of decentralized validation in a blockchain-based voting system?

<p>Preventing manipulation by having each node verify votes (B)</p> Signup and view all the answers

Why is immediate transaction settlement beneficial in auctions?

<p>Provides quick and secure transfers of assets (A)</p> Signup and view all the answers

In a blockchain voting system, what does tokenizing voting rights mean?

<p>Limiting each voter to a verifiable number of tokens based on eligibility (B)</p> Signup and view all the answers

What role does blockchain consensus play in creating a trustless environment in auctions?

<p>Establishes trust by eliminating the need for a central authority (D)</p> Signup and view all the answers

Why is record keeping on the blockchain important in a voting system?

<p>To provide an immutable and transparent ledger that can be audited (D)</p> Signup and view all the answers

What is the purpose of utilizing blockchain's pseudorandomness in lotteries?

<p>To ensure fair and unpredictable winner selection (D)</p> Signup and view all the answers

How does recording lottery transactions on the blockchain help with auditability?

<p>It provides an immutable record of all transactions (D)</p> Signup and view all the answers

What benefit do smart contracts bring to auctions?

<p>Automating the entire auction process (A)</p> Signup and view all the answers

How does blockchain technology help establish a trustless environment in lotteries?

<p>By enabling trust through blockchain consensus (C)</p> Signup and view all the answers

What does tokenizing auction items using blockchain tokens represent?

<p>Ownership and transfer rights (D)</p> Signup and view all the answers

How are refunds handled if the funding goal is not met in a campaign?

<p>Contributors need to request refunds. (B)</p> Signup and view all the answers

What function do users call to join the DAO and become members with voting power?

<p>joinDAO (B)</p> Signup and view all the answers

How can members express support or opposition to proposals in the DAO?

<p>By voting using the 'vote' function (A)</p> Signup and view all the answers

What happens if a proposal in the DAO receives enough support?

<p>The proposal can be executed by the DAO. (C)</p> Signup and view all the answers

What is one of the functions of emitted events in the DAO process?

<p>To track and understand activities in the DAO (A)</p> Signup and view all the answers

What is the main feature of Ethereum that allows smart contracts to run on a decentralized blockchain?

<p>Ethereum Virtual Machine (C)</p> Signup and view all the answers

In a crowdfunding smart contract on Ethereum, what happens if the total funding reaches the goal set?

<p>The contract transitions to the 'Successful' state (B)</p> Signup and view all the answers

Which feature of smart contracts in Ethereum ensures that transactions run exactly as programmed without interference?

<p>Immutable Execution (A)</p> Signup and view all the answers

What happens to a crowdfunding smart contract in Ethereum if the deadline is reached and the funding goal is not met?

<p>It transitions to the 'Expired' state (C)</p> Signup and view all the answers

Why are smart contracts in Ethereum considered to be resistant to downtime and third-party interference?

<p>Self-execution based on programmed conditions (D)</p> Signup and view all the answers

What is the main method by which PoW achieves consensus?

<p>Solving complex mathematical puzzles (C)</p> Signup and view all the answers

How is consensus achieved in a PoS system?

<p>Through validators based on their stake in the network (B)</p> Signup and view all the answers

What is required for a successful 51% attack in a PoW system?

<p>Having more computational power than the rest of the honest network combined (D)</p> Signup and view all the answers

How does the difficulty level change in PoW over time?

<p>Adjusts to maintain a constant block generation time (B)</p> Signup and view all the answers

What factor influences the selection process of validators in PoS systems?

<p>The amount of cryptocurrency they hold and are willing to stake (D)</p> Signup and view all the answers

What is essential for a successful 51% attack in a PoS system?

<p>Acquiring a majority of the total cryptocurrency tokens (C)</p> Signup and view all the answers

In PoW, what does a miner need to do to add a new block to the blockchain?

<p>Find a hash value that meets specific criteria (D)</p> Signup and view all the answers

How do validators in PoS take turns proposing and validating blocks?

<p>Based on their cryptocurrency stake (D)</p> Signup and view all the answers

What is required for a successful 51% attack in a PoW system?

<p>Gaining control of more than 50% of the total hash rate (A)</p> Signup and view all the answers

What does a 51% attack involve in a PoS system?

<p>Acquiring a majority of the total cryptocurrency tokens. (D)</p> Signup and view all the answers

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