Understanding Ethereum and Smart Contracts
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Questions and Answers

What is the purpose of conducting transparent bidding in an auction process?

  • To reduce the risk of fraudulent activities during bidding (correct)
  • To establish trust through blockchain consensus
  • To automate bid validation within the smart contract
  • To enable participation from anywhere in the world

    • How does automatic bid validation benefit auction processes?

  • By automating the settlement of transactions immediately
  • By establishing trust through blockchain consensus
  • By ensuring fair and tamper-proof validation (correct)
  • By enabling participation from anywhere in the world

    • What does the winner determination in an auction rely on in this context?

  • The manual intervention in the bidding process
  • The highest bidder determined automatically by smart contract logic (correct)
  • The geographical location of the participants
  • The elimination of central authorities

    • How does blockchain technology contribute to a trustless environment in auctions?

    <p>By providing immutable records and transparent processes</p> Signup and view all the answers

    What is one key advantage of immediate transaction settlement after an auction concludes?

    <p>It enables quick and secure transfers of assets</p> Signup and view all the answers

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

    <p>Recursive call vulnerabilities</p> Signup and view all the answers

    How much Ether did the user gain control of during the attack on The DAO?

    <p>3.6 million Ether</p> Signup and view all the answers

    What was the value of the affected Ether at the time of the attack on The DAO?

    <p>$50M</p> Signup and view all the answers

    What is the first step in setting up a lottery using smart contracts on the blockchain?

    <p>Smart contract deployment</p> Signup and view all the answers

    How do participants enter a lottery implemented with smart contracts on the blockchain?

    <p>By making cryptocurrency transactions to the smart contract</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</p> Signup and view all the answers

    How does blockchain technology contribute to reducing fraud in lotteries?

    <p>By providing transparent processes and immutable records</p> Signup and view all the answers

    What is the benefit of automatic prize distribution in lotteries?

    <p>It speeds up the distribution process and eliminates delays</p> Signup and view all the answers

    Why is bidder registration important in auctions conducted on the blockchain?

    <p>To ensure transparency and traceability of bidders</p> Signup and view all the answers

    How do smart contracts contribute to automating the auction process?

    <p>By automating the entire auction process and minimizing manual intervention</p> Signup and view all the answers

    What is the first step in deploying a secure voting system on a blockchain platform?

    <p>Enabling voter registration by creating blockchain-based identities</p> Signup and view all the answers

    How does the voting process ensure transparency and authenticity?

    <p>By allowing voters to use cryptographic signatures</p> Signup and view all the answers

    What role does decentralization play in the validation of votes in a blockchain-based voting system?

    <p>Each network node verifies the legitimacy of votes</p> Signup and view all the answers

    How does tokenizing voting rights contribute to the security of the voting process?

    <p>It ensures each voter has a verifiable number of tokens</p> Signup and view all the answers

    What is the purpose of recording all voting transactions and results on the blockchain?

    <p>To create an immutable and transparent ledger that can be audited</p> Signup and view all the answers

    How do contributors receive refunds in the case of a failed campaign in Ethereum?

    <p>By manually requesting refunds if the funding goal is not met</p> Signup and view all the answers

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

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

    How are proposals executed within the DAO?

    <p>Through a voting process if they receive enough support</p> Signup and view all the answers

    What is the purpose of emitting events in the DAO process?

    <p>To track and understand the DAO's activities</p> Signup and view all the answers

    How is voting power determined for members in the DAO?

    <p>By the amount of funds contributed to the DAO</p> Signup and view all the answers

    What is Ethereum's Virtual Machine used for?

    <p>Running smart contracts on a decentralized blockchain</p> Signup and view all the answers

    What happens if the crowdfunding goal is not met in the Ethereum Smart Contract?

    <p>The contract transitions to the Expired state</p> Signup and view all the answers

    What type of transactions do smart contracts enable in Ethereum?

    <p>Automated transactions</p> Signup and view all the answers

    In the Ethereum crowdfunding Smart Contract, who can claim the funds if the goal is met?

    <p>The project owner</p> Signup and view all the answers

    What happens if the Ethereum Smart Contract reaches its campaign deadline and the goal is met?

    <p>The project owner can claim the funds</p> Signup and view all the answers

    What is the method used in Proof-of-Work (PoW) to achieve consensus?

    <p>Miners solving complex mathematical puzzles</p> Signup and view all the answers

    How is the right to add a new block to the blockchain determined in PoW?

    <p>By solving the mathematical puzzle first</p> Signup and view all the answers

    What is a 51% attack in a Proof-of-Work (PoW) system?

    <p>Gaining control of over 50% of the total hash rate</p> Signup and view all the answers

    How does Proof-of-Stake (PoS) achieve consensus?

    <p>Based on the amount of cryptocurrency held and staked</p> Signup and view all the answers

    What does a 51% attack involve in a Proof-of-Stake (PoS) system?

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

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

    <p>Based on their stake in the network</p> Signup and view all the answers

    What influences the selection process of validators in Proof-of-Stake (PoS)?

    <p>The validator's stake and randomness</p> Signup and view all the answers

    What is required for a 51% attack in Proof-of-Work (PoW)?

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

    In PoW, how does the difficulty of the puzzles adjust over time?

    <p>To maintain a relatively constant block generation time</p> Signup and view all the answers

    'Staking' cryptocurrency is a characteristic of which consensus mechanism?

    <p>'Proof-of-Stake' (PoS)</p> Signup and view all the answers

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