10 Questions
What is a blockchain?
A decentralized, distributed ledger technology
Question 2:** Which of the following is NOT a characteristic of blockchain?
Centralized
How are blocks linked together in a blockchain?
Through cryptographic hashes
Which type of blockchain is open to everyone and fully decentralized?
Public blockchain
Who introduced the concept of Bitcoin and blockchain technology?
Satoshi Nakamoto
What is a key advantage of blockchain's decentralized nature?
It enhances security and resilience against attacks.
Which consensus mechanism involves miners solving complex mathematical puzzles?
Proof of Work (PoW)
What is a major drawback of the Proof of Work (PoW) consensus mechanism?
High energy consumption
What is the role of a node in a blockchain network?
To store and validate the blockchain
Which blockchain platform introduced the concept of smart contracts?
Ethereum
Study Notes
Blockchain Basics
- A blockchain is a decentralized, digital ledger that records transactions and data across multiple computers within a network
- It uses cryptography to secure and validate transactions, making it a secure way to conduct transactions and store data
- A blockchain consists of a chain of blocks, each containing data, and once data is written to a block, it cannot be altered or deleted
- The decentralized nature of blockchain technology allows for peer-to-peer transactions without the need for intermediaries
- Blockchain technology has applications beyond digital currency, including supply chain management, smart contracts, and secure data storage
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