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Blockchain Questions with Correct Answer1.
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Blockchain Questions with Correct Answer1.
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Blockchain Questions with Correct AnswersAlong with being composed of blocks and using a standard protocol,
what are three other attributes of a public blockchain? Correct Answer-It
has a consensus mechanism.
It is permissionless.
It has no centralized controlling authority
To ensure that any block that is added to the chain is legitimate, without
having to place trust in an outside entity, such as a bank or governing
body, blockchains use a ___________ mechanism Correct Answer-
consensus
A consensus mechanism that involves an algorithm that creates an
unpredictable math problem that can only be solved with significant
computing power is called a ___ consensus mechanism. Correct
Answer-proof-of-work (PoW)
The first widely used blockchain was created in 2008 to support the
cryptocurrency called: Correct Answer-Bitcoin
A major drawback of the proof-of-work (PoW) consensus mechanism is
that it requires large amounts of Blank______ as the blockchain grows.
Correct Answer-computing power
To help ensure the strength of the blockchain, blocks can only be added
in certain: Correct Answer-time intervals
,Unlike other large accessible databases that are controlled by corporate
entities, such as Netflix or Spotify, public blockchains are hosted on a
public ledger, which can be considered a huge database, that stores the
data for a blockchain and essentially runs as a peer-to-peer network.
This means they have no: Correct Answer-controlling central authority
Select three blockchain consensus mechanisms. Correct Answer-proof-
of-work (PoW)
proof-of-stake (PoS)
proof-of-authority (PoA)
The most commonly used consensus mechanism, with the drawback that
it requires large amounts of computing power (and electricity) as the
blockchain grows, is called the proof-of- consensus mechanism. Correct
Answer-work
An advantage of the Blank______ consensus mechanism is that it forces
all participants to act in their own self-interest, allowing for faster
transaction times, and not requiring large amounts of computing power.
Correct Answer-proof-of-stake (PoS)
A consensus mechanism that demands large amounts of computing
power, with the associated energy demands, is the __ consensus
mechanism. Correct Answer-proof-of-work (PoW)
, Select the three items that will be included in every block in a
blockchain. Correct Answer-- a timestamp
- the unique information identifying the block that precedes it
- a hash
Servers that host the database are known as public ledgers because they
are accessible to everyone and do not require that users place their trust
in any individual. This means they are ___. Correct Answer-
permissionless
Most private corporate blockchains, such as Microsoft Blockchain, use
the Blank______ consensus mechanism. Correct Answer-proof-of-
authority (PoA)
One potential issue with the point-of-stake (PoS) consensus mechanism
is that if an owner purchases over ___ percent of the blocks (coins), that
owner could potentially stop any future transactions. Correct Answer-50
Bitcoin
Ethereum
Solana Correct Answer-Store of value (alternative currency)
Store of value (alternative currency), and also to create smart contracts
matches
Store of value (alternative currency), and also to create smart contracts
and decentralized applications (dApps)
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