Blockchain 101

What is Blockchain?

• A decentralized digital ledger that records transactions

• A type of cryptocurrency exchange

• A type of computer virus

• A type of social media platform

Who is the creator of blockchain technology?

• Dumbledore

• Satoshi Nakamoto

• Tony Stark

• Jeff Bezos

who is this crypto-fraud billionaire?

• Sam bankman-fried

• Barack obama

• CZ

• Satoshi nakamoto

What is the purpose of mining in blockchain technology?

• To validate transactions and add new blocks to the blockchain

• To create new cryptocurrency

• To secure cryptocurrency transactions

• To control the supply of cryptocurrencies

What is a smart contract?

• A legally binding agreement that ha to be executed manually

• A type of computer virus

• A legally binding agreement that is executed automatically by the blockchain network

• A centralized digital ledger

What is a token in blockchain technology?

• A type of poker chip used to gamble on the blockchain

• A cryptocurrency that is created and managed on the blockchain network

• A type of cookie

• A centralized digital ledger

What is the main difference between Proof of Work and Proof of Stake?

• Proof of Work and Proof of Stake are the same.

• Proof of Work is used only in public blockchains, while Proof of Stake is used only in private blockchains.

• Proof of Work requires participants to solve complex mathematical puzzles, while Proof of Stake requires participants to hold a certain amount of cryptocurrency.

• Proof of Work is a more energy-efficient consensus mechanism, while Proof of Stake is more secure

Smart contracts can automate and simplify many business processes.

• True

• False

What is a hash function in blockchain technology?

• A way to encrypt cryptocurrency transactions

• A type of cryptocurrency

• A mathematical algorithm that converts data of any size into a fixed-size output

• A way to secure cryptocurrency transactions

What is IPFS?

• A method for encrypting blockchain data

• A type of consensus mechanism

• A decentralized file system

• An operating system for blockchain nodes