Blockchain and Cryptocurrency Quiz

What is the primary focus of Ripple as a company?

• Building gaming applications

• Creating social media platforms

• Improving international payment flows

• Developing new cryptocurrencies

How does Bitcoin ensure that transactions are verified without a central authority?

• By using a central server

• Through peer-to-peer network verification

• By employing government officials

• Using traditional banking methods

What is the purpose of a digital signature in a blockchain network?

• To manage user accounts

• To create new cryptocurrencies

• To verify the authenticity of transactions

• To encrypt the entire blockchain

What mechanism is used to resolve disagreements about the ledger in a blockchain?

• Consensus mechanism

• Centralized decision-making

• Random selection

• Voting by users

How are blocks connected in a blockchain?

• Through a central database

• By using a digital summary or hash

• With physical cables

• Using wireless signals

What is the role of proof of work in a blockchain?

• To simplify transaction processes

• To increase transaction fees

• To ensure blocks are added quickly

• To prevent fraudulent activities

Why is it difficult for an attacker to add a fake block to the blockchain?

• Because of the high cost of computing power required

• Due to government regulations

• Because of limited network access

• Due to lack of interest from users

What incentive do miners have to participate in the blockchain network?

• They can control the network

• They gain access to private data

• They are rewarded with cryptocurrency

• They receive a salary from the government

What is one potential application of blockchain technology beyond cryptocurrency?

• Developing video games

• Improving internet protocols

• Creating social media platforms

• Building traditional banks

What ensures the security of the blockchain system?

• The presence of a central authority

• The involvement of enough miners

• The use of traditional banking methods

• The reliance on government oversight