Blockchain Fundamentals
Fundamentals of public, permissionless blockchains like Bitcoin and Ethereum, their benefits and how they can be used.
Question #1: What makes a blockchain decentralized?
The ledger is stored on a secure server
Account balances and transactions are anonymous and hidden
The ledger is accessible by a large, distributed network of indepedent computers
Cheap and instant transactions
Question #2: Which of the following is NOT a type of consensus algorithm?
Proof of Authority (PoA)
Proof of Attendance Protocol (POAP)
Question #3: What is the function of a node (sometimes also called 'miner' or 'validator')?
They are required to run in order for you to receive payments on the network
They provide a service to the network by downloading and verifying transactions sent to the network
They generate revenue for the network
They connect all the participants of the network with each other
Question #4: What is the purpose of a block hash?
To encrypt the data of a block to keep its content private and secure
To provide a unique identifier for each block
To cryptographically link each block to the previous so it can't be tampered with
To ensure the transactions are sent to the correct recipients
Question #5: Who's the inventor of the Bitcoin protocol?
Question #6: Who first coined the term 'Web3'?