Blockchain exam

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Q.1 Which of the following is NOT a reason why tokens stored on a blockchain represent value to their owners ?*

The tokens represent a form of crypto-currency which can be used as an alternative to traditional (fiat) money.

The tokens are used to identify something or someone in a unique way. In this case the token can have a different value depending upon what it is identifying.

The tokens give the owner voting rights for proposed changes to the blockchain (Governance).

The tokens keep the same value as that of Gold. Hence it is called 'Digital Gold'.

Q.2 The root layer (layer 1) in Blockchain Architecture is called the Consensus Layer*

True

False

Q.3 What are miners NOT responsible for?*

To verify the input & output of the transaction

To confirm the transaction

To add a Block

To give the reward

Q.4 What is the purpose of a nonce?*

Communicate information to the nodes

Prevents double spending

None of these

A hash function

Q.5 Which of the following is NOT a benefit of Blockchain?*

Low Energy Consumption

Immutability

Transparency

High Security

Q.6 What is Proof of Stake?*

A password needed to confirm the transactions.

A certificate required to use the Blockchain.

A transaction and block verification protocol.

Algorithm to generate private keys.

Q.7 What is Hashrate?*

A difficulty level encoded in Blockchain client

Total computation power of the Blockchain network

A miner's machine's frequency

Number of times a Cryptographic hash generated by miner's computer in a second

Q.8 Who validate the blocks in Delegated Proof of Stake (DPoS)?*

Anyone who connects to the Blockchain

Participants

Miners

Witnesses, voted upon by Stakeholders.

Q.9 What type of architecture defines a Blockchain?*

Matrixed

Distributed peer to peer

Centralised

Single central authority

Q.10 What information does the Header of a Block contain?*

Hash of previous block

Merkle Root hash of all transaction hashes

All of these

Timestamp

Q.11 Which of the following is NOT a threat to blockchains?*

Trojan

Worm

None of these

Identity Theft

Q.12 Which of the following Blockchain Platforms do not support a native currency?*

Ethereum

Hyperledger

All of these

Bitcoin

Q.13 All blockchains use either Proof of Work (PoW) or Proof of State (PoS) consensus algorithms*

True

False

Q.14 What is cold storage in the context of Blockchains and Cryprocurrency?*

A private key stored on a medium connected to internet.

A private key stored on a medium not connected to internet.

Blockchain database schema.

A cryogenic chamber used to cool GPU processors.

Q.15 Which language is used to create smart contracts on Ethereum?*

Javascript

Python

Solidity

Q.16 What is a genesis Block?*

The first block of a Blockchain.

The first block after each block halving

The largest block on a Blockchain.

The block at which a hard fork occurs on a Blockchain.

Q.17 Which of the following is NOT a good use cases for a Non-Fungible Token (NFT)?*

Digital Music

Real Estate proof of ownership

Stable Coins

Digital Art

Q.18 Ripple (XRP) is a blockchain platform designed for global payment solutions between financial institutions.*

True

False

Q.19 What is the name of the hashing algorithm used in Bitcoin?*

Whirpool

SHA-512

MD5

SHA-256

Q.20 What is the main advantage of the Ethereum blockchain over the Bitcoin Blockchain?*

Ethereum charges lower transaction fees than Bitcoin

The Ethereum blockchain has greater value the Bitcoin blockchain

The Ethereum blockchain is programmable and can store and execute logic.

The Ethereum blockchain is more secure than the Bitcoin blockchain

Q.21 What are Smart Contracts?*

A digital version of a legal contract that is stored on a blockchain

A contract which is more intelligent than traditional contract

An easy to enforce contract

A blockchain based user agreement required in order to use a Blockchain

Q.22 What is NOT a part of the Blockchain ecosystem?*

Segregated Witness processes (SegWit)

Harmonized Convergence Protocol (HCP)

Decentralized cryptocurrency exchanges (DEX)

Decentralized Autonomous Organizations (DAOs).

Q.23 Which of the following to true about 'hashing' of data to create a block identification ? *

The hash can be reversed and the original date revealed

Some blockchains do not use hashing

The primary use of hashing in blockchain technology is for the generation of public and private keys.

Q.24 What is a miner in the context of a Blockchain?*

A computer that validates and processes Blockchain transactions and builds the blocks in a blockchain.

An algorithm that makes blockchains secure by a process of hashing.

A smart contract that enables the exchange of one cryptocurrency for another without using centralized intermediaries.

A person who trades cryptocurrency using an online exchange

Q.25 What is an Atomic Swap?*

The smallest unit that Ethereum can be split into

A method used to ensure the security of blockchains

The movement of tokens from one Blockchain to another

A smart contract technology that enables the exchange of one cryptocurrency for another without using centralized intermediaries

Q.26 What is the name given when a Blockchain splits into 2 different versions?*

A fork

A division

A transition

A sidechain

Q.27 What is the best definition of a Blockchain?*

Communication Network

An Internet Application

A Distributed Database or Ledger

A Banking Application

Q.28 The Lightening Network (on Bitcoin) and Polygon (on Ethereum) are both examples of Layer 2 solutions.*

True

False

Q.29 A blockchain address collision happens when 2 different transactions are made at the same time to the same address.*

True

False

Q.30 Which of these is NOT a necessary component of a Blockchain Transaction?*

The name of the person or company making the transaction

The time the transaction occurs

An Identifier of the block address of the sender of the transaction

An Identifier of the block address of the receiver of the transaction

Q. 31 What is a UTXO?*

United Transaction Operations

Unspent Transaction Output

United Technology Output

Unspent Technology Operations

Q. 32 What is the first step when choosing the correct Blockchain solution?*

Fully understanding the Use Case

Designing the User Interface

Deciding on the token or coin that will be used

Defining the type of Blockchain to use ( Ethereum, Hyperledger, Corda R3 etc)

Q. 33 Cryptographic hashing transforms a length of text and/or numbers into a string of alpha-numeric characters that acts as a digital fingerprint for the original text/numbers.*

True

False

Q. 34 Orphan blocks are created only when a 51% attack occurs on the Blockchain?*

True

False

Q. 35 Which of the following is NOT a part of asymmetric encryption?*

Pass Phrases

Mining algorithms

Private Keys

Public Keys

Q. 36 Merkel Tree Hashes and Transactions are part of which layer of Blockchain architecture?*

Consensus Layer

Data Layer

Network Layer

Application Layer

Q. 37 A method of splitting and storing a single logical dataset into multiple datasets to enable faster transactions is called ___________. *

Distributing

Sharpening

Halving

Sharding

Q. 38 Which of the following is NOT a good use case for Blockchain technology?*

Identity and Nationality verification

Storing personal login names with passwords

Preventing copyright violations for music and art

Tracking of goods in a supply chain

Q. 39 A private key on a Public Blockchain can be recovered if all the miners agree to it*

True

False

Q. 40 Which is NOT an Ethereum Token Standard?*

ERC-223

ERC-721

ERC-523

ERC-20

Q. 41 How can blockchain technology help in the field of pension funds?*

Keep an immutable record of all payments into the pension fund.

Automate the pension fund settlement process using smart contracts.

Automate the full life-cycle of pension fund transactions

All of the other answers are correct

Q. 42 Decentralized Finance (DeFi) refers to which of the following? *

The ability to buy and sell cryptocurrency through an online exchange such as Binance.

Financial services using smart contracts on Blockchains that don’t need intermediaries like a bank or lawyers.

Financial services using Bitcoin as the main form of payment

Online Banking services

Q. 43 P2P stands for*

Peer to Peer

Public to Private

Private to Private

Public to Public

Q. 44 What is the best definition of a 'Token' when applied to Blockchain technology?*

A digital credit that is given in exchange for Proof of Work (PoW) being done.

Digital money that can be exchanged for dollars.

A digital asset stored in a unique blockchain address that represents something of value.

The smallest unit of Bitcoin that can be traded.

Q. 45 A multi-national corporate enterprise is asking for advice on which blockchain solution to consider for connecting data from its suppliers and customers into one distributed network for better sharing of data. What is the best suggestion from the following choices ?*

Bitcoin or Ethereum

Hyperledger Fabric, r3 Corda or Quorum

Apple or Microsoft

Coinbase or Binance

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