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

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

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.

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 give the reward

To add a Block

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

A hash function

Prevents double spending

None of these

Communicate information to the nodes

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

Immutability

Transparency

High Security

Low Energy Consumption

Q.6 What is Proof of Stake?*

Algorithm to generate private keys.

A certificate required to use the Blockchain.

A transaction and block verification protocol.

A password needed to confirm the transactions.

Q.7 What is Hashrate?*

A miner's machine's frequency

Total computation power of the Blockchain network

A difficulty level encoded in Blockchain client

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)?*

Witnesses, voted upon by Stakeholders.

Anyone who connects to the Blockchain

Miners

Participants

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

Centralised

Single central authority

Matrixed

Distributed peer to peer

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

All of these

Hash of previous block

Merkle Root hash of all transaction hashes

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?*

Hyperledger

All of these

Ethereum

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.

Blockchain database schema.

A cryogenic chamber used to cool GPU processors.

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

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 after each block halving

The largest block on a Blockchain.

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

The first block of a Blockchain.

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

Real Estate proof of ownership

Digital Art

Digital Music

Stable Coins

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?*

MD5

SHA-512

SHA-256

Whirpool

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 blockchain based user agreement required in order to use a Blockchain

A contract which is more intelligent than traditional contract

An easy to enforce contract

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

Segregated Witness processes (SegWit)

Decentralized cryptocurrency exchanges (DEX)

Harmonized Convergence Protocol (HCP)

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.

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

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

Q.25 What is an Atomic Swap?*

A method used to ensure the security of blockchains

The smallest unit that Ethereum can be split into

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 division

A transition

A fork

A sidechain

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

An Internet Application

A Banking Application

A Distributed Database or Ledger

Communication Network

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 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

The name of the person or company making the transaction

Q. 31 What is a UTXO?*

United Technology Output

Unspent Transaction Output

Unspent Technology Operations

United Transaction Operations

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

Fully understanding the Use Case

Deciding on the token or coin that will be used

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

Designing the User Interface

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?*

Public Keys

Private Keys

Pass Phrases

Mining algorithms

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

Application Layer

Network Layer

Data Layer

Consensus Layer

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

Sharding

Distributing

Halving

Sharpening

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-523

ERC-721

ERC-223

ERC-20

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

All of the other answers are correct

Automate the pension fund settlement process using smart contracts.

Automate the full life-cycle of pension fund transactions

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

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

Online Banking services

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

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

Financial services using Bitcoin as the main form of payment

Q. 43 P2P stands for*

Private to Private

Public to Private

Public to Public

Peer to Peer

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.

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

Digital money that can be exchanged for dollars.

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 ?*

Hyperledger Fabric, r3 Corda or Quorum

Apple or Microsoft

Coinbase or Binance

Bitcoin or Ethereum

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