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IT > Blockchain - General > Flashcards

Blockchain - General Flashcards

1
Q

What is Blockchain?

A

A decentralized ledger technology that stores data across multiple computers.

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2
Q

What does decentralized mean in the context of Blockchain?

A

It means no single entity controls the data or the network, reducing risk of manipulation.

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3
Q

Fill in the blank: In a blockchain, data is stored in units called ___.

A

Blocks.

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4
Q

How are blocks linked together in a blockchain?

A

Each block is connected to the previous block through cryptographic hashes.

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5
Q

What is a hash in blockchain?

A

A unique string of characters created from data, used to verify integrity.

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6
Q

Fill in the blank: Blockchain relies on a consensus mechanism to ___.

A

Ensure all participants agree on the state of the ledger.

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7
Q

What is a consensus mechanism?

A

A protocol used by blockchain networks to validate transactions and maintain security.

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8
Q

Name one popular consensus mechanism used in blockchain.

A

Proof of Work (PoW) or Proof of Stake (PoS).

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9
Q

What is Proof of Work (PoW)?

A

A consensus mechanism where miners solve complex puzzles to validate transactions and create new blocks.

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10
Q

What is Proof of Stake (PoS)?

A

A consensus mechanism where validators are chosen based on the number of coins they hold and are willing to ‘stake’ as collateral.

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11
Q

Fill in the blank: Proof of Stake (PoS) consumes ___ energy compared to Proof of Work (PoW).

A

Less.

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12
Q

What is a smart contract?

A

A self-executing contract with the terms of the agreement directly written into code.

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13
Q

Fill in the blank: Smart contracts run on the ___.

A

Blockchain.

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14
Q

How does blockchain ensure data immutability?

A

By using cryptographic hashing and linking blocks, making it difficult to alter any past data.

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15
Q

What is the primary advantage of using blockchain in supply chain management?

A

Transparency and traceability of products from origin to consumer.

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16
Q

What are nodes in a blockchain network?

A

Participants in the network that maintain a copy of the blockchain and validate transactions.

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17
Q

Fill in the blank: The distributed nature of blockchain reduces the risk of a single point of ___.

A

Failure.

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18
Q

What is the role of miners in a blockchain?

A

They validate transactions and add new blocks to the blockchain, typically in Proof of Work systems.

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19
Q

How are transactions verified in Proof of Work (PoW)?

A

Miners solve computational puzzles to confirm transactions and create new blocks.

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20
Q

What problem does blockchain solve for digital assets?

A

The double-spending problem, ensuring the same asset isn’t spent more than once.

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21
Q

Fill in the blank: A blockchain’s structure makes it highly resistant to ___.

A

Tampering or hacking.

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22
Q

What is a private blockchain?

A

A blockchain where access to the network is restricted to certain participants.

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23
Q

What is a public blockchain?

A

An open blockchain where anyone can join and participate.

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24
Q

What is a fork in blockchain?

A

A change to the blockchain protocol, creating a divergence in the chain.

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25
Q

Fill in the blank: A blockchain fork can result in two separate ___.

A

Chains.

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26
Q

What is the difference between a hard fork and a soft fork?

A

A hard fork creates two incompatible chains, while a soft fork remains backward-compatible.

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27
Q

What is Ethereum?

A

A decentralized, open-source blockchain that enables smart contracts and decentralized applications (dApps).

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28
Q

Fill in the blank: The cryptocurrency native to the Ethereum network is called ___.

A

Ether (ETH).

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29
Q

What is a smart contract on Ethereum?

A

A self-executing contract where the terms are written in code and run on the Ethereum blockchain.

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30
Q

What is the Ethereum Virtual Machine (EVM)?

A

A computation engine that executes smart contracts and decentralized applications on the Ethereum network.

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31
Q

What is the primary difference between Ethereum and Bitcoin?

A

Ethereum is programmable and allows for smart contracts, while Bitcoin focuses mainly on peer-to-peer transactions.

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32
Q

Fill in the blank: Ethereum is moving from Proof of Work (PoW) to ___.

A

Proof of Stake (PoS).

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33
Q

What is Ethereum 2.0?

A

An upgrade to the Ethereum network designed to improve scalability, security, and sustainability.

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34
Q

How does Proof of Stake (PoS) work on Ethereum?

A

Validators are selected based on the amount of ETH they stake, reducing energy consumption compared to Proof of Work.

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35
Q

What are gas fees in Ethereum?

A

Fees required to execute transactions and smart contracts on the Ethereum network.

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36
Q

Fill in the blank: Gas fees are paid in ___.

A

Ether (ETH).

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37
Q

Why are gas fees necessary in Ethereum?

A

To compensate network participants for the computational resources used and prevent spam on the network.

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38
Q

What are dApps on Ethereum?

A

Decentralized applications built and run on the Ethereum blockchain using smart contracts.

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39
Q

Fill in the blank: Ethereum is known as a platform for ___.

A

Decentralized finance (DeFi) and non-fungible tokens (NFTs).

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40
Q

What is a decentralized autonomous organization (DAO)?

A

An organization governed by smart contracts and run by its members without centralized leadership.

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41
Q

What role do DAOs play on Ethereum?

A

They allow decentralized decision-making and governance through smart contracts on the Ethereum blockchain.

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42
Q

What is ERC-20?

A

A technical standard for creating tokens on the Ethereum blockchain.

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43
Q

Fill in the blank: ERC-20 tokens are used for ___.

A

Creating and managing fungible tokens on Ethereum.

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44
Q

What is an ERC-721 token?

A

A token standard for creating non-fungible tokens (NFTs) on Ethereum.

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45
Q

How do ERC-721 tokens differ from ERC-20 tokens?

A

ERC-721 tokens are unique and non-fungible, while ERC-20 tokens are fungible and identical to each other.

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46
Q

What is a Layer 2 solution for Ethereum?

A

A scaling solution built on top of Ethereum to improve transaction speeds and reduce gas fees.

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47
Q

Fill in the blank: One popular Layer 2 solution for Ethereum is ___.

A

Polygon or Optimism.

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48
Q

What is Ethereum’s role in DeFi?

A

Ethereum is the primary platform for decentralized finance, enabling lending, borrowing, and trading without intermediaries.

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49
Q

What are smart contract vulnerabilities?

A

Flaws or bugs in the code of a smart contract that can be exploited by attackers.

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50
Q

Fill in the blank: Ethereum enables the creation of ____, which represent ownership of digital or physical assets.

A

Non-fungible tokens (NFTs).

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51
Q

What is staking in Ethereum 2.0?

A

Locking up ETH as collateral to help secure the network and earn rewards.

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52
Q

What is Bitcoin?

A

A decentralized digital currency that enables peer-to-peer transactions on a public blockchain network.

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53
Q

Who created Bitcoin?

A

Satoshi Nakamoto, an anonymous person or group, introduced Bitcoin in 2008.

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54
Q

Fill in the blank: Bitcoin transactions are verified through a process called ___.

A

Mining.

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55
Q

What is the consensus mechanism used by Bitcoin?

A

Proof of Work (PoW).

56
Q

How does Bitcoin mining work?

A

Miners solve complex cryptographic puzzles to validate transactions and add them to the blockchain.

57
Q

What is the reward for Bitcoin miners?

A

Newly created bitcoins (block reward) and transaction fees.

58
Q

What is the maximum supply of Bitcoin?

A

21 million bitcoins.

59
Q

Fill in the blank: Bitcoin’s limited supply is enforced by its ___.

A

Protocol or code.

60
Q

What is a Bitcoin block?

A

A group of validated transactions that are permanently recorded on the Bitcoin blockchain.

61
Q

How often are new Bitcoin blocks created?

A

Approximately every 10 minutes.

62
Q

Fill in the blank: The reward for mining Bitcoin is halved approximately every __ years.

A

Four.

63
Q

What is Bitcoin halving?

A

A process where the block reward for miners is reduced by half, occurring every 210,000 blocks.

64
Q

What problem does Bitcoin solve?

A

The double-spending problem, ensuring a digital currency cannot be spent twice.

65
Q

What is a Bitcoin wallet?

A

A digital tool that allows users to store, send, and receive bitcoins.

66
Q

Fill in the blank: A Bitcoin wallet contains private and public ___.

A

Keys.

67
Q

What is the Bitcoin blockchain?

A

A public ledger that records all Bitcoin transactions ever made.

68
Q

How is Bitcoin decentralized?

A

It operates without a central authority, and transactions are verified by network participants (miners).

69
Q

What is Bitcoin’s primary use case?

A

As a store of value and digital currency for peer-to-peer transactions.

70
Q

Fill in the blank: Bitcoin is often referred to as digital ___.

A

Gold.

71
Q

What are Bitcoin nodes?

A

Computers that run the Bitcoin software, maintain a copy of the blockchain, and validate transactions.

72
Q

How does Bitcoin ensure security?

A

Through cryptographic hashing and a decentralized consensus mechanism (Proof of Work).

73
Q

What is a Bitcoin transaction?

A

The transfer of value from one Bitcoin wallet to another, recorded on the blockchain.

74
Q

What is the role of the Bitcoin network?

A

To validate and propagate transactions, ensuring they are included in the blockchain.

75
Q

Fill in the blank: Bitcoin operates on a ____, meaning anyone can join and participate.

A

Public or permissionless blockchain.

76
Q

What is the role of a Bitcoin miner?

A

To validate transactions, secure the network, and add new blocks to the blockchain.

77
Q

What is the double-spending problem in digital currencies?

A

The risk that the same digital asset could be spent more than once, which Bitcoin prevents.

78
Q

Fill in the blank: The time it takes for a Bitcoin transaction to be confirmed is influenced by ___.

A

Network congestion and the transaction fee.

79
Q

What is Bitcoin’s block size limit?

A

1 MB (megabyte).

80
Q

What is the purpose of transaction fees in Bitcoin?

A

To incentivize miners and prevent spam transactions on the network.

81
Q

What are Bitcoin forks?

A

Changes or upgrades to the Bitcoin protocol, resulting in a split from the original chain.

82
Q

Fill in the blank: A hard fork in Bitcoin can result in the creation of a new ___.

A

Cryptocurrency.

83
Q

What is the Lightning Network?

A

A Layer 2 scaling solution for faster and cheaper Bitcoin transactions.

84
Q

What is Solana?

A

A high-performance blockchain platform designed for decentralized applications (dApps) and crypto-currencies.

85
Q

What consensus mechanism does Solana use?

A

Proof of History (PoH) combined with Proof of Stake (PoS).

86
Q

What is Proof of History (PoH) in Solana?

A

A cryptographic clock that timestamps transactions to improve the efficiency and speed of the blockchain.

87
Q

How does Proof of History differ from traditional Proof of Stake?

A

PoH adds a layer of verifiable passage of time before transactions are validated, reducing the time to reach consensus.

88
Q

Fill in the blank: Solana is known for its high ___.

A

Transaction throughput and scalability.

89
Q

What is Solana’s block time?

A

Approximately 400 milliseconds per block.

90
Q

What is the maximum transaction throughput of Solana?

A

Up to 65,000 transactions per second (TPS).

91
Q

How does Solana achieve such high scalability?

A

By using Proof of History (PoH) and a highly efficient consensus algorithm.

92
Q

What are Solana validators?

A

Nodes that validate transactions and secure the network, chosen based on their stake.

93
Q

Fill in the blank: Solana’s native cryptocurrency is called ___.

A

SOL.

94
Q

What is SOL used for?

A

Paying transaction fees, staking, and governance in the Solana ecosystem.

95
Q

What is a Solana cluster?

A

A set of validators working together to maintain the ledger and validate transactions on the Solana network.

96
Q

How does Solana handle transaction fees?

A

Fees are relatively low and determined by network demand, paid in SOL.

97
Q

What is the purpose of Solana’s Tower BFT?

A

A consensus algorithm that optimizes the network’s ability to reach consensus quickly, using Proof of History as a reference.

98
Q

Fill in the blank: Solana’s architecture is designed to eliminate the need for ___.

A

Sharding.

99
Q

What is Solana’s approach to decentralization?

A

Solana is decentralized, with many independent validators securing the network through staking.

100
Q

What is Solana’s primary use case?

A

Building fast, scalable decentralized applications and supporting DeFi, NFTs, and Web3 innovations.

101
Q

What is the Solana Development Kit (SDK)?

A

A set of tools and libraries that help developers build decentralized applications on the Solana blockchain.

102
Q

Fill in the blank: Solana is widely known for supporting ___.

A

Decentralized finance (DeFi) and NFTs.

103
Q

What is Serum?

A

A decentralized exchange (DEX) built on Solana that offers high-speed, low-cost trading.

104
Q

How does Solana compare to Ethereum?

A

Solana offers higher transaction throughput and lower fees, while Ethereum is more established with broader dApp support.

105
Q

What are the main advantages of Solana?

A

Speed, scalability, and low transaction costs.

106
Q

What are Solana’s Sealevel and Gulf Stream technologies?

A

Sealevel is a parallel smart contract execution engine, and Gulf Stream is a mempool-less transaction forwarding protocol.

107
Q

How does Solana’s Sealevel technology work?

A

It allows for parallel execution of smart contracts, enabling faster processing.

108
Q

Fill in the blank: Gulf Stream helps Solana achieve high transaction throughput by reducing ___.

A

Network congestion and allowing transactions to be processed ahead of time.

109
Q

What are the challenges or drawbacks of Solana?

A

Relatively newer blockchain, occasional network outages, and centralization concerns due to validator concentration.

110
Q

What is Monero?

A

A privacy-focused cryptocurrency that allows for anonymous transactions on a decentralized blockchain.

111
Q

What consensus mechanism does Monero use?

A

Proof of Work (PoW).

112
Q

How does Monero ensure transaction privacy?

A

By using technologies like Ring Signatures, Stealth Addresses, and RingCT (Ring Confidential Transactions).

113
Q

What are Ring Signatures in Monero?

A

A cryptographic method that mixes the sender’s address with others, making it difficult to trace the transaction origin.

114
Q

What are Stealth Addresses in Monero?

A

Randomly generated one-time addresses used for each transaction to keep the recipient’s address private.

115
Q

Fill in the blank: Monero transactions are anonymous due to ___.

A

Ring Signatures and Stealth Addresses.

116
Q

What is RingCT in Monero?

A

Ring Confidential Transactions hide the amount transferred in each transaction, ensuring complete privacy.

117
Q

How does Monero differ from Bitcoin in terms of privacy?

A

Monero offers default anonymity for all transactions, while Bitcoin transactions are publicly visible on the blockchain.

118
Q

What is the maximum supply of Monero?

A

Monero has a dynamic supply, with no fixed maximum limit.

119
Q

What is tail emission in Monero?

A

A mechanism that ensures a minimum reward for miners after the main emission curve, to incentivize network security.

120
Q

What are Monero miners rewarded with?

A

Newly created Monero (XMR) and transaction fees.

121
Q

Fill in the blank: Monero’s native cryptocurrency is called ___.

A

XMR.

122
Q

How does Monero maintain decentralization?

A

By using RandomX, a PoW algorithm optimized for CPU mining, preventing mining centralization with specialized hardware like ASICs.

123
Q

What is RandomX in Monero?

A

A proof-of-work algorithm designed to be efficient on consumer-grade CPUs, promoting decentralization.

124
Q

What are Monero nodes?

A

Participants that validate transactions, maintain the blockchain, and help propagate information across the network.

125
Q

What is the purpose of privacy in Monero?

A

To provide financial anonymity and fungibility, ensuring all coins are equal and untraceable.

126
Q

How does Monero achieve fungibility?

A

By making all transaction histories private, so no Monero coin can be blacklisted or tracked.

127
Q

Fill in the blank: Monero transactions are not only private but also ___.

A

Untraceable and unlinkable.

128
Q

What is the difference between fungibility in Monero and Bitcoin?

A

In Monero, coins cannot be traced back to any prior transactions, ensuring they are fully fungible, unlike Bitcoin, where transaction histories are visible.

129
Q

What is a view key in Monero?

A

A key that allows someone to view the details of a transaction without spending the funds, often used for auditing purposes.

130
Q

What is the public ledger in Monero?

A

A blockchain where transactions are recorded but kept anonymous using privacy-enhancing technologies.

131
Q

How is Monero used in the real world?

A

Monero is often used for private transactions, donations, and privacy-conscious financial activities.

132
Q

What are Monero’s main use cases?

A

Privacy-focused transactions, financial privacy, and avoiding surveillance.

133
Q

How does Monero handle scalability?

A

Monero uses a dynamic block size to accommodate network demand, allowing blocks to grow or shrink based on the number of transactions.

134
Q

What are some potential drawbacks of Monero?

A

Regulatory scrutiny due to its privacy features and higher transaction sizes compared to Bitcoin.

135
Q

What is the main advantage of Monero over other cryptocurrencies?

A

Its ability to provide default, full privacy for all transactions, ensuring financial anonymity.

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