Ethereum

Question 1

Turing Complete

Answer 1

any problem can be solved by computer

Question 2

Solidity

Answer 2

ethereum code / Turing complete / Blocks have code, not just btc

Question 3

Eth/Ether

Answer 3

native currency of ethereum

Question 4

ethereum virtual machine

Answer 4

EVM, Supercomputer

a software framework that allows developers to construct Ethereum-based decentralized applications (DApps).

Question 5

Block Time

Answer 5

15 seconds (BTC 10-minutes)

Question 6

Ethereum Decentralization

Answer 6

Not as DeCent. as BTC because some of the founders/early investors had ETH

Question 7

Vitalik Buterin

Answer 7

Ethereum creator

Question 8

Smart Contracts

Answer 8

code - if, then. (Automated)

Question 9

value of Eth

Answer 9

have to use Eth to run transactions. more transactions, more Eth is needed. Is there more demand than supply of Eth being created

Question 10

Gas

Answer 10

price to pay miners to process transactions

Question 11

Ethereum

Answer 11

Base layer one protocol

Question 12

P2P

Answer 12

Peer-to-peer/ wallet-to-wallet

Question 13

Lending Pool

Answer 13

a smart contract which allows users to deposit and borrow money, allowing businesses to build applications that can leverage the power of interest generation such as lending protocols, savings accounts and others

Question 14

Layers

Answer 14

The blockchain is the first layer in a decentralized ecosystem. Layer two is a third-party integration used in conjunction with layer one to enhance the number of nodes and, as a result, system throughput.

Question 15

Protocol

Answer 15

allow users to manage their data. They allow individuals to create an account – or a wallet – on a protocol that can then be used to pay for services and make financial transactions on other websites.

Question 16

Collateral

Answer 16

type of secured loan in which your crypto holdings are used as collateral in exchange for liquidity from a lender that you’ll pay back in installments

Question 17

P2P

Answer 17

Peer-to-peer/ wallet-to-wallet

Question 18

Composability

Answer 18

In the context of Web3, composability is the ability of blockchain applications, like decentralized exchanges (DEXs), decentralized applications (dApps), and decentralized autonomous organizations (DAOs) to communicate and work with each other

Question 19

Staking

Answer 19

opportunity to earn extra passive income from their assets.

Question 20

ERC 20/721

Answer 20

ERC20 is fungible/721NF Tokens

Question 21

GWEI

Answer 21

unit of measurement/processing power. Eth utility cost

Question 22

Utility Token

Answer 22

ETH is converted to Gas/GWEI to pay for transactions

Question 23

MEMpool

Answer 23

The transactions which are sent on the Bitcoin Network are not added directly to the blockchain. All of the valid transactions have to enter a waiting area before they are accepted in a block.

Question 24

EIP/ERC

Answer 24

EIP-Ethereum Improvement Proposal - suggested proposals to improve the code, then goes to miners and validators; which they have to accept or reject

ERC-Ethereum request for comment - creating a standard

Question 25

EIP 1559

Answer 25

May 2021 - base fee gets burned, some is created - to minors, At the end, there's less Eth; which increases value

Question 26

Base Fee

Answer 26

Goes up/down based on utilization of the network

Question 27

Tokens

Answer 27

smart contract on the bchain, representation of ownership. identity, completion, etc

Question 28

ERC-20 Token

Answer 28

fungible token, can be used with other cryptocurrencies

Question 29

Identity Token

Answer 29

Verifies certain PII without sharing it

Question 30

Metamask

Answer 30

cryptocurrency wallet known for its ease of use, availability on both desktops and mobile devices, the ability to buy, send, and receive cryptocurrency from within the wallet, and collect non-fungible tokens (NFTs) across two blockchains.

Question 31

Governance Tokens

Answer 31

token holders get to vote

Question 32

Income Tokens

Answer 32

transaction fees go to token holders

Question 33

Hybrid Tokens

Answer 33

Combination of different tokens

Question 34

Ethereum 2.0

Answer 34

increase efficiency, security | moving from proof of work-to-proof of stake

Question 35

Validator

Answer 35

With regard to mining crypto for blockchains such as Bitcoin and Ethereum 1.0 that use a proof-of-work (PoW) protocol, validators are people who volunteer a computer to maintain the blockchain's integrity by constantly computing the linkage from the first block to the last.

Question 36

Proof of Stake vs. Work

Answer 36

Proof of Stake (POS) uses randomly selected miners to validate transactions. Proof of Work (POW) uses a competitive validation method to confirm transactions and add new blocks to the blockchain.

Question 37

Slash

Answer 37

a significant part of the validator's stake is removed:

Question 38

Sidechains

Answer 38

a separate blockchain network that connects to another blockchain – called a parent blockchain or mainnet – via a two-way peg.helps with speed. Decide which layer to build off to the side TOkens needed to run on the sidechains

Question 39

Rollups

Answer 39

executes the transaction off the chain mainly on a rollup specific chain and then batch the transaction data, compresses it, and sends it to the main Ethereum chain; this reduces the load on the main Ethereum network of actually processing those transactions.takes data from shards and puts final score back onto a block

Question 40

Layer2

Answer 40

a secondary framework or protocol that is built on top of an existing blockchain system. The main goal of these protocols is to solve the transaction speed and scaling difficulties that are being faced by the major cryptocurrency networks.

Question 41

Proof of Stake

Answer 41

less energy, works like lottery, put money in, hoping to win | incentive to keep $ in, get dividends (tokens) for staking

Question 42

Sharding

Answer 42

splitting a blockchain into multiple pieces, or shards, and storing them in different places. By storing the data across different computers, the computational burden on each can be reduced.