Trivia Bay - Hackathon

What's the main difference between public and private blockchain?

• User permissions and authorization.

• The speed of operation.

• The size of the blockchain.

• The underlying logic for transactions and verifying data.

What is a consensus algorithm?

• Rules to verify new blockchain state in a decentralized manner.

• Central authority to allow blockchain nodes to reach agreement.

• Algorithm to deposit funds into the blockchain.

• Algorithm to withdraw funds from the blockchain.

What is a smart contract?

• Program steps which are manually executed.

• 3rd party contract that is smarter than me

• A verifiable blockchain program that is automatically executed.

• A secret blockchain program that executes blockchain transactions.

Answer explanation

A smart contract is a computer protocol that facilitates, verifies, or enforces the negotiation of a contract. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome

Who are the two cofounders of Axelar?

• Sergey Gorbunov and Georgios Vlachos

• Bob Marty and Alec Ivanov

• Rick Sanchez and Morty Smith

• Nikita and Dmitri Petrov

What's a distributed ledger?

• A device to hold my digital assets across multiple locations.

• Distributed database to store transactions secretly.

• Distributed database to store transactions in a verifiable way.

• A verified smart contract to reach blockchain network consensus.

Answer explanation

A distributed ledger is a database that is shared, replicated, and synchronized across multiple sites, institutions, or geographies. It records transactions between two or more parties in a secure and verifiable way.

What is the name of the first cryptocurrency?

• Ethereum

• Solana

• Bitcoin

• Avalanche

What is maximum supply of Bitcoin?

• 507 million

• 200 million

• 3 Billion

• 21 million

What is NOT a type of consensus algorithm?

• Proof of Work

• Proof of Stake

• Practical Byzantine Fault Tolerance

• Proof of Nodes

Answer explanation

4 : Proof-of-Work, Proof-of-Stake, Delegated Proof-of-Stake, and Practical Byzantine Fault Tolerance

What is Initial Coin Offering?

• Fundraising mechanism for new projects.

• Giving out a new cryptocurrency for free for early adopters.

• A way of exchanging cryptocurrencies

• A mechanism to generate new crypto coins.

What's a DAO?

• Decentered Autopilot Organization

• Decentralized Autonomous Organization

• Dreadful Amusing Organization

• Drowning Asset Organization