Crypto Foundations M1 Quiz

Sophia wants to invest in a digital asset. What is a digital asset?

• An investment in a digital company that is recorded on the internet.

• A digital item that you can own but will never exist outside of the internet.

• A digital item that you rent and can share with others on the internet.

• A single block of blockchain technology that contains a unique hash.

Tags

NGSS.HS-PS4-2

Grace, Noah, and Oliver are discussing the purpose of blockchain technology. What is the main purpose of blockchain technology according to their discussion?

• Be a secure backup for password protection on all digital accounts.

• Run software programs that allow mobile apps to connect to the internet.

• Record, store and track digital information and transactions.

• Make artwork that can be shared on the internet publicly.

Oliver is learning about blockchain technology and wants to understand how a hash helps secure it. Can you explain it to him?

• Hashes do not allow any new blocks to be formed on a chain or new data to be added. Hashes block all changes.

• Hashes are like fingerprints that make each block of data unique. Blocks form a chain that can only have new blocks added.

• Hashtags allow others to see if someone is trying to change something and it alerts the government to prevent the changes.

• Blocks of data require passwords that are called hashes. Hashes are impossible to guess.

Olivia is learning about blockchain and wants to know how a block of data on a blockchain gets locked. Can you help her understand this concept?

• It gets double-checked by the people with access to the public ledger.

• The government reviews and verifies all blocks of data.

• Financial institutions review all blocks of data related to cryptocurrency.

• Financial institutions review all blocks of data related to cryptocurrency.

Aria, Zoe, and Aiden are discussing blockchain technology. Aiden mentions that since blockchain technology is public, he wonders how the identities of users are protected. What would be the best way for Aria and Zoe to explain this to him?

• User identities are not protected since people use blockchain voluntarily.

• User identities are anonymous and protected by keys.

• Hashes protect all user identities.

• Each user is assigned a unique block which is why it is called blockchain.

During a group study session, Ava, Samuel, and Abigail are discussing about blockchain technology. Dylan, who is also part of the group, is having a hard time understanding how something that is decentralized with no authority overseeing everything can be safe and secure. What detail can Samuel provide to help ease Dylan's mind?

• Blockchain is a public ledger in which all transactions can be seen and double-checked.

• He's wrong, central banks in each country actually oversee transactions on blockchain.

• Since it is decentralized everyone is free to secure their own data.

• Blockchain technology is shared on one block of data that is encrypted.

Anika, Hannah, and Maya are discussing about the new digital world. They are confused about the relationship between blockchain technology and cryptocurrencies. Can you help them understand what best describes this relationship?

• The blockchain is built, recorded, and stored on cryptocurrencies.

• Cryptocurrencies are built, recorded, and stored on the blockchain.

• Blockchain technology and cryptocurrencies are the same thing.

• There is no relationship between blockchain technology and cryptocurrencies.

Benjamin, Michael, and Ethan are discussing about digital assets. Benjamin says, 'Cryptocurrency controls blockchain technology.' Michael says, 'Cryptocurrency is a type of digital asset that can be owned.' Ethan says, 'Cryptocurrency is a type of hash that gives value to a block of data.' And finally, Benjamin adds, 'Cryptocurrency gets its value based on how many blocks of data it is made of.' Which one of these statements is true about cryptocurrency?

• Cryptocurrency controls blockchain technology.

• Cryptocurrency is a type of digital asset that can be owned.

• Cryptocurrency is a type of hash that gives value to a block of data.

• Cryptocurrency gets its value based on how many blocks of data it is made of.

Tags

NGSS.HS-PS4-2

After the financial crisis of 2008, Avery and Jackson were discussing about Bitcoin. Avery mentioned that Satoshi Nakamoto created Bitcoin for a specific reason. What was that reason according to Avery?

• To avoid taxes and inflation

• To avoid dealing with traditional financial institutions

• To quickly withdraw currency from financial institutions

• To make payments to friends like Maya by only using a phone