Exploring Blockchain Fundamentals

What are the main components of a blockchain block?

• Block size, transaction count, timestamp

• Previous block hash, nonce, transaction fees

• Block header, transaction list, Merkle tree root

• Node address, consensus algorithm, block version

How do smart contracts function within a blockchain?

• Smart contracts function as self-executing agreements on a blockchain, automatically enforcing and executing terms when conditions are met.

• Smart contracts are only applicable to cryptocurrency transactions.

• Smart contracts are physical contracts stored in a vault.

• Smart contracts require manual execution by a third party.

What role does cryptographic hashing play in blockchain security?

• Cryptographic hashing allows for unlimited block size in the blockchain.

• Cryptographic hashing secures blockchain by ensuring data integrity, linking blocks, and preventing tampering.

• Cryptographic hashing is used to encrypt user identities.

• Cryptographic hashing is primarily for creating digital signatures.

Explain the difference between public and private blockchains.

• Public blockchains require a central authority to operate.

• Private blockchains are accessible to everyone without restrictions.

• Public blockchains are open and decentralized, while private blockchains are restricted and controlled.

• Public blockchains are always faster than private blockchains.

What is the significance of consensus mechanisms in blockchain technology?

• Consensus mechanisms ensure agreement on transaction validity, prevent double-spending, and maintain blockchain integrity.

• Consensus mechanisms are primarily for user authentication.

• Consensus mechanisms allow for unlimited transaction speeds.

• Consensus mechanisms are used to increase transaction fees.