
Blockchain and Cryptocurrencies Quiz
Authored by Solene Solene
Business
12th Grade
Used 1+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is the primary purpose of blockchain technology?
To create digital currencies
To replace traditional banks
To enhance social media platforms
To serve as a recording technology
Answer explanation
The primary purpose of blockchain technology is to serve as a recording technology, providing a secure and transparent way to record transactions and data across a distributed network.
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following is a characteristic of decentralized ledgers?
They have less risk of being taken over
They require a central authority
They are locally centralized
They are easily hacked
Answer explanation
Decentralized ledgers distribute data across multiple nodes, reducing the risk of a single point of failure or takeover. This characteristic enhances security compared to centralized systems, which are more vulnerable.
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What does the term 'trustless network' imply?
Participants must trust each other
Trust is established through contracts
No central authority is needed for trust
Trust is guaranteed by the government
Answer explanation
The term 'trustless network' means that participants do not need to trust each other or a central authority. Instead, trust is built into the system through technology, allowing transactions to occur without reliance on a governing body.
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Who introduced the concept of Bitcoin?
David Chaum
Satoshi Nakamoto
Nick Szabo
Hal Finney
Answer explanation
The concept of Bitcoin was introduced by Satoshi Nakamoto in 2008 through a whitepaper titled 'Bitcoin: A Peer-to-Peer Electronic Cash System'. This pseudonymous individual or group outlined the framework for the cryptocurrency.
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is a smart contract?
A method of securing blockchain data
A digital agreement that executes automatically
A legal document signed by two parties
A type of cryptocurrency
Answer explanation
A smart contract is a digital agreement that automatically executes when predefined conditions are met, eliminating the need for intermediaries. This distinguishes it from traditional legal documents and cryptocurrencies.
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What does NFT stand for?
Non-Fungible Token
Network Functionality Test
Non-Financial Transaction
New Financial Technology
Answer explanation
NFT stands for Non-Fungible Token, which refers to a unique digital asset verified using blockchain technology, distinguishing it from fungible assets like cryptocurrencies.
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is the main function of miners in blockchain?
To create new cryptocurrencies
To regulate transactions
To store data securely
To maintain the network by solving puzzles
Answer explanation
Miners maintain the blockchain network by solving complex mathematical puzzles, which validates transactions and secures the network. This process is essential for the functioning and integrity of the blockchain.
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