Exploring Blockchain Concepts

What is the primary purpose of a smart contract?

• To facilitate manual contract negotiations.

• To store data in a centralized database.

• To create digital currencies.

• To automate and enforce contractual agreements.

How do decentralized applications (dApps) function?

• dApps operate solely on a single server with no network involvement.

• dApps function by running on a decentralized network, using smart contracts for backend logic and blockchain for data storage.

• dApps require a central authority to manage user data.

• dApps are built exclusively using traditional databases without blockchain technology.

What are the main security concerns in blockchain technology?

• Limited scalability

• High transaction fees

• Centralized control

• Main security concerns in blockchain technology include 51% attacks, smart contract vulnerabilities, privacy issues, phishing attacks, and immutability challenges.

What is a consensus mechanism in blockchain?

• A way to create smart contracts without consensus.

• A technique for increasing transaction speed on the blockchain.

• A method for storing data securely on a blockchain.

• A protocol that ensures agreement among nodes on the blockchain's state.

What is the maximum supply of Bitcoin?

• 21 million

• 20 million

• 25 million

• 18 million

What programming language is primarily used for writing smart contracts on Ethereum?

• Ruby

• JavaScript

• Python

• Solidity

What is a blockchain fork?

• A blockchain fork is a split in the blockchain that creates two separate chains, often due to protocol changes or community disagreements.

• A blockchain fork is a security feature that prevents hacking.

• A blockchain fork is a type of cryptocurrency wallet.

• A blockchain fork is a method to increase transaction speed.

What is the significance of the Ethereum Virtual Machine (EVM)?

• The EVM is a programming language for creating websites.

• The EVM allows for the execution of smart contracts and dApps, ensuring consistency and trust on the Ethereum blockchain.

• The EVM is a hardware component for mining Ethereum.

• The EVM is used exclusively for Bitcoin transactions.

What is a public key in cryptocurrency transactions?

• A public key is a secret code used to send funds.

• A public key is a cryptographic code used to receive funds in cryptocurrency transactions.

• A public key is a type of cryptocurrency wallet.

• A public key is a digital signature for transactions.

What is the purpose of gas in Ethereum transactions?

• The purpose of gas in Ethereum transactions is to measure and pay for the computational work required to execute operations.

• To increase the speed of transactions

• To store user data securely

• To provide a backup for the blockchain