Why is Blockchain important?
It allows for a secure, global, and peer to peer record of data
It provides anonymity when making transactions
It is a free, trusted bank
It replaces all ledgers
All of the above
The transaction has contained in a block is the ___________.
Metadata used for ID
Same as the user private key
Digital fingerprint of the block
Unique number to show it’s a Bitcoin block
What do consensus methods achieve?
Anonymity in a peer to peer network
The highest level of security in a database by ensuring 51% agreement of nodes on the network.
The most efficient way of recording a transaction in any database.
It confirms that all nodes on the network are legitimate.
None of the above
How do consensus algorithms like Proof of Work or Proof of Stake incentivize miners to participate?
By paying miners with U.S. dollars
By paying the miners with cryptocurrency
By placing their name on the Blockchain
By not charging users monthly subscription costs
References:
A smart contract on the Blockchain provides __________. Select all that apply
Specific actions to be taken on events or transactions
The same contracts a bank provides
A set of business conditions that must be met
Better anonymity of those making transactions