Blockchain Developer Test 2 — Questions and Answers
Question 1: What does the acronym IPFS mean?
- Internal Filing Storage
- Internet Play System
- Interplanetary Filing System (Correct answer)
- Internet Protocol for Storage
Correct answer: Interplanetary Filing System
IPFS stands for InterPlanetary File System. It is a peer-to-peer network protocol designed to create a decentralized and distributed method of storing and sharing files. Unlike traditional web protocols that locate information by its location, IPFS locates content by its hash, making it more resilient, efficient, and censorship-resistant.
Question 2: What location do you keep your cryptocurrency?
- ATM Card
- Wallet (Correct answer)
- E-Shopping Cart
- Google Drive
Correct answer: Wallet
Cryptocurrency is stored in a digital 'wallet,' which is a software program or physical device that manages your public and private keys. These keys are essential for accessing and transacting with your digital assets on the blockchain. The wallet itself doesn't hold the currency, but rather the cryptographic information needed to control it.
Question 3: A Dash Masternode is what?
- One node that controls the entire network
- Resources are shared by two nodes
- Resources are shared by series of nodes
- A node that offers extra network supervision services (Correct answer)
Correct answer: A node that offers extra network supervision services
A Dash Masternode is a specialized full node on the Dash blockchain that provides advanced services beyond basic transaction relaying. These services include InstantSend for instant transactions, PrivateSend for enhanced privacy, and governance functions, allowing Masternode owners to vote on network proposals. Operating a Masternode requires a significant collateral of Dash, incentivizing network stability and reliability.
Question 4: What quality does Blockchain have that makes it tamper-proof?
- Codes and Pins
- Availability online
- Immutability (Correct answer)
- VPN
Correct answer: Immutability
Blockchain's tamper-proof quality is due to its immutability. Once a transaction or record is added to a block and that block is appended to the chain, it cannot be altered or deleted. This is enforced by cryptographic hashing and the distributed nature of the ledger, where any attempt to change a past record would invalidate subsequent blocks and be rejected by the network.
Question 5: Who has access to a record that is stored on a blockchain?
- One individual at a time.
- Those who took part in the deal can only access it.
- Simultaneously, multiple persons. (Correct answer)
Correct answer: Simultaneously, multiple persons.
Records stored on a public blockchain are accessible to all participants in the network simultaneously. This transparency is a fundamental characteristic, meaning that multiple individuals can view and verify the entire ledger at any given time. This distributed access ensures that all parties have an identical, verifiable copy of the transaction history.
Question 6: Can records on a Blockchain be changed after they have been submitted?
- No, they cannot be changed. (Correct answer)
- Yes, but only within a specific period of time.
- Yes, the parties may return at any moment and change them.
- None of the above.
Correct answer: No, they cannot be changed.
No, records on a blockchain cannot be changed after they have been submitted and validated. This immutability is a core security feature of blockchain technology. Any attempt to modify a past transaction would break the cryptographic links between blocks and would be rejected by the network, ensuring the integrity and permanence of the ledger.
Question 7: Where can you store your cryptocurrency that is LEAST SAFE?
- In a Google Drive
- Inside a safe
- On an exchange (Correct answer)
- In an external storage
Correct answer: On an exchange
Storing cryptocurrency on an exchange is generally considered the least safe option because you do not control the private keys to your funds. Exchanges are centralized targets for hackers, and if an exchange is compromised, goes bankrupt, or freezes accounts, your assets could be lost. For greater security, it's recommended to use a hardware or software wallet where you retain control of your private keys.
Question 8: When did the person who created bitcoin release a whitepaper outlining the digital currency?
- 2008 (Correct answer)
- 2010
- 2012
- 2014
Correct answer: 2008
The Bitcoin whitepaper, titled 'Bitcoin: A Peer-to-Peer Electronic Cash System,' was released on October 31, 2008, by the pseudonymous Satoshi Nakamoto. This foundational document introduced the concept of a decentralized digital currency and outlined the technical framework for Bitcoin. The Bitcoin network itself was then launched in January 2009.
Question 9: How many bitcoins are there in total that can be created?
- 10M
- 17M
- 21M (Correct answer)
- 23M
Correct answer: 21M
The total supply of Bitcoin is capped at 21 million coins, a limit hardcoded into its protocol. This fixed supply is a fundamental aspect of Bitcoin's design, intended to ensure scarcity and prevent inflation. The remaining bitcoins are gradually released through the mining process, with the reward for miners halving approximately every four years.
Question 10: What is the procedure used to generate fresh bitcoins?
- Coding
- Mining (Correct answer)
- Liquidation
- Refreshing
Correct answer: Mining
New bitcoins are generated through a process called 'mining.' Bitcoin mining involves powerful computers solving complex cryptographic puzzles to validate and add new blocks of transactions to the blockchain. The first miner to successfully solve the puzzle is rewarded with newly minted bitcoins and transaction fees, incentivizing network security and expansion.
Question 11: What is the blockchain block made up of?
- A timestamp
- Transaction data
- A hash point
- All of these (Correct answer)
Correct answer: All of these
A blockchain block is a fundamental unit composed of several key elements. It includes a timestamp indicating its creation time, a collection of verified transaction data, and a hash pointer to the previous block. These components collectively ensure the integrity, chronological order, and immutability of the blockchain ledger.
Blockchain Developer Test 2
What does the acronym IPFS mean?