Blockchain Developer Test 3

Question 1

Who are miners?

Accepted Answer

Computers that process and verify Blockchain transactions

Answer

In the context of blockchain, 'miners' are specialized computers (or individuals operating them) that perform the computational work required to verify and validate transactions. They bundle these transactions into new blocks and add them to the blockchain, securing the network. As a reward for their efforts, successful miners receive newly minted cryptocurrency and transaction fees.

Question 2

What does the acronym P2P mean?

Accepted Answer

Password to Password

Answer

P2P stands for Peer-to-Peer. In a P2P network, participants (peers) interact directly with each other without the need for a central server or authority. Blockchain technology, including Bitcoin, is built upon a P2P architecture, allowing transactions and data to be shared and validated directly among network nodes, fostering decentralization.

Question 3

How are Blockchain's blocks connected?

Accepted Answer

To the previous block in reverse

Answer

Blockchain blocks are connected chronologically using cryptographic hashes. Each new block contains a unique hash of its own data and a hash pointer to the previous block in the chain. This creates an unbreakable link, ensuring that any alteration to an earlier block would change its hash, invalidating all subsequent blocks and making tampering easily detectable.

Question 4

Which of the following attributes prevents Bitcoin from being anonymous?

Accepted Answer

All transactions are tracked using analytical technology on a worldwide transparent ledger.

Answer

While Bitcoin offers pseudonymity (users are identified by addresses, not names), it is not truly anonymous because all transactions are recorded on a public, transparent ledger. This worldwide ledger can be analyzed using specialized tools to trace transaction flows and potentially link addresses to real-world identities, especially when funds interact with regulated exchanges.

Question 5

Which members of this blockchain network do B2B transactions?

Accepted Answer

Blockchain User

Answer

In a blockchain network, B2B (Business-to-Business) transactions are performed by 'Blockchain Users,' which is a broad term encompassing businesses, organizations, or individuals interacting with the network. These users initiate and participate in transactions that are then recorded and validated on the distributed ledger, facilitating secure and transparent business interactions.

Blockchain Practice Test

Blockchain Practice Test

Blockchain Developer Test 3