FREE Certified Blockchain Professional (CBCP) MCQ Questions and Answers

Question 1

The narcissism of little distinctions is one of the biggest risks to the blockchain community. What outcome does this narcissism of subtle differences produce?

Accepted Answer

The community has developed many similar projects and these fight with one another over small differences.

Answer

The community has grown closer and works together in a collaborative fashion to solve common problems.

Answer

The community cares about and works to resolve small differences that cannot be perceived by outside groups.

Answer

One community group makes fun of another community group over small differences, resulting in greater collaboration.

Question 2

How do con artists employ a Ponzi scheme?

Accepted Answer

A fraudster pays dividends to initial investors using the funds of subsequent investors.

Answer

A fraudster steals credit cards and uses them to buy money, goods or property

Answer

A fraudster finds investors, then dumps the tokens of the investors to crash the market.

Answer

A fraudster convinces a victim to pay for receiving something of greater value later on.

Question 3

What aspect of a blockchain network's protection is also its feature?

Accepted Answer

The greater the number of full independent nodes, the harder it is to compromise the data in the blockchain.

Answer

The more complicated the Proof of Work (PoW) algorithm is, the more rewarding it is to secure the network.

Answer

The more centralized the control of the blockchain is, the harder it is to secure the data and avoid fraud.

Answer

The lower the number of miners in the blockchain, the higher the incentive is for securing the network.

Question 4

How can data in a blockchain be protected?

Accepted Answer

By using asymmetric cryptography, consisting of a public and private key

Answer

By using distributed ledger technology (DLT), which records transactions at the source

Answer

By using a distribution of cryptocurrencies over miners through the network

Answer

By using a closed peer-to-peer (P2P) network, sharing information across platforms

Question 5

What form of public witness do blockchains use?

Accepted Answer

A node on a blockchain network attests to the accuracy and truthfulness of information.

Answer

A preferred node can be elected to attest to the accuracy and truthfulness of information.

Answer

A person sends a transaction over a public network to earn rewards as a public witness.

Answer

A digital courthouse or library acts as a public witness to store information to reference.

Question 6

Blockchain makes it possible for autonomous identification. How can blockchain accomplish this?

Accepted Answer

It enables each person to have exclusive control of their money, property and identity.

Answer

It enables governments to effortlessly issue identities with advanced digital certificates.

Answer

It enables only internet companies to offer world-class secure personal identity repositories.

Answer

It enables centralized third parties to offer easy-to-use and valid identity information.

Question 7

With public blockchains, users have an incentive to mine blocks and protect the network. What kind of motivation is that?

Accepted Answer

Public blockchains offer rewards for mining in the form of cryptocurrency.

Answer

Public blockchains offer cash rewards for running mining nodes.

Answer

Public blockchains do not offer rewards, because they are open source.

Answer

Public blockchains allow users to create tokens to sell on secondary markets.

Question 8

An organization wants to create blockchain-based smart contracts. The company does not want to put a burden on its staff to keep the blockchain secure. Which blockchain technology is most appropriate for the company?

Accepted Answer

A public blockchain

Answer

A private blockchain

Answer

A hybrid blockchain

Answer

None of the above

Question 9

What distinguishing feature of the Hyperledger network?

Accepted Answer

It is private, open sourced and can run everyone’s own distributed ledger technology (DLT).

Answer

It utilizes the Proof of Stake (PoS) consensus algorithm as its main security measure.

Answer

It utilizes cryptocurrency as a reward mechanism, which makes the network more secure.

Answer

It is a public blockchain network and one of the oldest networks, existing since 2009.

Question 10

Which application for smart contracts works the best?

Accepted Answer

Ensure automatic payments by predetermined actions or events in insurance contracts

Answer

Enforce the execution of contracts in the legal system using cryptocurrencies

Answer

Digitalize and automate legally binding contracts using artificial intelligence (AI)

Answer

Extend the Bitcoin blockchain, the best-known smart contract platform, to the judicial system