FREE Certified Blockchain Professional (CBCP) Questions and Answers
What is an illustration of cryptography being used in a blockchain?
Blockchain technology's asymmetric encryption makes it possible for a sender to send cryptocurrency to a receiver without worrying that it will be stolen.
How do hybrid blockchain networks defend against 51% attacks?
Merkle tree root hashes, which enable the network to roll back to its last known valid block in the event of corruption, are used to secure hybrid blockchain networks.
A bearer instrument that can be used to transfer value between two parties over a blockchain network. What exactly is this instrument?
A bearer instrument called a token is utilized in a blockchain network to transfer value between two parties.
How do blockchains employ private and public-key cryptography?
With asymmetric cryptography, anyone can encrypt a message using the recipient's public key, but only the recipient's private key can decrypt it. Asymmetric encryption makes it possible for a sender to deliver cryptocurrency to a receiver without having to worry about it being stolen. They are able to accomplish this without ever meeting or exchanging contact details. Cryptocurrency can be sent to a recipient as long as the sender has access to their public key.
What exactly is a blockchain?
It is a distributed P2P database with time stamps that contains a history of each transaction that has ever taken place on the network.
Blockchain networks are susceptible to 51% attacks. Which network would provide the greatest incentive for hackers to compromise the system?
To create new cryptocurrencies like bitcoin, miners must use their electricity and computing resources. A network can be easily corrupted by illegal miners if it becomes overly concentrated. A 51% assault is a specific kind of vulnerability of this kind. The percentage of 51% marks a turning point for many blockchains. A network will roll back if fewer nodes are independently operated.
What consensus algorithm is this?
A rivalry-based consensus algorithm is PoS. It was developed as an alternative to PoW since blockchains were having trouble keeping up with the demands for transaction speed. Bitcoin is not mined by PoS nodes. Users have the option to retain some of their cryptocurrency from a blockchain. The user can "stake" with this retainer that they will process transactions honestly and in accordance with the consensus system's rules. The user will lose their cryptocurrency if they don't comply.
What benefit does Proof of Elapsed Time (PoET) offer over Proof of Work (PoW) as the consensus algorithm?
PoET is quicker due to the fewer nodes in competition.
How do blockchains work like ledgers?
Blockchains are widely used public ledgers that allow anybody to view who owns what cryptocurrency and its whole historical timeline. It is possible to locate each transaction as well as the persons involved.
What are miners' duties in a blockchain network?
A competitive consensus algorithm was created as a result of blockchains' struggles to meet transaction speed requirements.
What benefit does a public blockchain offer?
The benefit of public blockchains is this. Anyone in the globe can use public blockchains to participate in the network's operations; their participation is only constrained by their availability of electricity, hardware, and the internet.
Which consensus algorithm uses the least energy?
By design, this algorithm uses a lot of energy and is expensive. A deliberate component of the token economics was the cost and difficulty of obtaining bitcoins. The cost and difficulty of mining bitcoins are comparable to those of mining gold, and it is believed that these factors contribute to some of the asset's value.
What distinguishing feature distinguishes a public blockchain?
Anyone can join a public blockchain as long as they have access to the internet, hardware, and electricity.
What role does a lightweight node play in a blockchain network?
Lightweight nodes use the labor of full nodes to verify transactions.
To be able to spend a token or cryptocurrency twice, an attacker tries to alter the blockchain's transaction history. What action by this attacker is most likely to have been taken?
This is what took place when the Ethereum Classic network was attacked. Being a lousy miner, the attacker rolled back the history of transactions. By seizing control of more than 51% of the network's computational power (51% assault), the attacker was able to do this.
What does not classify a node?
The Merkle tree root is not a type of node. In the event that its network is attacked, it is a hash that enables a hybrid blockchain to roll back to its most recent known-valid block.