Blockchain Basics
How Blockchain Works
Smart Contracts
Cryptocurrency
Misc.
100
What is blockchain?
A digitized record that consists of "blocks" of information that is theoretically impossible to hack or alter.
100
What is a "Block" in the blockchain?
A digital storage unit
100
What is smart contract?
A virtual contract posted to the blockchain
100
When was Bitcoin created?
2009
100
What percent of computers in a blockchain network would somebody need to be able to hack into another person's blockchain?
Over 50%
200
What is a block?
A piece of coded information in the chain
200
What is the first step in the process of adding a new block to the blockchain?
There is a transaction
200
What is the primary use of smart contracts?
Automating cryptocurrency transactions
200
What is the old saying that is attributed to cryptocurrency?
"Set in stone"
200
Who created blockchain?
Satoshi Nakamoto
300
What is a hash?
A block's unique code
300
What is the name of the unique code given to each block on the blockchain?
Hash
300
What is an oracle?
Real-time data feeds that can deliver information to smart contracts
300
In terms of value, how is cryptocurrency more standardized value-wise than the current monetary system?
Cryptocurrency is not affected by inflation.
300
What does blockchain mean for bank use?
Always available and quick transactions
400
What are two reasons that Blockchain is important
Allowed cryptocurrency to be possible
Cuts out the middle man
Combat lack of trust
Not affected by inflation
Set in stone
400
What must computers provide in order to be eligible to verify blockchain transactions?
Proof of Work
400
Why can't smart contracts interact with real-world events?
Oracles are too centralized (single point of failure, too easy to tamper with)
400
What is the name of the online marketplace that exposed Bitcoin? What was the marketplace centered around?
Silk Road, online drug marketplace
400
What are the odds of correctly calculating an equation (proof of work)
1 in 5.8 trillion
500
Why is blockchain difficult to hack?
Proof of work must be provided for all previous blocks referenced in a block
500
Blockchain is secure because it eliminates the unreliability of ________ ________ when verifying transactions
Human Interaction
500
What are the software and hardware companies working to coordinate smart contracts with real-world events?
Town Crier (hardware)
Chainlink (software)
500
How does Cryptocurrency establish trust within the public platform in Bitcoin?
Decentralized peer-to-peer network that is hard to hack
500
What industries use blockchain? (must name all listed)
Finance, Healthcare, Politics, Real estate, Legal