Q1- What is blockchain composed of?
A1- A block is composed of a header of information about the block and a set of valid transactions.
Q2- What does UTXO stand for?
A2- Unspent Transaction Output.
Q3- Miners are computers that execute?
A3- Miners are powerful computer executing software defined by the Blockchain protocol.
Q4- A transaction generates new UTXOs for transferring the amount specified in the input UTXOs. True or False?
A4- True. The transaction uses the amount specified by one or more input UTXOs and transfers it to one or more newly created output UTXOs.
Q5- The algorithm for consensus in the Bitcoin blockchain is called _____ protocol.?
A5- Proof of Work (POW)
It gets its name because it involves “work” or computational power to solve the puzzle and to claim the right to form the next block.
Q6- Transaction confirmation is independently performed by all miner nodes. True or False?
A6- True
Miners, take on added work or computation to verify transactions, broadcast transactions, compete to claim the right to create a block, work on reaching consensus by validating the block, broadcasting the newly created block and confirming transactions.
Q7- Transaction 0 in every block in the bitcoin blockchain ____
A7- a) is for paying the miner fees
b)is called the coinbase transaction
c)does not have any input UTXO.
All are correct.
Q8 - What allows for the execution of code in the Ethereum Blockchain, while enhancing the basic value transfer capability of the Bitcoin Blockchain?
A8- Smart Contracts
Q9- Solidity has data, functions or methods with modifiers, along with getter and setter functions. True or False?
A9- True
Q10- How many types of accounts are on Ethereum?
A10- Two types of accounts. Externally Owned Accounts (EOA) and Contract Accounts.
Q11- The _____ can send transactions for ether transfer or they can send transactions to invoke a smart contract code.
A11- accounts(address)
Q12- What is the smallest denomination of cryptocurrency on Ethereum?
A12- Wei
Q13- ____ hosts the software needed for transaction initiation, validation, mining, block creation, and smart contract execution.
A13- Ethereum full node
Q14- _____ receive, verify, gather and execute transactions.
A14- Miner nodes
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