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Cryptocurrency interview questions
View answer Every full node on the network does block verification. When a new block is announced, every node that receives it does a list of checks. The two most important checks are of proof of work if a block provides enough work to be included into chain and of the validity of all transactions each transaction must be valid. What is a scriptPubKey? Explain how a P2SH address can be spent. P2SH is a special type of address where the complex locking script is replaced with its hash.
When a transaction attempting to spend the output is presented later, it must contain the script that matches the hash, in addition to the unlocking script. Using Script, write a redeem script that will allow a user to spend the output only when the user knows the magic number View answer A trapdoor function is a function that is easy to compute in one direction but difficult to compute in the opposite direction unless you have special information.
What is mining? View answer Mining is the process of reaching consensus in blockchain networks. Mining serves two purposes. First, it creates new coins in a generated block. Blockchain is divided into public, private, and consortium Blockchains and Hyperledger is a private Blockchain technology with access to Blockchain data and is limited to predefined users, configurations, and programming.
Blockchain can be used in multiple fields such as business, government, healthcare, etc. Wherever we talk about public Blockchain, it refers to the usage of Blockchain on the internet, and Hyperledger-based Blockchain solutions are solutions meant for usage on the intranet, within an organization. How do you explain Blockchain technology to someone who doesn't know it?
Blockchain technology is a distributed ledger, which stores transaction details in the form of immutable records or non-modifiable records called blocks which are secured using cryptography. Say, each block contains a student record that has a label stating the date and time of when the record was entered. Neither the teacher nor the student will be able to modify the details of that block or the record of report cards.
So basically, the teacher owns the right to update the record while the student only has the right to view the record. This method makes the data secure. What is Merkel Tree? Merkel Tree is a data structure that is used for verifying a block. It is in the form of a binary tree containing cryptographic hashes of each block.
A Merkle tree is structured similarly to a binary tree where each leaf node is a hash of a block of transactional data and each non-leaf node is a hash of its leaf node. The Merkel root or hash root is the final hash root of all the transaction hashes. It encompasses all the transactions that are underlying all the non-leaf nodes. What do you mean by blocks in Blockchain technology? Blockchain is a distributed database of immutable records called blocks, which are secured using cryptography.
Refer to the video to see the various attributes of a block. There are a previous hash, transaction details, nonce, and target hash value. A block is like a record of the transaction. Each time a block is verified, it gets recorded in chronological order in the main Blockchain. Once the data is recorded, it cannot be modified. Blockchain Bootcamp Master the architectural principles of Blockchain. Enroll Now 5. How is Blockchain distributed ledger different from a traditional ledger?
A Blockchain distributed ledger is highly transparent as compared to a traditional ledger. Blockchain distributed ledgers are irreversible. Information registered on a distributed ledger cannot be modified whereas on a traditional ledger it is reversible. A distributed ledger is more secure. It uses cryptography and every transaction is hashed and recorded whereas in traditional ledger security can be compromised. In a distributed ledger, there is no central authority.
It is a distributed system and the participants hold the authority to maintain the sanity of the network and are responsible for validating the transactions. Traditional ledgers are based on the concept of centralized control, which controls all transactions. In a distributed ledger, identities are unknown and hidden whereas in traditional ledger identities of all participants have to be known before the transactions happen.
In a distributed ledger, there is no single point of failure as the data is distributed and information is shared across multiple nodes. If one node fails, the other nodes carry the same copy of the information. In comparison, traditional ledgers have a single point of failure. If a single system crashes, the entire network comes to a standstill. In a distributed ledger, data modification or change cannot be done but for a traditional ledger, it is possible.
In a distributed ledger, validation is done by the participants in the network while in a traditional ledger, validation is done by a centralized authority. The copy of the ledger is shared amongst participants in a distributed ledger while in a traditional ledger, a single copy is maintained in a centralized location. It is not shared amongst the participants.
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Top 30 Blockchain interview Questions and Answers - Blockchain Developer Tutorial - Techprofree100 CRYPTO SUBREDDITS
Of course, there are also investors and speculators who are hoping for appreciation. It is very important you know the intent and functionality of cryptocurrency you own or are considering owning. How are cryptocurrency transactions recorded? Cryptocurrency transactions are recorded on a shared, digital ledger called a blockchain. This is decentralized technology, spread across many computers, that records every transaction.
Are blockchain and cryptocurrencies the same? Blockchain is the technology that allows for cryptocurrencies to work. It is important to separate the technology behind cryptocurrencies from the actual cryptocurrencies. Help me with the lingo — crypto, coins, tokens, ICOs. What are the top cryptocurrencies?
The most popular and widely heard of cryptocurrency is Bitcoin. Believe it or not, there are over 7, cryptocurrencies in existence and growing. Why are there so many cryptocurrencies? People saw the success of Bitcoin and tried to improve existing functionality and provide new functionality with new cryptocurrencies.
Additionally, investors and developers were certainly trying to make money. Can cryptocurrencies fail? It is estimated that close to 2, cryptocurrencies have failed. This is for a variety of reasons: lack of funding at start and after launch, failure to evolve, and a few were outright frauds. Many of the failures happened during the initial coin offering boom of — Since cryptocurrency operates on a decentralized network that lacks a central authority, it is possible to exchange cryptocurrency without registering an identity.
Yes, since the start there have been criminal activities with cryptocurrencies. However, the blockchain publicly records every transaction, and while names are not assigned to addresses, you can trace activity back to a crypto exchange, which knows the end user.
The estimates vary for how many transactions are for illegal activities and proponents of cryptocurrency point to illegal activity with traditional currencies. Source: NY Times article Jan Is it legal for me to purchase cryptocurrency in the U. In , the U. You can purchase in any state, but certain states have imposed regulations.
As an example, New York has a policy where any business must apply for a BitLicense if it is dealing with cryptocurrency. As adoption increases, look for regulatory and legal updates at the federal and state level. How do I purchase cryptocurrency? There are a couple of methods, but the simplest and least expensive is via an online cryptocurrency exchange.
You establish an account and from there, you transfer in cash and purchase the cryptocurrency of your choice. The exchange will allow you to buy, sell, and hold cryptocurrency. The user experience, fees, and identification requirements all vary based on the exchange, so it is important to conduct research before you do anything. Some of the most popular are Coinbase, Gemini, and Kraken.
Additionally, traditional online brokers are starting to offer services such as eToro and Robinhood. Further, fintech and technology companies are starting to offer these services Square and PayPal as two examples. What is a crypto wallet? Crypto wallets are places to store digital assets more securely than just on an exchange.
You hold your wallet via an exchange account, custody wallet, or outside of the exchange. Cold wallets are the most secure way to store your cryptocurrency, but they are meant for longer-term holdings as they are not connected to the internet. With cold storage, you must remember your private keys identifier number for your cryptocurrency.
Are there ways to purchase outside an exchange? Believe it or not, there are Bitcoin ATMs. What is proof-of-work? Proof-of-work systems use computational power from computers to verify the blocks of transactions on a blockchain. This process is known as mining, and it requires specialized hardware to be successful.
What are smart contracts? Smart contracts are protocols that facilitate, verify, or enforce the negotiation or performance without third-party involvement. Smart contracts can act like other contractual clauses, including bonds, escrows, and bank accounts.
What is a decentralized application? A decentralized application or dapp uses open-source code that runs on a blockchain network without the need for centralized control. How do you develop a decentralized application? Developing a dapp usually requires expertise in multiple programming languages such as Solidity, Java, and Python.
You will also need to be familiar with the specific blockchain network you want to use. Additionally, you will need to create or purchase the necessary tokens to power your app. What is Genesis Block? The Genesis Block is the first block on a blockchain. This block is usually created when the network is launched, and it contains all of the necessary information to start running the network. The Genesis Block also generates the initial supply of cryptocurrency tokens for the network.
What are forks in cryptocurrency? Forks occur when two or more blocks have the same hash. This can happen when two miners create a block at approximately the same time or when there is a disagreement over the validity of a block. When this happens, the network splits into two separate chains, and each chain continues to grow independently. Forks occur when two miners discover their next blocks nearly the same time. It can happen because of a software bug or an attack on the network, resulting in added competing chains to the blockchain.
What is NFT? These tokens are unique and cannot be interchangeable with other tokens on the same network. NFTs are often used to represent digital assets or collectibles and can be stored on specialized wallets. Who is Satoshi Nakamoto? Satoshi Nakamoto is the unknown inventor of Bitcoin. Satoshi first introduced the concept of Bitcoin in by releasing a whitepaper about how decentralized currencies could exist without being controlled by any one entity or government.
What are atomic swaps? Atomic swaps exchange one cryptocurrency to another without using a trusted third party. It means that it can be completed directly between users on different blockchains instead of needing to trust an intermediary like Coinbase or Gemini. Atomic swaps require two-way smart contracts and hash time-locked contracts HTLCs to work correctly. What is the difference between cryptocurrency and digital currency? Cryptocurrency is a type of digital currency that uses cryptography to secure transactions and control the creation of new units.
Cryptocurrencies use decentralized control instead of centralized electronic money or centralized banking systems. Digital currencies are fiat currencies that exist only electronically instead of in physical forms such as banknotes and coins. What are the types of cryptocurrency?
There are three primary types of cryptocurrency: Bitcoin, Ethereum, and Binance Coin. Bitcoin is the first and most well-known cryptocurrency, Ethereum is a platform for decentralized applications, and Binance Exchange issues Binance Coin. Is it safe to store crypto on a mobile wallet? Mobile wallet apps come with many different risks that users need to be aware of before deciding whether or not it is safe for them. Make sure you understand how your mobile wallet app works before using it with any valuable assets.
Which cryptocurrency is going to be worth the most in the future? It is nearly impossible to predict which cryptocurrency will be worth the most in the future because so much can change from now until then. However, it has been theorized that cryptocurrencies with a fixed supply and those backed by something tangible such as gold or oil are more likely to increase value than currencies without these features.
What does GAS stand for? This fee helps pay miners who run hardware necessary to confirm transactions on the network, which prevents spamming or other attacks from slowing down the network. Gas fees also incentivize users to create smart contracts and transactions on the Ethereum network.
What is the best cryptocurrency to invest in now? The two top cryptocurrencies for investment include Bitcoin, Ethereum. Do your research and understand the risks involved before investing any money into cryptocurrencies. Which cryptocurrency is the most scalable? The more transactions that need to happen at once, such as during a popular ICO or when many people transact with Bitcoin on the same day, the slower transaction times can become.
What is Decentralization? It allows for a more democratic system in which users can directly control their funds without the need for permission from anyone else. What is Halving? Halving is a process that reduces the amount of new Bitcoin created every day. Bitcoins created will be cut in half every , blocks, or approximately four years. It is done to help control inflation and keep the value of Bitcoin high. Who is Vitalik Buterin? Vitalik Buterin is a Russian-Canadian programmer who invented Ethereum.