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Understanding Blockchain Types and Uses

- There are three main types of blockchains that have emerged: public, private, and federated. - A public blockchain is a decentralized type that allows anyone to participate without restrictions, while a private blockchain is a centralized type that has restrictions on who can participate. - The key advantages of using bitcoin include that your account cannot be frozen, it can be used to transfer money anywhere in the world with negligible transaction fees.

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Suman Sahoo
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640 views5 pages

Understanding Blockchain Types and Uses

- There are three main types of blockchains that have emerged: public, private, and federated. - A public blockchain is a decentralized type that allows anyone to participate without restrictions, while a private blockchain is a centralized type that has restrictions on who can participate. - The key advantages of using bitcoin include that your account cannot be frozen, it can be used to transfer money anywhere in the world with negligible transaction fees.

Uploaded by

Suman Sahoo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd

Consortium Blockchain provides a faster and more protected ecosystem than a Private

Blockchain?

True

Bankchain is an example of _______.

Private Blockchain - correct

Federated Blockchain

Public Blockchain - wrong

Blockchain which is popularly known as ‘for the people, by the people and of the
people” is ___________.

Federated Blockchain

Public Blockchain - correct

Private Blockchain

Digital assets must always be tangible.

False - correct

True

BlockChain provides ___________ database of every transaction involving value.

Open Centralized - wrong

Closed Decentralized

Closed Centralized

Open Decentralized - correct

Bitcoin network would make it impossible to bypass the traditional financial


intermediaries.

False - correct

True

Private Blockchain is a de-centralized type of Blockchain?


False

Mainly how many types of blockchains have emerged after bitcoin introduced
blockchain to the world?

Two

Seven

Five

Three - correct

HASH can be used to validate the input?

False

True - correct

Sometimes yes

Encrypted text is also known as ____________.

Coded Text

Quoted Text

Cipher Text - correct

Plain Text

Encryption reduces data security?

True

False - correct

The two types of cryptography are ______________.

Symmetric and Public

Public and Private

Asymmetric and Symmetric - correct

Asymmetric and Public

The value of cryptocurrency is independent of market conditions such as supply and


demand.

False
Name the first cryptocurrency with computing power contribution?

Ripple

Litecoin - wrong

Gridcoin - correct

Bitcoin - wrong

Which among the following is the most flexible cryptocurrency?

Ripple - wrong

Ether

Litecoin - wrong

Bitcoin - wrong

The value of coins ( litecoin, bitcoin) is same at a particular time.

True

False - correct

We can buy cryptocurrency.

False

The higher the computational power, the lower is the difficulty in mining.

False

The rate of generation of new bitcoins is constant.

False

The sender and the receiver in a transaction provide miners with a fee.

False

Which among the following are the advantages of using Bitcoin?

Your account cannot be frozen.

All the options - correct

Can be used to transfer money anywhere in the world.


Negligible transaction fee

We may use bitcoin for purchasing merchandise as well?

False

True - correct

The output of Hashing is popularly known as _______ .

Contract

Digital Signature

Plain text

Digest -correct

New bitcoins are released every time a transaction is verified.

True

The first smart contract platform is _______.

Hyperledger Fabric

Blockchain

Ethereum - correct

R3 Corda

Which of the following platform(s) provides a modular architecture?

Hyperledger - correct

R3 Corda

Ethereum

Ether provides greater flexibility than Bitcoin does.

True

Which platform could gain its best use case from financial service industry?

Ethereum
All the options

Hyperledger - wrong

R3 Corda - correct

Ethereum is a digital currency.

False - correct

True

Consortium Blockchain provides a faster and more protected ecosystem than a Private Blockchain? True Bankchain is an example
False Mainly how many types of blockchains have emerged after bitcoin introduced blockchain to the world? Two Seven Five Thr
Name the first cryptocurrency with computing power contribution? Ripple Litecoin - wrong Gridcoin - correct Bitcoin - wrong W
Negligible transaction fee We may use bitcoin for purchasing merchandise as well? False True - correct The output of Hashing
All the options Hyperledger - wrong R3 Corda - correct Ethereum is a digital currency. False - correct True

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