Blockchain and Crypto Basics Review Quiz

Who first proposed the concept of smart contracts?

A) Nick Szabo

B) Satoshi Nakamoto

C) Vitalik Buterin

How is data mutation different in web 3.0 applications?

A) It is immutable

B) There are no smart contracts

C) It is mutable

What was one of the first big NFT crazes?

A) CryptoKitties

B) Decentraland

C) Ethereum

D) Bitcoin

What makes an asset non-fungible?

A) It is digital

B) It is unique

C) It is stored on a blockchain

What does "minting an NFT" mean?

A) Creating a physical copy of an NFT

B) Creating an NFT and publishing it to the blockchain

C) Giving an NFT to someone as a gift

D) Selling an NFT on a marketplace

What is decentralized finance?

A) An umbrella term for various protocols and financial instruments that are built on distributed ledger technology (DLT), such as blockchain

B) A type of financial institution that is not subject to government regulation

C) A way of investing that involves taking on more risk in order to potentially earn higher returns

What's the difference between an NFT and a fungible token?

A) Fungible tokens are interchangeable, while NFTs are unique and have different values

B) Fungible tokens are worth something, while NFTs are not

C) Fungible tokens are physical, while NFTs are digital

D) Fungible tokens represent ownership of an asset, while NFTs do not

What is proof-of-work?

A) A type of consensus mechanism in which miners compete to solve complex mathematical problems

B) A type of consensus mechanism in which nodes stake the network currency to validate transactions

C) A method of reaching consensus via a peer-to-peer network of nodes

D) None of the above

How are cryptocurrency transactions secured?

A) Cryptography

B) A central authority verifies them

C) Strong passwords

What does a block in the blockchain contain?

A) Cryptographic hash

B) Transaction information

C) Timestamp

D) All of the above