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Blockchain CBSA Practice Test - Questions Answers, Page 9

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Which of the following blockchain key components state how the transactions will be confirmed?

A.
Distributed Ledger database
A.
Distributed Ledger database
Answers
B.
Validity Rules
B.
Validity Rules
Answers
C.
Consensus Algorithm
C.
Consensus Algorithm
Answers
D.
Encryption
D.
Encryption
Answers
Suggested answer: B

Explanation:

Validity rules (validation) state how the user and the transactions will be validated. This is predetermined by the consensus algorithm.

A chaincode package that was signed at creation can be handed over to other owners for inspection and signing in Hyperledger. Is it true that the workflow supports out-of-band signing of chaincode package?

A.
TRUE
A.
TRUE
Answers
B.
FALSE
B.
FALSE
Answers
Suggested answer: A

Explanation:

A chaincode package that was signed at creation can be handed over to other owners for inspection and signing. The workflow supports out-of-band signing of chaincode package.

Reference: http://hyperledger-fabric.readthedocs.io/en/release-1.1/chaincode4noah.html

___________is advantageous because it presents scalability and low cost transactions, but like DPoS introduces a component of centralization. What algorithm is being referenced here?

A.
Byzantine Fault Tolerance
A.
Byzantine Fault Tolerance
Answers
B.
Hashgraph
B.
Hashgraph
Answers
C.
Proof of Stake
C.
Proof of Stake
Answers
D.
Proof of Work
D.
Proof of Work
Answers
E.
DAG
E.
DAG
Answers
Suggested answer: A

Explanation:

BFT is notably implemented by Ripple (where validators are pre-selected by the Ripple foundation) and Stellar (where anyone can be a validator and trust is established by the community). BFT is advantageous because it presents scalability and low cost transactions, but like DPoS introduces a component of centralization.

Reference: https://hackernoon.com/an-overview-of-cryptocurrency-consensus-algorithms-9d744289378f

In Hashcash, miners all compete to look for a so called. "____________"which, if provided as input (together with other parts of a block header) to a hash function, yields an output that's numerically small enough to claim the next block reward.

A.
Difficulty bits
A.
Difficulty bits
Answers
B.
Nonce
B.
Nonce
Answers
C.
Merkle Root
C.
Merkle Root
Answers
D.
Timestamp
D.
Timestamp
Answers
Suggested answer: B

You currently on a conference call with an executive from a too big to fail bank. They are validating that they want to use Quorum or another enterprise blockchain. They specifically want to know what type of consensus algo it uses and what industry for the Quorum blockchain targets.

A.
BFT, cross industry
A.
BFT, cross industry
Answers
B.
POS, Financial only
B.
POS, Financial only
Answers
C.
Majority voting, Financial only
C.
Majority voting, Financial only
Answers
D.
Majority voting, cross industry
D.
Majority voting, cross industry
Answers
E.
POW, cross industry
E.
POW, cross industry
Answers
Suggested answer: D

Explanation:

Reference: https://www.horsesforsources.com/top-5-blockchain-platforms_031618

______________is supposed to be the constant cost of network resources/utilization in the Ethereum blockchain? What is the constant?

A.
Wei
A.
Wei
Answers
B.
Tether
B.
Tether
Answers
C.
Gas
C.
Gas
Answers
D.
Ether
D.
Ether
Answers
Suggested answer: C

Explanation:

Gas is supposed to be the constant cost of network resources/utilization. You want the real cost of sending a transaction to always be the same, so you can't really expect Gas to be issued, currencies in general are volatile. So instead, we issue ether whose value is supposed to vary, but also implement a Gas Price in terms of Ether. If the price of ether goes up, the Gas Price in terms of ether should go down to keep the real cost of Gas the same. Reference: http://ethdocs.org/ en/latest/ether.html

You are currently consulting with an organization that ships widgets overseas. They would like to implement a Hyperledger Fabric and would like to know about how to use cryptocurrencies with Hyperledger Fabric.

What is the best answer?

A.
If they need a native currency for their chain network, they can develop their own native currency with chaincode.
A.
If they need a native currency for their chain network, they can develop their own native currency with chaincode.
Answers
B.
Hyperledger Fabric can be integrated with any crypto currency by using the proper APIs.
B.
Hyperledger Fabric can be integrated with any crypto currency by using the proper APIs.
Answers
C.
If they need a native currency for their chain network, they must use Ripple currency with chaincode.
C.
If they need a native currency for their chain network, they must use Ripple currency with chaincode.
Answers
D.
If they need a native currency for their chain network, they must use Ethereum currency with chaincode.
D.
If they need a native currency for their chain network, they must use Ethereum currency with chaincode.
Answers
E.
Hyperledger Fabric does not support cryptocurrencies.
E.
Hyperledger Fabric does not support cryptocurrencies.
Answers
Suggested answer: A

Explanation:

If you really need a native currency for your chain network, you can develop your own native currency with chaincode. One common attribute of native currency is that some amount will get transacted (the chaincode defining that currency will get called) every time a transaction is processed on its chain.

Reference: http://hyperledger-fabric.readthedocs.io/en/release-1.1/Fabric-FAQ.html#endorsement

Is it possible to access the blockchain via an Ethereum Node?

A.
Yes
A.
Yes
Answers
B.
No
B.
No
Answers
Suggested answer: A

Explanation:

True You can interact with the blockchain using RPC via HTTP POST requests. You can find out more about the JSON-RPC API here. Although you can use RPC to communicate with a local node you can also use it to hook up with a remote node. To send requests to the local node we address them to http://127.0.0.1:8545 (Geth exposes the RPC service on port 8545).

Reference: https://datawookie.netlify.com/blog/2018/01/ethereum-running-a-node/

Which of the following enterprise blockchain platforms does not have smart contract functionality?

A.
Ethereum
A.
Ethereum
Answers
B.
Quorum
B.
Quorum
Answers
C.
R3 Corda
C.
R3 Corda
Answers
D.
Hyperledger Fabric
D.
Hyperledger Fabric
Answers
E.
Ripple
E.
Ripple
Answers
Suggested answer: E

Explanation:

Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Reference: https://ripple.com/

You have flown to NYC to have a discussion with a technical executive of a too big to fail bank. You are having a discussion about blockchain algos and the customer is asking what are some disadvantages of using a POW algo?

A.
Centralization of blockchain control
A.
Centralization of blockchain control
Answers
B.
Only use case for computational power is blockchain
B.
Only use case for computational power is blockchain
Answers
C.
Large expenditures for computational power
C.
Large expenditures for computational power
Answers
D.
Not profitable for miners
D.
Not profitable for miners
Answers
E.
51% attack mitigation
E.
51% attack mitigation
Answers
Suggested answer: C, E

Explanation:

The main disadvantages are huge expenditures, "uselessness" of computations and 51 percent attack. Reference: https://cointelegraph.com/explained/proof-of- work-explained

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