Blockchain Technology -quiz, hype & facts part -1
Who created Bitcoin
Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons who developed bitcoin,authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation. As part of the implementation, Nakamoto also devised the first blockchain database. Nakamoto was active in the development of bitcoin up until December 2010. Many people have claimed, or have been claimed, to be Nakamoto.
Where do you store your cryptocurrency
Crypto Wallets : In the cryptocurrency ecosystem, the term “wallet” refers to software, online or offline, that allows a cryptocurrency owner to access their cryptocurrency holdings.
What is a miner
Computers that validate and process blockchain transactions.
Where can you buy cryptocurrency
- A private transaction
- An exchange
- A Bitcoin ATM
What is a DApp
A decentralized application that is developed over blockchain platform.
What is the term for when a blockchain splits
Fork:A bitcoin hard fork refers to a radical change to the protocol of bitcoin's blockchain that effectively results in two branches, one that follows the previous protocol and one that follows the new version. It is through this forking process that various digital currencies with names similar to bitcoin have been created, including bitcoin cash and bitcoin gold. Bitcoin cash remains the most successful hard fork of the primary cryptocurrency; as of June 2021, it is the eleventh-largest digital currency by market cap.
What incentivizes the miners to give correct validation of transactions
A block Reward in form of Bitcoins.
Interplanetary File System(IPFS) :The InterPlanetary File System (IPFS) is a protocol and peerto-peer network for storing and sharing data in a distributed file system. IPFS uses content-addressing to uniquely identify each file in a global namespace connecting all computing devices.
Source -wikipedia
What is the maximum number of bitcoins that can be created
21 million.
What was the highest the Bitcoin price ever reached
₹ 54,404,923
What is meme coin
A meme coin (also spelled memecoin) is a cryptocurrency that originated from an Internet meme or has some other humorous characteristic.It may be used in the broadest sense as a critique of the cryptocurrency.In late 2013, Dogecoin was released after being created as a joke on the Doge meme by software engineers. This sparkled the creation of several subsequent meme coins.In October 2021, there were about 124 meme coins circulating in the market. Notable examples include Dogecoin and Shiba Inu.
Source -wikipedia
What is Stablecoins
Stablecoins are cryptocurrencies where the price is designed to be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities (such as precious metals or industrial metals).
Source -wikipedia
What is Token
Token is a unit of value issued by a tech or crypto start-up, intended to be a piece in the ecosystem of their technology platform or project.Tokens are supported by blockchains. They only physically exist in the form of registry entries in said blockchain. Initially, most tokens were based on the ERC20 protocol by Ethereum.Tokens are different from bitcoins and altcoins in that they are not mined by their owners nor primarily meant to be traded (although they may be traded on exchanges if the company that issued them becomes valuable enough in the eyes of the public), but to be sold for fiat or cryptocurrency in order to fund the start-up's tech project.
Source-Token Definition – Cryptocurrency – BitcoinWiki
What is MetaVerse and Omniverse
Facebook is changing its name to Metaverse to highlight the vision of a future that will be lived in the cyberspace (along with life in the physical space). Augmented Reality and Virtual Reality, along with sensors, displays, artificial intelligence and Digital Twins, are the enabling technologies.
Source-Metaverse vs Omniverse – IEEE Future Directions
What is Sandbox and Dreamland
The Sandbox is a sandbox game for mobile phones and Microsoft Windows, developed by gamestudio Pixowl and released on May 15, 2012. It was released for PC on Steam on 29 June 2015. The brand was acquired by Animoca Brands in 2018, and its name used for a blockchain-based 3D open world game.
SAND is an ERC-20 Ethereum-powered utility token that will be the medium of exchange within The Sandbox. Facilitates the purchase or sale of LANDs or game ASSETs (LANDs are portions of the Metaverse open to player ownership, while ASSETs are tokens created by players).
Source-Metaverse vs Omniverse – IEEE Future Directions
What is NFT
A non-fungible token (NFT) is a and non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs can be associated with reproducible digital files such as photos, videos, and audio. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership, but do not restrict the sharing or copying of the underlying digital files. The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin.
Source-Non-fungible token - Wikipedia
What is (DAO)
A company or group of like-minded entities that operate based on the rules set forth in a smart contract. DAOs are used to transform business logic into software logic recorded on a blockchain. A company whose funds are locked in a multisignature wallet that is controlled by a smart contract is an example of a DAO. In that same example, board of directors decisions might be voted on, recorded, and effected through a smart contract rather than by holding physical board meetings.
What is ETHEREUM
Ethereum is a decentralized Blockchain 2.0 chain. It was the first major smart contract platform and has widespread support from Fortune 500 companies through the Ethereum Enterprise Alliance (EEA).Ethereum currently uses a Proof-of-Work (PoW) consensus algorithm,but future changes to the protocol will update it to a more scalable algorithm, most likely based on Proof-of-Stake (PoS).
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