May 14 2021 |
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This is the EXIN Blockchain Essentials (BLOCKCHAINE.EN) sample exam. The Rules and Regulations for EXIN’s examinations apply to this exam.
This exam consists of 20 multiple-choice questions. Each multiple-choice question has a number of possible answers, of which only one is correct.
The maximum number of points that can be obtained for this exam is 20. Each correct answer is worth 1 point. You need 13 points or more to pass the exam.
The time allowed for this exam is 30 minutes.
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1 of 20
What is a blockchain?
A centralized database that holds a subset of all transactions on all nodes.
A client-server database existing on a limited number of nodes at the same time.
A distributed database with a record of all transactions on the network.
A standalone database with history of all transactions on various nodes.
2 of 20
What is the function of a lightweight node within a blockchain network?
It stores a complete history of every transaction on the network.
It stores purchased cryptocurrency for users of a blockchain network.
It verifies transactions by piggybacking on the work of full nodes.
3 of 20
A bearer instrument used to transfer value between two parties over a blockchain network.
What is this instrument?
4 of 20
What is a
characteristic of a public blockchain?
Allowing a user to elect nodes to process transactions
Allowing anyone to participate in the blockchain network
Allowing control over who can participate and at what level
Allowing only trusted parties to operate their blockchain
5 of 20
How do blockchains function like ledgers?
They hold a record of all transactions that have ever occurred on a network.
They hold vast amounts of transaction data as a centralized database.
They periodically update all balances of each wallet to the blockchain.
6 of 20
What is the task of miners in a blockchain network?
Miners act as a single third party to aggregate records and provide trust in the network by the miners’ authority.
Miners are computers that allow access to the blockchain, ensuring the number of corrupt nodes will stay low.
Miners are nodes that compete for a reward by calculating the correct nonce to make a transaction possible.
Miners determine the consensus rules that should be followed and interfere when these rules are broken.
7 of 20
Blockchain networks are vulnerable to 51% attacks.
Which network would incentivize hackers
to break the network?
8 of 20
One of the greatest threats to the blockchain community is the narcissism of small differences.
What is the result of this narcissism of small differences?
One community group makes fun of another community group over small differences, resulting in greater collaboration.
The community cares about and works to resolve small differences that cannot be perceived by outside groups.
The community has developed many similar projects and these fight with one another over small differences.
The community has grown closer and works together in a collaborative fashion to solve common problems.
9 of 20
How do fraudsters use a Ponzi scheme?
A fraudster convinces a victim to pay for receiving something of greater value later on.
A fraudster finds investors, then dumps the tokens of the investors to crash the market.
A fraudster pays dividends to initial investors using the funds of subsequent investors.
A fraudster steals credit cards and uses them to buy money, goods or property.
10 of 20
In what way do blockchains use a public witness?
A digital courthouse or library acts as a public witness to store information to reference.
A node on a blockchain network attests to the accuracy and truthfulness of information.
A person sends a transaction over a public network to earn rewards as a public witness.
A preferred node can be elected to attest to the accuracy and truthfulness of information.
11 of 20
Blockchain enables self-sovereign identity.
How does blockchain do this?
It enables centralized third parties to offer easy-to-use and valid identity information.
It enables each person to have exclusive control of their money, property and identity.
It enables governments to effortlessly issue identities with advanced digital certificates.
It enables only internet companies to offer world-class secure personal identity repositories.
12 of 20
Public blockchains give an incentive to encourage users to mine blocks and secure the network.
What incentive is this?
Public blockchains allow users to create tokens to sell on secondary markets.
Public blockchains do not offer rewards, because they are open source.
Public blockchains offer cash rewards for running mining nodes.
Public blockchains offer rewards for mining in the form of cryptocurrency.
13 of 20
What is the
use case for smart contracts?
Digitalize and automate legally binding contracts using artificial intelligence (AI)
Enforce the execution of contracts in the legal system using cryptocurrencies
Ensure automatic payments by predetermined actions or events in insurance contracts
Extend the Bitcoin blockchain, the best-known smart contract platform, to the judicial system
14 of 20
What is the role of a DAO (decentralized autonomous organization)?
Address the principal-agent dilemma with collaboration and acceptance of actions within agreed rules
Embed regulated online smart contracts with the current judicial system, using public blockchains
Offer complex online smart contracts without any link to tangible and intangible offline assets
Provide a private blockchain contract platform on which users can run their online applications
15 of 20
How can blockchain technology
help securing identity data?
By eliminating third parties through providing secured-data storage at a user’s server
By encoding all the health data and save it on a private and permissionless blockchain
By protecting data that has been submitted on the internet using a cryptographic algorithm
By providing information personal data without disclosing the actual data that proves it
16 of 20
What is the value of using blockchain networks with Internet of Things (IoT)?
Allowing blockchain users to follow self-driving cars and access these cars
Avoiding a spoofing attack using the secured identity that is stored on a blockchain
Enabling software that programs itself to solve problems without human intervention
Solving expensive and complex calculations using Hyperledger Fabric mining
17 of 20
How does blockchain improve supply chains?
By automatically creating trade agreements between two parties
By creating safe centralized marketplaces to trade goods on
By stabilizing the national currencies of the countries involved
By transferring tokenized ownership through a software system
18 of 20
What is digital fiat currency?
A digital form of currency, that represents a country’s financial reserves
An e-currency, that creates a transparent and borderless debt market
An online system, that enables making transactions without a bank account
19 of 20
How does blockchain technology benefit the insurance industry?
By avoiding compliance requirements of national authorities, which reduces overhead
By ensuring accuracy of data and automating micro insurances, which reduces costs
By introducing flexible premiums to be paid by customers, which increases profits
By setting up a digital mode of payment, which simplifies claims settlement
20 of 20
How does blockchain technology help to protect intellectual property rights (IP)?
It allows a user to include IP transactions in smart contracts.
It allows a user to record an event and establish the timeline.
It allows a user to record the creation of software packages.
It allows a user to send a transaction and receive IP ownership.
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