Cryptocurrency Interview Questions for Beginners
Categories: Crypto
Ques 1. What is a Public Key? Ans. The cryptographic mechanism that enables the users on a blockchain to receive money in wallet uses a public key. Then a pair of keys is made by joining the public key to the private key. In blockchain, to guarantee security, a private-public key pair is used. Ques 2. What is a Private Key? Ans. An alphanumeric phrase known as a private key is used together with a public key to enable encryption and decryption. It is a component of the cryptographic techniques used to secure blockchains. The particular key is intended for the key generator alone, and should not be shared. Ques 3. What Are the Components of a Blockchain Ecosystem? Ans. There are four primary parts to the blockchain ecosystem. They are listed below. a. Node application b. Shared ledger c. Consensus algorithm d. Virtual Machine Ques 4. What Are the Different Types of Blockchain Technology? Ans. Blockchain technology has different forms ( or ledger). The public blockchain is the first kind of ledger that we are familiar with from bitcoin. They are in fact completely decentralised. The following is a list of further blockchain/ledger types. a. Public blockchain b. Private blockchain c. Consortium or Federated blockchain d. Hybrid blockchain Ques 5. What Is Public Blockchain? Give Examples. Ans. A public blockchain’s nature is always public. It means, they are totally open and everyone is welcome to read, write, and participate. Blockchain is decentralised, with no central authority. Because data can’t be changed and so only verified data are stored in the blocks. Ques 6. What Are Blocks? Ans. The bitcoin network has blocks. A block serves as a permanent repository for transactional data. Additionally, new data is always attached to the most recent block, and the blocks are always consecutive. It may be described as a record book with a set size. When a block is finished, a new block is created and added to the chain of completed blocks. Ques 7. How Do Blockchain Create Blocks? Ans. Blockchain automatically creates blocks after the block size is achieved. The transactions are retained on the block file until the file is full. They are connected, so that the most recent block is connected to the second oldest block and are reported in a linear fashion. Ques 8. How Are Blocks Chained Together? Ans. To link them together, a block’s allocated hash value is used. If the hash value is changed, then someone attempting to forge the data can be recorded in the hash. By keeping track of the previous block’s hash value, links between blocks are created. The hash value of block 2, for instance, will be stored in block 3, and so on.