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In this method users permanently destroy a certain quantity of bitcoin in proportion to the quantity of altcoin to be demand. What is this method?
Proof of Burn (PoB) is a consensus mechanism where users permanently destroy (or 'burn') a certain quantity of cryptocurrency, such as Bitcoin, to gain the right to mine or acquire an altcoin. This process proves commitment to the network and secures it by effectively sacrificing one asset to obtain another.
Key Details:
Burning Process: In PoB, participants send a certain amount of cryptocurrency to an unspendable address, effectively removing it from circulation. This act serves as proof that they have invested in the network by reducing the supply of the original cryptocurrency.
Purpose and Use Cases: PoB is used by networks that want to incentivize long-term commitment and reduce total supply. It is often seen in new blockchain projects that allow miners or users to trade value in established currencies like Bitcoin for the native token of the new network.
Security: By requiring participants to destroy value, PoB helps prevent spam attacks and promotes network stability.
Therefore, B. Proof of Burn is the correct answer, as it describes the method where users destroy a certain amount of cryptocurrency to receive or mine another asset.
________is one of the most widely used enterprise blockchain frameworks applicable across different industries.
Hyperledger Fabric is a widely used enterprise blockchain framework developed under the Linux Foundation's Hyperledger project. It is designed to support various industries by offering a modular architecture, which enables enterprises to create customized blockchain solutions that meet specific business requirements.
Key Details:
Enterprise Application: Hyperledger Fabric is suitable for use cases requiring privacy and confidentiality, such as supply chain management, healthcare, and finance. It supports permissioned networks where only authorized participants can join.
Modularity and Flexibility: Fabric's modular design allows organizations to plug in their preferred components for consensus, membership, and data storage. This makes it versatile across different industries and applications.
Smart Contracts and Chaincode: Fabric supports smart contracts, called chaincode, which enable complex business logic to be executed on the blockchain, providing significant utility to enterprises.
As a result, A. Hyperledger Fabric is the correct answer, as it is a leading enterprise blockchain framework used across multiple sectors.
The Financial Action Task force defines virtual asset service providers as companies that (choose two):
According to the Financial Action Task Force (FATF), Virtual Asset Service Providers (VASPs) are entities or companies that facilitate activities related to virtual assets. Specifically, VASPs include businesses that exchange virtual assets for fiat currency and transfer virtual assets. These activities are regulated to prevent money laundering, terrorist financing, and other illicit activities.
Key Details:
Exchange of Virtual Assets for Fiat Currency: VASPs often act as intermediaries that enable the conversion between virtual assets (like cryptocurrencies) and traditional fiat currencies. This function is central to enabling liquidity and usability of cryptocurrencies within the traditional financial system.
Transfer of Virtual Assets: VASPs may also provide services that involve the transfer of virtual assets from one user to another, which includes activities such as facilitating peer-to-peer transactions, wallet services, or custodial services.
FATF Standards and Compliance: The FATF has established guidelines for VASPs to enhance transparency and ensure compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations.
Thus, the correct answers are C. Exchange virtual assets for fiat currency and D. Transfer virtual assets, as these are the core activities defined for VASPs by the FATF.
The right to publish a new block is determined by ________
The right to publish a new block is commonly determined by Proof of Work (PoW) in blockchain networks like Bitcoin. In PoW, network nodes, known as miners, compete to solve a cryptographic puzzle. The first node to successfully solve it gains the right to add a new block to the blockchain.
Key Details:
Proof of Work Mechanism: Miners perform computational work to solve a hash puzzle, which proves that they have expended effort. This process ensures that blocks are added in a way that is resistant to tampering and fraud.
Reward System: The miner who successfully publishes a new block receives a block reward (in Bitcoin, for example), incentivizing miners to participate in maintaining the blockchain network's security.
Alternative Mechanisms: Other consensus mechanisms, such as Proof of Stake (PoS), do not rely on computational work but rather on a node's stake or investment in the blockchain. However, in the context of traditional blockchain models like Bitcoin, PoW is the primary method for determining block publication rights.
Therefore, A. Nodes proof of work is the correct answer, as PoW is the standard method by which nodes earn the right to publish new blocks in many blockchain networks.
________can support up to 10-14 transactions per second.
Ethereum currently supports a transaction throughput of approximately 10-14 transactions per second (TPS). This transaction speed is a result of Ethereum's design, which balances decentralization and security, albeit at the cost of scalability. This TPS rate is consistent across the Ethereum network prior to its upgrade to Ethereum 2.0, which aims to increase scalability through sharding and Proof of Stake.
Key Details:
Limitations of Current Throughput: Ethereum's TPS rate is due to limitations in its consensus mechanism (formerly Proof of Work, now Proof of Stake) and block size, which prioritize security over transaction speed.
Comparison with Other Networks: Bitcoin, for example, supports around 3-7 TPS, while other networks like Solana or Binance Smart Chain support significantly higher TPS. Ethereum's TPS may increase as Ethereum 2.0 is fully implemented, which aims to improve its scalability.
Impact on Decentralized Applications (DApps): Ethereum's transaction capacity impacts DApps running on the network, as higher usage can lead to congestion and increased transaction fees (gas fees). The upcoming upgrades are intended to alleviate these issues and enhance performance.
Therefore, D. Ethereum is the correct answer, as it supports approximately 10-14 TPS in its current form.
