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Free PDF Quiz High Hit-Rate EC-COUNCIL - 312-82 - New EC-Council Blockchain Fintech CertificationB|FC exam Test Labs

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EC-COUNCIL EC-Council Blockchain Fintech CertificationB|FC exam Sample Questions (Q21-Q26):

NEW QUESTION # 21
_______implements the interledger protocol, which facilitates interoperability across different distributed and non-distributed ledger networks.

A. Cello
B. Quit
C. Caliper
D. Composer

Answer: B

Explanation:
The answer is(C) Quilt.
Hyperledger Quilt is a Java implementation of the Interledger Protocol (ILP). ILP is designed to transfer value across different ledgers, whether they are distributed ledgers (like blockchains) or traditional non-distributed ledgers.
Here's why the other options aren't the best fit:
* Composer:Hyperledger Composer was a tool for building blockchain applications, but it has been deprecated.
* Cello:Hyperledger Cello aims to provide a modular blockchain platform, making it easier to deploy and manage blockchain networks.
* Caliper:Hyperledger Caliper is a benchmarking tool used to measure the performance of different blockchain implementations.
Quilt's primary function is to enable interoperability between different ledger systems, which is crucial for the broader adoption and integration of blockchain technology.

NEW QUESTION # 22
What two types of transactions are there in Ethereum(pick z):

A. Contract
B. Message Call
C. Contract Creation
D. User

Answer: B,C

Explanation:
In Ethereum, there are two main types of transactions:Message CallandContract Creation. These transaction types enable Ethereum to support both the execution of contracts and interactions between accounts.
Key Details:
* Message Call Transactions: These transactions involve interactions between externally owned accounts (EOAs) or between EOAs and smart contracts. Message calls are used to transfer Ether or invoke functions within existing smart contracts.
* Contract Creation Transactions: This transaction type is used specifically to deploy new smart contracts on the Ethereum blockchain. During a contract creation transaction, the code for the new contract is included, which the network processes and stores at a unique address.
* Exclusion of User Transactions: While "User" refers to EOAs, it is not a type of transaction itself in Ethereum. Transactions in Ethereum are categorized based on their purpose - either calling an existing contract (Message Call) or creating a new one (Contract Creation).
Thus,C. Message CallandD. Contract Creationare the correct answers, as they represent the two main transaction types in Ethereum.

NEW QUESTION # 23
Self-executing computer programs which facilitate transaction automation and eliminates the need for intermediaries are called what?

A. Cryptocurrencies
B. Distributed ledgers
C. Smart contracts
D. Bitcoin mining

Answer: C

Explanation:
Smart Contractsare self-executing computer programs that automatically enforce, verify, and facilitate the terms of a contract when certain conditions are met. These programs run on blockchain networks and eliminate the need for intermediaries by automating transactions based on predefined rules coded into the contract.
Key Details:
* Automation and Trust: Smart contracts are crucial in blockchain technology because they enable trustless transactions, meaning parties can transact directly without relying on intermediaries. The code controls the execution, and transactions are transparent and irreversible.
* Use Cases: Smart contracts are foundational to decentralized finance (DeFi) applications, supply chain management, digital identity, and more. They facilitate various operations such as lending, borrowing, insurance, and automated asset transfers.
* Example in Ethereum: Ethereum popularized smart contracts by providing a platform with Turing- complete scripting capabilities. This allowed developers to create sophisticated decentralized applications that execute on the blockchain.
In conclusion,D. Smart contractsis the correct answer as it refers to the technology that automates transactions and eliminates the need for intermediaries.

NEW QUESTION # 24
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?

A. Side block
B. Proof of ownership
C. Side-chaining
D. Proof of Burn

Answer: D

Explanation:
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 Burnis the correct answer, as it describes the method where users destroy a certain amount of cryptocurrency to receive or mine another asset.

NEW QUESTION # 25
When using __________ the chain of ownership is established by a chain of digital signatures as each owner signs when transferring ownership.

A. ETHASH
B. NFTS
C. UTXO
D. PoET

Answer: C

Explanation:
The UTXO (Unspent Transaction Output) model establishes a chain of ownership by using digital signatures.
In this model, each transaction consists of inputs (from previous UTXOs) and outputs (new UTXOs), and ownership is transferred by the current owner signing the transaction. This digital signature is then verified by the recipient, ensuring a secure and traceable chain of ownership.
Key Details:
Functionality of UTXO: UTXO is a fundamental part of Bitcoin's transaction model. When a transaction occurs, it consumes previous outputs as inputs, generating new UTXOs. Each UTXO can only be spent once, and ownership is verified through cryptographic signatures.
Chain of Ownership: The UTXO model inherently creates a clear and verifiable chain of ownership, as each output is signed by the current owner and used as input for future transactions, maintaining a continuous and transparent record of asset transfers.
Security through Digital Signatures: UTXO-based transactions rely on digital signatures to authenticate and authorize asset transfers, ensuring that only the rightful owner can initiate a transaction.
Thus, D. UTXO is the correct answer, as it accurately describes the model where ownership is established through a chain of digital signatures.

NEW QUESTION # 26
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