What is blockchain?
Blockchain is a digital ledger that records transactions across a network of computers.
How does blockchain work?
Blockchain works through a decentralized system of interconnected nodes that validate and record transactions in a tamper-proof and transparent manner.
What is a decentralized system?
A decentralized system means there is no central authority controlling the network and its data. Instead, the network is run by a community of users, making it more secure and transparent.
What are the benefits of using blockchain?
Some benefits of using blockchain include increased security, transparency, efficiency, and decentralization.
Why is blockchain considered more secure?
Blockchain is considered more secure because each transaction is recorded and verified by multiple nodes, making it nearly impossible to alter or manipulate.
Can blockchain be used for any type of transaction?
Yes, blockchain can be used for a wide range of transactions, from financial transactions to supply chain management and even voting systems.
What is a smart contract?
A smart contract is a self-executing digital contract that is coded with specific instructions, terms, and conditions.
How are smart contracts used in blockchain?
Smart contracts are used to automate and execute transactions on the blockchain in a secure and transparent manner.
What is a private key?
A private key is a unique string of characters that acts as a password to access and manage cryptocurrency in a blockchain network.
What happens if I lose my private key?
If you lose your private key, you will likely lose access to any digital assets stored on the blockchain network associated with that key.
Can I retrieve a lost private key?
Unfortunately, lost private keys cannot be retrieved. It is important to keep them safe and stored in a secure location.
What is a 51% attack?
A 51% attack is when a single entity gains control over 51% of the computing power in a blockchain network, allowing them to manipulate transactions.
How can a 51% attack be prevented?
A 51% attack can be prevented by ensuring a decentralized network, regular updates to the blockchain's code, and implementing consensus rules.
What is a fork in blockchain?
A fork in blockchain is when a change is made to the protocol or code of a blockchain network, resulting in two separate versions of the chain.
What is the difference between a hard fork and a soft fork?
A hard fork is a permanent split in a blockchain, while a soft fork is a temporary split that can be reversed.
How are forks resolved?
Forks are typically resolved through community consensus and updates to the blockchain's code.
What is a hash?
A hash is a unique digital fingerprint generated by a cryptographic algorithm to verify the integrity and authenticity of data in a blockchain network.
Why are multiple confirmations necessary in a transaction?
Multiple confirmations are necessary to ensure that a transaction is verified by multiple nodes on the network, making it more secure and transparent.
What happens if a transaction is not confirmed?
If a transaction is not confirmed, it will remain pending until it is verified by a node on the network.
What is a stuck transaction?
A stuck transaction is a transaction that is pending for an extended period due to network congestion or low transaction fees.
What can I do if I have a stuck transaction?
You can try increasing the transaction fee or using a blockchain explorer tool to cancel the transaction and resend it with a higher fee.
Can I reverse a confirmed transaction?
No, once a transaction is confirmed on the blockchain, it cannot be reversed.
What is double-spending?
Double-spending is when the same digital currency is spent more than once, which is prevented on the blockchain through consensus algorithms.
What is a miner?
A miner is a person or entity that uses their computing power to verify and record transactions on a blockchain network.
What is gas in Ethereum?
Gas in Ethereum is a unit of measurement for the amount of computational power required to process a transaction on the network.
What is a gas limit?
A gas limit is the maximum amount of gas you are willing to spend on a transaction, which can be adjusted to control the transaction fees.
What is gas price?
Gas price is the amount of cryptocurrency you are willing to pay for each unit of gas used in a transaction.
Can I send any type of currency on a blockchain network?
No, each blockchain network has its own native cryptocurrency, and only that currency can be used for transactions on that specific network.
