Binance Blockchain Basics Quiz Answers: Binance Academy has announced a new academy course to improve your knowledge of blockchain basics.This is another learning initiative following the Binance Learn and Earn Event and applies to all KYC-verified Binance and non-Binance users.Learn and complete a blockchain fundamentals course in this educational series. The Binance Blockchain Fundamentals course consists of videos and tests.Consists of 6 modules that provide a brief introduction to blockchain technology, history, mechanics, consensus mechanisms, network structure, its uses and limitations.Each user who completes all courses and tests will receive an NFT certificate. For basic blockchain quiz answers on Binance Academy, you can refer to the answers below.
Binance Blockchain Fundamentals Quiz Details
| Blockchain Fundamentals | Details |
| Quiz Type | Binance Blockchain Fundamentals |
| Rewards | ONE NFT Certificate |
| Winners Selection | Every user |
| Binance Quiz Link | Visit Here |
How to Join Binance Blockchain Fundamentals Quiz
- Log in to your Binance account.
- Head over to the Binance Academy page here.
- Watch the Blockchain Basics video, all 6 modules.
- Answer the quiz. finished!
Binance Blockchain Fundamentals Quiz Answers
| Module 1: Introduction to blockchain technology Question: How does a block connect to another? Answer: Through the use of hash functions |
| Module 2: Brief history of blockchain technology Question: Which of the following statements is/are correct? Choose all that apply. Answer: A, B, C, and D A: The idea behind blockchain technology was described as early as the 1990s B: In January 2009, Bitcoin came to existence when the first Bitcoin block was mined C: Satoshi Nakamoto received a reward of 50 bitcoins when the first Bitcoin block was mined D: Vitalik Buterin started the development of a new blockchain-based distributed computing platform called Ethereum |
| Module 3: How does blockchain work Question: Blockchain technology can be used by a network of strangers who don’t trust each other by relying on a mix of: Answer: Game theory and cryptography |
| Module 4: Blockchain consensus mechanisms: PoW and PoS Question: What are the differences between Proof of Work and Proof of Stake consensus mechanisms? Choose all that apply. Answer: B,C, and D B: Proof of Work requires expensive equipment and high energy costs; while Proof of Stake doesn’t C: Proof of Stake selects validators pseudo-randomly, while nodes compete to solve a block in Proof of Work D: Proof of Stake requires validators to hold and stake the native cryptocurrency, while Proof of Work doesn’t |
| Module 5: Blockchain network structure: nodes and forks Question: What is a soft fork? Choose all that are correct. Answer: B and D B: Soft forks are upgrades to the network that are backward-compatible D: Soft forks are considered “opt-in” |
| Module 6: Blockchain use cases and limitations Question: Which of the following statements is/are correct? Choose all that apply. Answer: A, B, and C A: Sending money via blockchain can be fast, and incur low fees B: DeFi aims to create a more open, inclusive, decentralized and transparent financial system C: Blockchain can make supply chain interactions between businesses smoother and more efficient |