Blockchain Interview Questions | Eklavya Online

Blockchain Interview Questions

What are the types of consensus algorithms?

There are many types of consensus algorithms or techniques available. The most popular consensus algorithm is: Proof-of-Work(PoW) Proof-of-Stake(PoS) Delegated Proof-of-Stake(DPoS) Proof-of-Authority(PoA) Proof-of-Elapsed Time(PoET) Byzantine Fault Tolerance

What is Consensus algorithm?

The consensus algorithm is the method of gaining consensus on a change of data over the system or distributed network. Consensus algorithms are heavily used in blockchains as they enable the network of unknown nodes to reach consensus on the data that is being stored or shared through the blockchain.

How does bitcoin use blockchain?

A transaction is a transfer of value between Bitcoin wallets that gets included in the blockchain. Bitcoin wallets keep a secret piece of data called a private key. The private key is used to sign transactions and provide mathematical proof that they have come from the owner of the wallet.

Name the platforms that are actively developing Blockchain applications?

Blockchain technology was first used for financial transactions. But nowadays, its scope is increasing and applies in a variety of industries like e-commerce, data management, energy, gaming, e-governance, and many more. There are several commercial and open-source platforms available to provide the framework for creating applications that support a blockchain. Hyperledger and Ethereum are actively …

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What is the difference between public and private key?

The private key is used to encrypt or lock a message or transaction which is sent on the blockchain network. The sender can send a message using the public key of the receiver. On the other hand, the receiver can decrypt the message or the transaction using his private key. By using the private and …

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How does the security of a block works?

A blockchain is a chain of blocks that contain records of transactions. Block is the most secure part of a blockchain. The record of a blockchain is protected through a cryptographic hash algorithm. Each block is connected with all other blocks before and after it through a distinctive hash pointer which adds more security to …

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What is the difference between Proof-of-work and Proof-of-stake?

The main differences between the Proof of Work and Proof of Stake are: Proof of Work Proof of Work(PoW) algorithm is used to confirm the transaction and creates a new block to the chain. In this algorithm, miners compete against each other to complete the transaction on the network. The process of competing against each …

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What is encryption? What is its role in Blockchain?

We know that the security of data is always matters. Encryption is a process of converting information or data into a code to prevent unauthorized access. It helps organizations to keep their data secure(i.e., prevent unauthorized access). In this technique, the data is encoded or changed into an unreadable format up to some extent before …

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What is a 51% attack?

The 51% attack on a blockchain network refers to a miner or a group of miners who are trying to control more than 50% of a network’s mining power, computing power or hash rate. In this attack, the attacker can block new transactions from taking place or being confirmed. They are also able to reverse …

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What are the limitations of blockchain?

The major limitations of blockchain are: Lack of Technical Talent Today, there are a lot of developers available who can do a lot of different things in every field. But in the blockchain technology, there are not so many developers available who have specialized expertise in blockchain technology. Hence, the lack of developers is a …

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