Vanderbilt Blockchain - Blockchain Vocabulary | Take the Quiz

What is an altcoin?

An altcoin is any coin that’s not Bitcoin.

An altcoin is either Ethereum or Ripple.

An altcoin is synonymous with meme coins.

An altcoin is any coin you purchase through a central exchange.

What is Bitcoin Cash?

A blackmarket method for trading bitcoin.

A peer-to-peer lending system designed for micro-loans that formed from a fork of the original Ethereum for transactions.

A peer-to-peer electronic cash system designed for frequent transactions that formed from a fork of the original Bitcoin for transactions.

A blackmarket method for trading ethereum.

What is the blockchain?

A blockchain is the result of sequential data blocks that build upon one another, creating an impermanent and unchangeable ledger of transactions (or other data).

A blockchain is the result of sequential data blocks that build upon one another, creating a permanent and unchangeable ledger of transactions (or other data).

A blockchain is the result of sequential data blocks that build upon one another, creating an impermanent and changeable ledger of transactions (or other data).

A blockchain is the result of sequential data blocks that build upon one another, creating a permanent and changeable ledger of transactions (or other data).

What is Coinbase?

The team of developers that helped develop Bitcoin.

The team of developers that invented the first stablecoin.

A popular decentralized cryptocurrency exchange.

A popular centralized cryptocurrency exchange.

What is a cold wallet/cold storage?

An object synonymous with everyday wallets but including crypto-based credit cards

A small, secure device that looks like a flash drive that allows one to store crypto completely offline.

A method for storing physical versions of cryptocurrency.

A method for storing crypto that hackers can easily break into.

What is cryptocurrency?

A digital but centralized form of currency.

Currency that is only used for the purchase of NFTs.

Currency that is only used for black market transactions.

A type of currency that’s digital and decentralized. Cryptocurrency can be used to buy and sell things, or as a long-term store of value.

What is blockchain decentralization?

Bitcoin is not yet decentralized but hopes to be soon which is spurring a movement in the crypto community.

Blockchains are traditionally decentralized because they require majority approval from all users to operate and make changes, rather than a central authority.

The goal of Ethereum’s “The Merge”.

A major flaw in blockchain technology that greatly hinders block processing speeds for identical blocks.

What is Decentralized Finance (DeFi)?

Financial activities conducted without the involvement of an intermediary, like a bank, government, or other financial institution.

Financial activities conducted by an intermediary, like a bank, government, or other financial institution.

Currency used for the purchase of NFTs.

Currency used for illegal purchases on the decentralized web.

What is Ethereum?

The largest cryptocurrency by trade volume, Ethereum is a crypto network and software platform that developers can use to create new applications, and has an associated currency called ether.

A use of blockchain technology solely for the creation of tokens.

The second largest cryptocurrency by trade volume, Ethereum is a crypto network and software platform that developers can use to create new applications, and has an associated currency called ether.

A use of blockchain technology solely for the creation of NFTs.

What is an Initial Coin Offering (ICO)?

A way of ending a cryptocurrency project by giving away remaining coins.

Coins given to the government for legal purposes, often with the intent of delaying regulation.

A way that funds are raised for a new cryptocurrency project. ICOs are similar to Initial Public Offerings (IPOs) of stocks.

This isn’t a real term.

What are Non-fungible Tokens (NFTs)?

Units of measurement for how decentralized something is.

An application of blockchain technology solely for purchasing art with no utility.

Art that can easily be screenshotted and stolen.

Units of value used to represent the ownership of unique digital items like art or collectibles. NFTs are most often held on the Ethereum blockchain.

What is Satoshi Nakomoto?

The pseudonymous creator of Coinbase. No one knows the true identity of Nakomoto — or if it’s more than one person.

The pseudonymous creator of Bitcoin. No one knows the true identity of Nakomoto — or if it’s more than one person.

The pseudonymous creator of Ripple. No one knows the true identity of Nakomoto — or if it’s more than one person.

The pseudonymous creator of Ethereum. No one knows the true identity of Nakomoto — or if it’s more than one person.

What is a smart contract?

An algorithmic program that enacts the terms of a contract automatically based on its code.

A technology heavily utilized on Bitcoin to verify the identity of miners and stakers.

A legal agreement with a VC firm and a startup that allowed for the creation of a cryptocurrency.

An old technology that no longer has much practicality.

What is a stablecoin?

Something you must purchase before buying a cryptocurrency.

A way of earning passive income on assets in the form of cash.

A cryptocurrency that pegs its value to some other non-digital currency or commodity.

A cryptocurrency known for crashing and erratic behavior.

What is a token?

A block on the blockchain.

A unit of value on a blockchain that usually has some other value proposition besides just a transfer of value.

A collectable limited edition physical translation of a popular cryptocurrency or memecoin.

A gold, physical currency that you can get for cashing out your cryptocurrency.

Who is Vitalik Buterin?

Programmer who invented Bitcoin.

The current CEO of Bitcoin.

Programmer who invented Ethereum.

Programmer who invented NFTs.

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