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Quizzes > Quizzes for Business > Technology

Take the Blockchain and NFT Knowledge Assessment Quiz

Test Your Blockchain and NFT Skills Now

Difficulty: Moderate
Questions: 20
Learning OutcomesStudy Material
Colorful paper art representing a Blockchain and NFT knowledge assessment quiz.

This Blockchain and NFT quiz helps you check your grasp of tokens, wallets, smart contracts, and ledger basics. Use it to spot gaps fast and build confidence for class, a project, or an interview. Prefer one topic? Try the NFT quiz or the blockchain quiz .

What is a blockchain?
A programming language
A decentralized ledger of chained blocks
A centralized database stored by a single entity
A digital image file format
A blockchain is a distributed ledger that records transactions across a network of computers. It links blocks of data in chronological order, ensuring immutability and transparency.
What does NFT stand for?
Network Finance Tool
Non functional Technology
Non-Fungible Token
New Federated Transaction
NFT stands for Non-Fungible Token, indicating that each token is unique and cannot be replaced by another identical token.
Which component stores private and public keys to interact with the blockchain?
Wallet
Smart contract
Miner
Node explorer
A crypto wallet securely stores a user's private and public keys, allowing them to sign transactions and interact with blockchain networks.
Which consensus mechanism does Bitcoin use to validate transactions?
Practical Byzantine Fault Tolerance
Proof of Work
Proof of Stake
Delegated Proof of Stake
Bitcoin uses Proof of Work, where miners solve computational puzzles to validate transactions and add new blocks to the chain.
Which Ethereum token standard is specifically designed for non-fungible tokens?
ERC-1155
ERC-223
ERC-721
ERC-20
ERC-721 is the Ethereum token standard defining non-fungible tokens, each with a unique identifier and metadata.
In a blockchain, what is the primary role of a consensus mechanism?
To encrypt data stored off-chain
To ensure all network participants agree on the ledger state
To prevent smart contract execution
To generate tokens for users randomly
Consensus mechanisms ensure that nodes in the network agree on the current state of the ledger. This prevents conflicting transaction histories and maintains blockchain integrity.
How does Proof of Stake differ from Proof of Work?
PoW uses token staking for block creation; PoS uses computational work
PoW and PoS are the same mechanisms under different names
PoW relies on computational work; PoS selects validators based on staked tokens
PoS requires miners to solve complex puzzles; PoW relies on token holdings
Proof of Work requires computational effort to mine blocks, whereas Proof of Stake selects validators proportionally to their staked tokens, reducing energy consumption.
What feature makes NFTs non-fungible?
Unique metadata and indivisibility
Being backed by physical assets
Ability to be divided and traded in fractions
Interchangeability of tokens
NFTs include unique metadata and cannot be divided, making each token distinct and non-interchangeable with another.
Which of the following best describes a decentralized application (dApp)?
A centralized server-based web app with cryptography
A peer-to-peer file sharing tool without smart contracts
A traditional mobile app with offline storage
An application that runs on a blockchain network using smart contracts
A dApp operates on a blockchain and uses smart contracts to execute logic in a trustless and decentralized manner, without central servers.
What is "gas" in the Ethereum network?
A computational fee paid to execute transactions and smart contracts
A network security protocol
A token standard for NFTs
A storage fee for using off-chain databases
Gas is the fee required to perform operations on Ethereum, compensating miners (or validators) for computational resources used by transactions and smart contract execution.
How does ERC-1155 differ from ERC-721?
ERC-1155 supports fungible tokens only
ERC-721 and ERC-1155 are identical standards
ERC-1155 allows both fungible and non-fungible tokens in one contract
ERC-721 supports batch transfers but ERC-1155 does not
ERC-1155 introduces a multi-token standard capable of handling both fungible and non-fungible tokens in a single smart contract, improving efficiency over ERC-721.
What is the risk of a 51% attack on a blockchain?
The attacker can permanently delete the blockchain
The attacker can steal private keys from nodes
The attacker can create new tokens without limit
The attacker can reverse transactions and double-spend tokens
In a 51% attack, a malicious actor controlling the majority of mining/hash power can rewrite recent blocks, reverse transactions, and perform double-spends.
What role do oracles play in blockchain ecosystems?
They validate token standards
They enforce consensus rules
They mine new blocks
They provide off-chain data to smart contracts
Oracles bridge blockchains and external data sources, supplying reliable off-chain information that smart contracts can use for conditioned execution.
Which storage method is typically used to reduce on-chain data load for large NFT assets?
Using off-chain storage solutions like IPFS for asset metadata
Storing files directly on Ethereum mainnet
Compressing data into a single smart contract slot
Embedding full media in transaction payloads
Off-chain systems like IPFS store large files and metadata, while only a reference (CID) is recorded on-chain, reducing gas costs and data bloat.
A reentrancy vulnerability in a smart contract allows an attacker to:
Execute unlimited parallel transactions in other chains
Modify the blockchain protocol
Repeatedly call the same contract function before the previous invocation completes
Bypass consensus mechanisms
Reentrancy occurs when a contract calls an external contract that then calls back into the original contract before state updates are finalized, enabling repeated withdrawals.
What is a zk-SNARK and how is it applied in blockchain?
A type of token for NFTs
A consensus algorithm for faster block times
A hardware wallet standard
A privacy-preserving proof allowing verification without revealing details
zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) let one party prove possession of information without revealing it, enhancing transaction privacy.
What is the main purpose of a cross-chain bridge?
To increase the block size on a single chain
To allow tokens and data transfer between separate blockchain networks
To convert NFTs into fungible tokens
To compress transaction history
Cross-chain bridges enable interoperability by locking assets on one chain and minting equivalent tokens on another, facilitating token and data transfers across networks.
In NFT marketplaces, what is "lazy minting"?
Automatically burning NFTs after a sale
Minting NFTs in advance before sale
Batch minting hundreds of NFTs at once
Only creating (minting) the NFT on-chain at the point of purchase
Lazy minting defers the actual on-chain minting until a buyer commits to the purchase, reducing upfront gas costs for creators and marketplaces.
How do Layer 2 solutions improve blockchain scalability?
By eliminating the need for consensus
By processing transactions off-chain and batching them on the mainnet
By increasing the block size on the mainnet
By reducing the number of nodes in the network
Layer 2 protocols like rollups process transactions off-chain or on separate chains, then submit aggregated proofs or summaries to the mainnet, easing congestion and lowering fees.
What governance mechanism is commonly used in decentralized autonomous organizations (DAOs) for decision-making?
Random selection of network nodes
Centralized executive orders
Single founder's decision
Token-weighted voting by members holding governance tokens
Most DAOs employ token-weighted voting, where members cast votes proportional to their holdings of governance tokens, ensuring collective decision-making.
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Learning Outcomes

  1. Analyse core blockchain principles and mechanisms.
  2. Identify NFT attributes and common use cases.
  3. Evaluate security and transaction processes in blockchains.
  4. Demonstrate understanding of smart contracts and ERC standards.
  5. Apply concepts to real-world NFT creation and trading.
  6. Master decentralized applications and token ecosystems.

Cheat Sheet

  1. Core Blockchain Principles - Dive into the building blocks of blockchain: decentralization spreads power across the network, immutability locks data in place, and consensus mechanisms like PoW and PoS keep everyone in sync. Mastering these concepts shows you why blockchains are trustless and tamperproof.
  2. NFT Attributes - Discover why Non-Fungible Tokens are one-of-a-kind digital assets: they can't be split, each carries a unique fingerprint, and the blockchain ensures you're the true owner. From digital art to in-game collectibles, NFTs bring scarcity and provenance to the online world.
  3. Blockchain Security Risks - Peek behind the scenes of blockchain vulnerabilities: learn about 51% attacks, smart contract exploits, and network forks. Understanding these threats helps you build more resilient applications and keep hackers at bay.
  4. Smart Contracts - Explore self-executing agreements written in code that run exactly as programmed - no middleman required. They automate everything from token sales to loyalty rewards, enforcing terms the instant conditions are met.
  5. ERC Standards - Get to know the rulebooks for tokens: ERC-721 for unique items and ERC-1155 for batchable assets. Standards guarantee your tokens play nicely across wallets, marketplaces, and games.
  6. NFT Market Mechanics - Step through the real-world process of minting, listing, bidding, and selling NFTs. Hands-on practice with these steps will have you launching your own NFT drops in no time.
  7. Building DApps - Learn how to create decentralized applications that run on peer-to-peer networks for maximum transparency and security. Deploy your first DApp and experience blockchain's magic without a central server.
  8. Token Ecosystems - Explore how tokens go beyond currency to govern networks, incentivize behavior, and represent real-world assets. Designing a token economy is key to sparking vibrant community engagement.
  9. Transaction Workflow - Trace a transaction from creation and validation by miners or validators to its final confirmation on the blockchain. Knowing this pipeline is essential for troubleshooting and optimizing performance.
  10. Staying Updated - Blockchain and NFT tech evolve at lightning speed! Keep up by following the latest surveys, research papers, and community discussions to stay ahead of new standards, security fixes, and market trends.
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