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EC-COUNCIL EC-Council Blockchain Fintech CertificationB|FC exam Sample Questions (Q39-Q44):
NEW QUESTION # 39
Self-executing computer programs which facilitate transaction automation and eliminates the need for intermediaries are called what?
- A. Bitcoin mining
- B. Cryptocurrencies
- C. Smart contracts
- D. Distributed ledgers
Answer: C
Explanation:
Smart Contractsare self-executing computer programs that automatically enforce, verify, and facilitate the terms of a contract when certain conditions are met. These programs run on blockchain networks and eliminate the need for intermediaries by automating transactions based on predefined rules coded into the contract.
Key Details:
* Automation and Trust: Smart contracts are crucial in blockchain technology because they enable trustless transactions, meaning parties can transact directly without relying on intermediaries. The code controls the execution, and transactions are transparent and irreversible.
* Use Cases: Smart contracts are foundational to decentralized finance (DeFi) applications, supply chain management, digital identity, and more. They facilitate various operations such as lending, borrowing, insurance, and automated asset transfers.
* Example in Ethereum: Ethereum popularized smart contracts by providing a platform with Turing- complete scripting capabilities. This allowed developers to create sophisticated decentralized applications that execute on the blockchain.
In conclusion,D. Smart contractsis the correct answer as it refers to the technology that automates transactions and eliminates the need for intermediaries.
NEW QUESTION # 40
________are computer programs which facilitate transaction automation and eliminates the need for intermediaries
- A. Distributed Ledgers
- B. Ledgers
- C. Smart contracts
- D. Blockchains
Answer: C
Explanation:
Smart Contractsare self-executing programs that automate transactions and eliminate the need for intermediaries. They operate on blockchain networks and are coded to execute specific actions when predetermined conditions are met.
Key Details:
* Transaction Automation: Smart contracts automatically execute the terms of a contract once the agreed-upon conditions are fulfilled. This reduces manual processing and ensures transparency and trust between parties.
* Elimination of Intermediaries: By running on a decentralized network, smart contracts eliminate the need for third-party intermediaries, such as lawyers or notaries, reducing transaction costs and increasing efficiency.
* Application Across Industries: Smart contracts are used in various sectors, from finance and supply chain to insurance and real estate, due to their ability to enforce terms without human intervention.
Therefore,D. Smart contractsis the correct answer, as they facilitate automated transactions and remove the need for intermediaries.
NEW QUESTION # 41
_________change the blockchain layout from a linearly sequential model.
- A. Fork chains
- B. Tree chains
- C. Sub chains
- D. Side chains
Answer: B
Explanation:
Tree Chainsmodify the standard blockchain structure from a linear sequence to a tree-like structure, where blocks can have multiple branches instead of forming a single sequential chain. This structure can improve scalability and enable parallel processing, as multiple chains can be validated simultaneously.
Key Details:
* Tree Structure: In tree chains, blocks can have multiple child blocks, which allows transactions to be processed across several branches concurrently. This reduces bottlenecks associated with linear block validation and enhances throughput.
* Benefits Over Linear Chains: Traditional blockchain models process blocks in a strict sequence. Tree chains allow for more flexibility and higher transaction throughput, as multiple blocks can be validated simultaneously across different branches.
* Use Cases: This structure is advantageous for complex applications that require parallel transaction processing, such as large-scale blockchain networks or systems needing high transaction speeds.
Thus,D. Tree chainsis the correct answer, as it refers to the blockchain model that diverges from a linear structure.
NEW QUESTION # 42
According to FinCEN what dictates the obligations of money transmitters?
- A. The company stated mission
- B. The business model
- C. How the company advertises itself
- D. The industry designation
Answer: B
Explanation:
According to theFinancial Crimes Enforcement Network (FinCEN), the obligations of money transmitters are determined primarily bythe business modelof the company. FinCEN regulations stipulate that companies engaged in money transmission services must comply with Anti-Money Laundering (AML) and Counter- Terrorism Financing (CTF) regulations, based on how they conduct their business rather than on their industry designation or self-description.
Key Details:
* Regulatory Basis: FinCEN's guidelines are focused on the activities of the business-specifically, whether it facilitates the transfer of money or currency on behalf of others. This regulatory approach ensures that companies involved in money transmission are subject to appropriate oversight, regardless of their industry.
* Activities Over Labels: Even if a company does not advertise itself as a money transmitter, it may still be subject to FinCEN regulations if its business operations fit the criteria for money transmission services.
* Compliance Requirements: Money transmitters must register with FinCEN and implement AML/CTF measures to prevent illicit activities, aligning their compliance obligations with the nature of their operations.
Thus,C. The business modelis the correct answer, as FinCEN focuses on the activities a company performs when determining regulatory obligations.
NEW QUESTION # 43
What is a DEX
- A. A distributed exchange that covers multiple nationalities
- B. A decentralized exchanged that allows users to exchange cryptocurrency directly
- C. A cryptocurrency exchange such as coinbase
- D. A Decentralized finance app or DApp
Answer: B
Explanation:
ADecentralized Exchange (DEX)is a platform that allows users to trade cryptocurrencies directly with one another without the need for a central intermediary or custodian. On a DEX, trades are facilitated using smart contracts on a blockchain, which automate transactions and ensure transparency. This decentralized model allows for peer-to-peer trading, often providing users with greater privacy and control over their funds compared to centralized exchanges.
Key Details:
* Functionality of DEXs: DEXs enable users to connect their wallets and trade assets directly from their accounts. There is no central authority controlling the funds, reducing the risk of hacks and giving users full control over their private keys.
* Examples of DEXs: Popular DEXs include Uniswap, SushiSwap, and PancakeSwap, which are commonly built on blockchain networks like Ethereum and Binance Smart Chain. These platforms operate through automated market makers (AMMs) or order book systems, which facilitate trading without centralized management.
* Comparison with Centralized Exchanges (CEXs): Unlike centralized exchanges, which act as intermediaries and hold user funds, DEXs do not hold custody of funds. This reduces the risk of theft and enables users to trade directly from their wallets.
Therefore, the correct answer isC. A decentralized exchange that allows users to exchange cryptocurrency directly.
NEW QUESTION # 44
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