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NEW QUESTION # 16
Which of the following are benefits of blockchain for financial services according to IBM ''Blockchain for Financial Services''?
Answer: A,C
Explanation:
According to IBM's "Blockchain for Financial Services", blockchain offers several benefits, including faster settlement and automated compliance. These features are critical in enhancing the efficiency and reliability of financial services.
Key Details:
Faster Settlement: Blockchain technology enables near-instantaneous settlement of transactions by eliminating the need for traditional intermediaries and reducing processing times, which can speed up transactions significantly compared to legacy systems.
Automated Compliance: Blockchain's transparency and immutability allow for the automatic recording and verification of regulatory requirements. Smart contracts can be used to enforce compliance rules in real-time, ensuring that transactions adhere to regulatory standards without manual intervention.
Impact on Financial Services: These benefits translate to reduced operational costs, improved transaction accuracy, and increased trust between parties, making blockchain an attractive solution for financial institutions.
Thus, A. Faster settlement and B. Automated compliance are the correct answers, as these are specific benefits of blockchain in financial services according to IBM.
NEW QUESTION # 17
According to FinCEN what dictates the obligations of money transmitters?
Answer: D
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 # 18
Public blockchains most often use________ as a consensus mechanism.
Answer: C
Explanation:
Public blockchains most commonly useProof of Work (PoW)as their consensus mechanism, especially in well-established networks such as Bitcoin and, until recently, Ethereum. PoW is a protocol that relies on network participants (miners) solving complex mathematical problems to validate and add transactions to the blockchain. This process ensures the integrity and security of the network, as it requires substantial computational power and resources, making it difficult for any single entity to control the blockchain.
Key Details:
* Proof of Work (PoW): PoW, used primarily by Bitcoin, operates by having participants (often referred to as miners) compete to solve cryptographic puzzles. The first to solve the puzzle adds the next block of transactions to the blockchain and is rewarded with newly minted coins. This system is energy- intensive but is widely recognized for its security and resistance to tampering.
* Transition in Other Networks: While Ethereum initially used PoW, it transitioned toProof of Stake (PoS)in 2022 with Ethereum 2.0, due to PoS's lower energy requirements and increased scalability.
However, Bitcoin, the most prominent public blockchain, still relies on PoW.
* Other Consensus Mechanisms: Alternatives such asProof of Stake (PoS)andProof of Burn (PoB)are used by other blockchain networks that aim for different trade-offs in terms of energy efficiency, scalability, and security.Proof of Elapsed Time (PoET)is another mechanism mostly associated with permissioned (private) blockchains rather than public blockchains.
* Why PoW for Public Blockchains?: Public blockchains prioritize decentralization and security. PoW provides a robust way to achieve this, despite its high energy consumption. Its high level of security and historical success in Bitcoin's network often make it the go-to choice for public blockchains.
In summary, the dominance of PoW in public blockchains is due to its established security and proven track record, although PoS and other mechanisms are increasingly gaining popularity for their efficiency in newer blockchain projects.
NEW QUESTION # 19
These wallets use a this passphrase to derive the private key
Answer: D
Explanation:
Brain Walletsderive private keys from a passphrase. This approach allows users to create a wallet by memorizing a unique phrase, which is then hashed to generate the corresponding private key.
Key Details:
* Use of Passphrases: Brain wallets use a passphrase that is entered by the user, typically a string of words that can be remembered easily. This passphrase is then converted into a private key using a cryptographic hash function.
* Security Concerns: While convenient, brain wallets are susceptible to brute-force attacks if the passphrase is not sufficiently complex. Simple or common phrases may be vulnerable to attackers who use lists of common phrases to derive potential private keys.
* Distinction from Deterministic Wallets: Unlike Hierarchical Deterministic Wallets, which use a seed phrase to generate a tree of keys, brain wallets derive a single private key directly from a passphrase.
In conclusion,B. Brain Walletsis the correct answer, as these wallets use a passphrase to generate the private key.
NEW QUESTION # 20
In this method users permanently destroy a certain quantity of bitcoin in proportion to the quantity of altcoin to be demand. What is this method?
Answer: B
Explanation:
Proof of Burn (PoB)is a consensus mechanism where users permanently destroy (or "burn") a certain quantity of cryptocurrency, such as Bitcoin, to gain the right to mine or acquire an altcoin. This process proves commitment to the network and secures it by effectively sacrificing one asset to obtain another.
Key Details:
* Burning Process: In PoB, participants send a certain amount of cryptocurrency to an unspendable address, effectively removing it from circulation. This act serves as proof that they have invested in the network by reducing the supply of the original cryptocurrency.
* Purpose and Use Cases: PoB is used by networks that want to incentivize long-term commitment and reduce total supply. It is often seen in new blockchain projects that allow miners or users to trade value in established currencies like Bitcoin for the native token of the new network.
* Security: By requiring participants to destroy value, PoB helps prevent spam attacks and promotes network stability.
Therefore,B. Proof of Burnis the correct answer, as it describes the method where users destroy a certain amount of cryptocurrency to receive or mine another asset.
NEW QUESTION # 21
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