Blockchain Interview Questions and Answers
Ques 26. Explain the concept of zero-knowledge proofs in blockchain.
Zero-knowledge proofs allow one party to prove the authenticity of information to another party without revealing any details about the information itself. This enhances privacy and security in blockchain transactions.
Ques 27. What is the role of a block reward in a Proof of Work blockchain?
A block reward is an incentive provided to miners for successfully adding a new block to the blockchain. It typically consists of newly created cryptocurrency coins and transaction fees from the included transactions.
Ques 28. Explain the concept of token standards in blockchain, with a specific example.
Token standards define a set of rules and functionalities for creating and interacting with tokens on a blockchain. An example is the ERC-20 standard on the Ethereum blockchain, which specifies the requirements for fungible tokens.
Ques 29. What is the difference between a soft fork and a hard fork in blockchain?
A soft fork is a backward-compatible upgrade to the blockchain protocol, while a hard fork is a non-compatible and more significant change. Soft forks do not require all nodes to upgrade, whereas hard forks do.
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