What incentivizes the miners to give correct validation of transactions?

Blockchain - Quiz(MCQ)

A nonce

More memory

A block reward

Thumbs up from the community

Correct Answer : A block reward

Explanation : For incentivizing the Miner for his correct decisions during the transactions, the sender generally sends some incentives (rewards) in form of the cryptocurrency, in which the transaction takes place. It is generally a small percentage of the whole transaction that takes place.

Recently Updated in Blockchain Questions

What biblical name is given to the first block in blockchain?

Genesis

Ada

Origin

Primal

Correct Answer : Genesis

Explanation : A genesis block (block number 0) is the initial block in a blockchain. This is the sole block in a blockchain that does not include any transactions and does not have a valid reference to a previous block.

Blockchain does not provide?

Security

Immutability

Fast transaction time

Fault tolerance

Correct Answer : Fast transaction time

Explanation : When a blockchain's scalability is high, it means the network can handle a large number of transactions quickly. It enables separate accounts to exchange data swiftly, if not immediately, independent of the network traffic.

The height of the block is the ____ in the chain between it and the genesis block.

Metadata that is

Merkle tree hash

Size of the memory cache

Number of blocks

Correct Answer : Number of blocks

Explanation : The total number of blocks connected since the genesis block is the block height. The number of blocks between any given block and the genesis block determines its height.