1. What is Ethereum based on?
    Smart Contracts - no one is control of the money, automatically given to the right party once the goal is received.

    (ie. Insurance process claims)
  2. What are Ethereum gas fee?
    The gas fee is the price that one needs to pay to confirm a transaction executed on the Ethereum blockchain network. It is transaction fee.
  3. What is Ethereum Proof of Stake?
    more eth that a validators has staked, the more likely they will be selected to validated a block

    much less power consumption
  4. What is DeFi?
    building insurance companies and financial institutions that have no owner

    - mainly built on Ethereum
  5. What is a Layer-2 in Crypto?
    transactions are outside of the main layer (ie. bitcoin and ethereum), allowing for higher throughput and cheaper transaction fees.
  6. What is the difference between a hot and cold wallet?
    • hot wallet are stored on the Internet or on your laptop
    • cold wallet is physical wallet
  7. What website can you purchase NFT?
  8. What does Solana use?
    Proof of History (time difference between two events on the blockchain)
  9. What are three examples of Defi 2.0?
    Liquidity Farming
  10. What is Ethereum's Triple Halving Event?
    Miners are getting 12800 ETH to keep the network up and running, this will be triple halving to 1280 ETH.
  11. Why did Tera and LUNA crash in May of 2022?
    Not using USD as collateral, it is algorithmic

    • UST stablecoin that is pegged to the USD
    • LUNA which is backing UST stablecoin and dropped 70%
  12. When is the tentative date of the Ethereum merge?
    September 19th
  13. What transition is going to happen as a result of the Ethereum merge?
    Change from Proof of Work to Proof of Stake
  14. What is the purpose of the stablecoins?
    pegged to a real world currency, can be used to transfer funds from a risky volatile asset into a non-volatile asset

    usually backed by USD, Gas or Algorithmic PEG (no collateral)
  15. Why did ETH drop in price after the Merge?
    b/c after the Merge, cyptominers sold off their balance b/c they had to find something else to take their balance
  16. How do SBF commit fraud?
    Bankman-Fried transferred funds from FTX creating a hole in his balance sheet, to another company  that he owned Alamaeda a quantitative trading firm 14B had mostly FTT token.
Card Set