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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)
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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.
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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
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What is DeFi?
building insurance companies and financial institutions that have no owner
- mainly built on Ethereum
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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.
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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
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What website can you purchase NFT?
Opensea
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What does Solana use?
Proof of History (time difference between two events on the blockchain)
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What are three examples of Defi 2.0?
Liquidity Farming
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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.
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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%
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When is the tentative date of the Ethereum merge?
September 19th
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What transition is going to happen as a result of the Ethereum merge?
Change from Proof of Work to Proof of Stake
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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)
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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
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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.
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