Most Recent Eccouncil 312-82 Exam Questions & Answers

Smart Contracts are self-executing programs that automate transactions and eliminate the need for intermediaries. They operate on blockchain networks and are coded to execute specific actions when predetermined conditions are met.

Key Details:

Transaction Automation: Smart contracts automatically execute the terms of a contract once the agreed-upon conditions are fulfilled. This reduces manual processing and ensures transparency and trust between parties.

Elimination of Intermediaries: By running on a decentralized network, smart contracts eliminate the need for third-party intermediaries, such as lawyers or notaries, reducing transaction costs and increasing efficiency.

Application Across Industries: Smart contracts are used in various sectors, from finance and supply chain to insurance and real estate, due to their ability to enforce terms without human intervention.

Therefore, D. Smart contracts is the correct answer, as they facilitate automated transactions and remove the need for intermediaries.

Hyperledger Cello is designed to facilitate the deployment and management of blockchain networks. It provides an easy-to-use framework for creating, managing, and scaling blockchain networks, making it suitable for rapid deployment and operation. Although the term 'bloodchains' might be a typo or intended for 'blockchains,' Cello indeed simplifies the blockchain setup process for various applications.

Key Details:

Deployment and Management: Cello offers a suite of tools that automates blockchain deployment, operation, and monitoring, making it accessible for businesses looking to adopt blockchain technology with minimal effort.

Modular Approach: It supports various blockchain frameworks, including Hyperledger Fabric, and is aimed at reducing the complexity involved in blockchain management.

Use Cases: Hyperledger Cello is useful for enterprise blockchain applications, as it allows administrators to manage blockchain networks with tools that support configuration, monitoring, and scaling.

Thus, B. Cello is the correct answer, as it simplifies blockchain deployment and management.

Bitcoin has a fixed supply limit of 21 million coins, as defined by its protocol. This cap is coded into Bitcoin's original protocol and cannot be altered without a consensus change, ensuring its scarcity and value proposition as a 'digital gold.'

Key Details:

Fixed Supply: Bitcoin's supply limit is integral to its design, as it imposes a hard cap on the total number of coins that can ever be mined. This limited supply is one of the factors that gives Bitcoin its deflationary nature and potential as a store of value.

Mining Schedule: New Bitcoins are released into circulation through mining rewards, which halve approximately every four years (in an event known as the 'halving'). This gradually reduces the issuance rate until the maximum supply is reached around the year 2140.

Difference from Other Cryptocurrencies: Unlike some cryptocurrencies that have flexible or inflationary supply models, Bitcoin's finite supply is a distinguishing feature that appeals to those concerned with long-term value preservation.

Therefore, D. 21 million is the correct answer, as it accurately reflects the total number of Bitcoin that will ever exist.

Hyperledger Fabric is a widely used enterprise blockchain framework developed under the Linux Foundation's Hyperledger project. It is designed to support various industries by offering a modular architecture, which enables enterprises to create customized blockchain solutions that meet specific business requirements.

Key Details:

Enterprise Application: Hyperledger Fabric is suitable for use cases requiring privacy and confidentiality, such as supply chain management, healthcare, and finance. It supports permissioned networks where only authorized participants can join.

Modularity and Flexibility: Fabric's modular design allows organizations to plug in their preferred components for consensus, membership, and data storage. This makes it versatile across different industries and applications.

Smart Contracts and Chaincode: Fabric supports smart contracts, called chaincode, which enable complex business logic to be executed on the blockchain, providing significant utility to enterprises.

As a result, A. Hyperledger Fabric is the correct answer, as it is a leading enterprise blockchain framework used across multiple sectors.

Hierarchical Deterministic (HD) Wallets are wallets that generate private and public keys in a tree structure, starting from a single seed phrase. This seed phrase can generate multiple key pairs, allowing users to back up and recover all their wallet addresses using one phrase, which enhances security and convenience.

Key Details:

Tree Structure: HD wallets use a root seed to derive an entire hierarchy of keys. Each branch in the tree can create new sub-branches, generating separate addresses for different transactions without reusing them, which provides better privacy.

Seed-Based Recovery: Users can restore all wallet addresses with the original seed phrase, making HD wallets more secure and easy to back up compared to non-deterministic wallets, which would require individual backups for each key.

Compatibility with Blockchain Standards: HD wallets adhere to the BIP32 and BIP44 standards, which outline the derivation paths and formats used by these wallets. This compatibility allows for interoperability among different wallet providers.

In conclusion, Hierarchical Deterministic Wallets (answer B) best describes wallets that store keys in a tree structure derived from a seed.