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EC-COUNCIL 312-82 Exam Syllabus Topics:

Topic	Details
Topic 1	Blockchain Project Implementation: In this section, the exam focuses on the capability of project managers to execute blockchain projects effectively.
Topic 2	Bitcoin: This module zeroes in on Bitcoin, the first and most prominent cryptocurrency. It tests the understanding of blockchain developers about how Bitcoin works, its impact on the financial landscape, and the challenges and opportunities related to its adoption as a digital currency.
Topic 3	Financial Applications: This section assesses the understanding of blockchain applications within financial services for professionals such as fintech developers and covers how blockchain is reshaping areas like payments, remittances, and trading by providing secure, transparent, and efficient alternatives to conventional methods.
Topic 4	Introduction: This part of the exam gauges the basic knowledge of blockchain technology for professionals like financial analysts and covers key blockchain concepts such as distributed ledgers, consensus mechanisms, and smart contracts, forming the basis for more advanced topics covered later.
Topic 5	Blockchain’s Cryptocurrency Assets: This segment tests the proficiency of professionals like cryptocurrency traders in the area of cryptocurrency assets. It examines the role of blockchain in creating and managing digital currencies like Bitcoin and Ethereum, as well as its broader impact on the financial world.
Topic 6	Insurance Applications: This section evaluates the expertise of insurance professionals, such as underwriters and claims managers in utilizing blockchain technology within the insurance industry.

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EC-COUNCIL EC-Council Blockchain Fintech CertificationB|FC exam Sample Questions (Q43-Q48):

NEW QUESTION # 43
The financial Action Task force defines virtual asset providers as companies that (choose two):

A. Exchange virtual assets for fiat currency
B. Transfer virtual assets
C. Sell products for virtual currency
D. Purchase virtual currency

Answer: A,B

Explanation:
TheFinancial Action Task Force (FATF)definesVirtual Asset Service Providers (VASPs)in its guidelines to include entities that engage in theexchange of virtual assets for fiat currencyand thetransfer of virtual assets. This categorization is part of the FATF's efforts to regulate and monitor the flow of virtual assets to mitigate risks associated with illicit activities.
Key Details:
* Exchange and Conversion Services: FATF recognizes companies that offer exchange services between virtual assets and fiat currencies as VASPs. These services are critical for converting virtual assets into forms that can be readily used in traditional markets.
* Transfer Services: VASPs that facilitate the transfer of virtual assets are also within the FATF's regulatory scope. This includes services that manage, transfer, or act as intermediaries in the movement of virtual assets between users, ensuring these transactions are conducted transparently and within regulatory frameworks.
Therefore,C. Exchange virtual assets for fiat currencyandD. Transfer virtual assetsare the correct answers, as they align with the FATF's definition of VASPs.

NEW QUESTION # 44
Public blockchains most often use________ as a consensus mechanism.

A. PoET
B. PoB
C. PoS
D. PoW

Answer: D

Explanation:
Public blockchains most commonly useProof of Work (PoW)as their consensus mechanism, especially in well-established networks such as Bitcoin and, until recently, Ethereum. PoW is a protocol that relies on network participants (miners) solving complex mathematical problems to validate and add transactions to the blockchain. This process ensures the integrity and security of the network, as it requires substantial computational power and resources, making it difficult for any single entity to control the blockchain.
Key Details:
* Proof of Work (PoW): PoW, used primarily by Bitcoin, operates by having participants (often referred to as miners) compete to solve cryptographic puzzles. The first to solve the puzzle adds the next block of transactions to the blockchain and is rewarded with newly minted coins. This system is energy- intensive but is widely recognized for its security and resistance to tampering.
* Transition in Other Networks: While Ethereum initially used PoW, it transitioned toProof of Stake (PoS)in 2022 with Ethereum 2.0, due to PoS's lower energy requirements and increased scalability.
However, Bitcoin, the most prominent public blockchain, still relies on PoW.
* Other Consensus Mechanisms: Alternatives such asProof of Stake (PoS)andProof of Burn (PoB)are used by other blockchain networks that aim for different trade-offs in terms of energy efficiency, scalability, and security.Proof of Elapsed Time (PoET)is another mechanism mostly associated with permissioned (private) blockchains rather than public blockchains.
* Why PoW for Public Blockchains?: Public blockchains prioritize decentralization and security. PoW provides a robust way to achieve this, despite its high energy consumption. Its high level of security and historical success in Bitcoin's network often make it the go-to choice for public blockchains.
In summary, the dominance of PoW in public blockchains is due to its established security and proven track record, although PoS and other mechanisms are increasingly gaining popularity for their efficiency in newer blockchain projects.

NEW QUESTION # 45
Self-executing computer programs which facilitate transaction automation and eliminates the need for intermediaries are called what?

A. Distributed ledgers
B. Smart contracts
C. Cryptocurrencies
D. Bitcoin mining

Answer: B

Explanation:
Smart Contractsare self-executing computer programs that automatically enforce, verify, and facilitate the terms of a contract when certain conditions are met. These programs run on blockchain networks and eliminate the need for intermediaries by automating transactions based on predefined rules coded into the contract.
Key Details:
* Automation and Trust: Smart contracts are crucial in blockchain technology because they enable trustless transactions, meaning parties can transact directly without relying on intermediaries. The code controls the execution, and transactions are transparent and irreversible.
* Use Cases: Smart contracts are foundational to decentralized finance (DeFi) applications, supply chain management, digital identity, and more. They facilitate various operations such as lending, borrowing, insurance, and automated asset transfers.
* Example in Ethereum: Ethereum popularized smart contracts by providing a platform with Turing- complete scripting capabilities. This allowed developers to create sophisticated decentralized applications that execute on the blockchain.
In conclusion,D. Smart contractsis the correct answer as it refers to the technology that automates transactions and eliminates the need for intermediaries.

NEW QUESTION # 46
________can support up to 10-14 transactions per second.

A. Dapps
B. Bitcoin
C. Zcash
D. Ethereum

Answer: D

Explanation:
Ethereumcurrently supports a transaction throughput of approximately10-14 transactions per second (TPS)
. This transaction speed is a result of Ethereum's design, which balances decentralization and security, albeit at the cost of scalability. This TPS rate is consistent across the Ethereum network prior to its upgrade to Ethereum 2.0, which aims to increase scalability through sharding and Proof of Stake.
Key Details:
* Limitations of Current Throughput: Ethereum's TPS rate is due to limitations in its consensus mechanism (formerly Proof of Work, now Proof of Stake) and block size, which prioritize security over transaction speed.
* Comparison with Other Networks: Bitcoin, for example, supports around 3-7 TPS, while other networks like Solana or Binance Smart Chain support significantly higher TPS. Ethereum's TPS may increase as Ethereum 2.0 is fully implemented, which aims to improve its scalability.
* Impact on Decentralized Applications (DApps): Ethereum's transaction capacity impacts DApps running on the network, as higher usage can lead to congestion and increased transaction fees(gas fees).
The upcoming upgrades are intended to alleviate these issues and enhance performance.
Therefore,D. Ethereumis the correct answer, as it supports approximately 10-14 TPS in its current form.

NEW QUESTION # 47
Which of the following are benefits of blockchain for financial services according to IBM ''Blockchain for Financial Services''?

A. Automated compliance
B. Increased customer base
C. Faster settlement
D. Streamlined regulations

Answer: A,C

Explanation:
According to IBM's "Blockchain for Financial Services", blockchain offers several benefits, including faster settlement and automated compliance. These features are critical in enhancing the efficiency and reliability of financial services.
Key Details:
Faster Settlement: Blockchain technology enables near-instantaneous settlement of transactions by eliminating the need for traditional intermediaries and reducing processing times, which can speed up transactions significantly compared to legacy systems.
Automated Compliance: Blockchain's transparency and immutability allow for the automatic recording and verification of regulatory requirements. Smart contracts can be used to enforce compliance rules in real-time, ensuring that transactions adhere to regulatory standards without manual intervention.
Impact on Financial Services: These benefits translate to reduced operational costs, improved transaction accuracy, and increased trust between parties, making blockchain an attractive solution for financial institutions.
Thus, A. Faster settlement and B. Automated compliance are the correct answers, as these are specific benefits of blockchain in financial services according to IBM.

NEW QUESTION # 48
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