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of 32What is blockchain and how does it work?
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Blockchain is a distributed ledger technology that maintains a continuously growing list of records (blocks) linked and secured using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
How it works:
- Transactions are grouped into blocks
- Each block is cryptographically linked to the previous block
- The chain is distributed across multiple nodes in a network
- Consensus mechanisms ensure all nodes agree on the state
- Once added, blocks are extremely difficult to alter
Example: Think of it like a digital ledger book where each page (block) references the previous page's unique fingerprint (hash), making it impossible to tear out or alter pages without detection.
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What is the difference between Bitcoin and Ethereum?
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Bitcoin:
- Digital currency and store of value
- Limited scripting capabilities
- Proof of Work consensus
- 21 million coin supply cap
- Primary use: peer-to-peer payments
Ethereum:
- Programmable blockchain platform
- Smart contract functionality
- Transitioned from PoW to Proof of Stake
- No hard supply cap (though issuance is controlled)
- Primary use: decentralized applications (dApps)
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What is a cryptocurrency wallet?
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A cryptocurrency wallet is a digital tool that allows users to store, send, and receive cryptocurrencies. It doesn't actually store coins but manages private and public key pairs that control access to blockchain addresses.
Types:
- Hot wallets: Connected to internet (mobile apps, web wallets)
- Cold wallets: Offline storage (hardware wallets, paper wallets)
- Custodial: Third party controls keys
- Non-custodial: User controls private keys
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Explain public and private keys in cryptocurrency.
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Private Key:
- Secret cryptographic key that proves ownership
- Used to sign transactions
- Must be kept secure and never shared
- Losing it means losing access to funds
Public Key:
- Derived from private key using mathematical functions
- Can be shared openly
- Used to generate wallet addresses
- Allows others to send you cryptocurrency
Analogy: Private key is like your house key (keep it secret), public key is like your home address (share it to receive mail).
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What is mining in cryptocurrency?
What is a smart contract?
What is the difference between coins and tokens?
What is a hash function and why is it important in blockchain?
What is decentralization and why is it important?
What is a consensus mechanism?
Explain the Byzantine Generals Problem and how blockchain solves it.
What is a Merkle Tree and how is it used in blockchain?
Explain different types of blockchain networks.
What is the double-spending problem and how does blockchain prevent it?
Explain the concept of gas in Ethereum.
What are the different types of cryptocurrency addresses?
Explain Proof of Stake and how it differs from Proof of Work.
What is a fork in blockchain? Explain hard fork vs soft fork.
What are stablecoins and what are the different types?
Explain the concept of liquidity pools and automated market makers (AMMs).
Explain the scalability trilemma and various Layer 2 solutions.
What are zero-knowledge proofs and how are they used in blockchain?
Explain MEV (Maximal Extractable Value) and its implications.
What is cross-chain interoperability and what are the main approaches?
Explain the technical details of Bitcoin's transaction structure and UTXO model.
What are the different consensus algorithms and their trade-offs?
Explain Ethereum's transition to Proof of Stake (The Merge) and its technical implications.
What are the security considerations and common attack vectors in DeFi?
Explain the technical architecture of decentralized exchanges and their evolution.
What are the latest developments in blockchain scalability and what challenges remain?
Explain the technical implementation of multi-signature wallets and their security models.
What are the implications of quantum computing for blockchain security?
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Cryptocurrency Basics cheatsheet
Cryptocurrency & Blockchain Technical Interview Cheat Sheet
- Summary01
- 1. Blockchain Fundamentals02
- 2. Cryptographic Foundations03
- 3. Consensus Mechanisms04
- 4. Cryptocurrency Basics05
- 5. Smart Contracts06
- 6. Security Considerations07
- 7. Scalability Solutions08
- 8. Advanced Topics09
- 9. Key Concepts & Comparisons10
- 10. Key Formulas & Calculations11
- 11. Tools & Development12
- + 1 more inside
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