Blockchain and Crypto Basics Review Quiz

Answer randomized questions from the entire course and test your knowledge on the basics of cryptocurrency, blockchains and web3 technology. Good luck!

What is decentralized finance?

A) An umbrella term for various protocols and financial instruments that are built on distributed ledger technology (DLT), such as blockchain

B) A type of financial institution that is not subject to government regulation

C) A way of investing that involves taking on more risk in order to potentially earn higher returns

What does "minting an NFT" mean?

A) Creating a physical copy of an NFT

B) Creating an NFT and publishing it to the blockchain

C) Giving an NFT to someone as a gift

D) Selling an NFT on a marketplace

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

What is a public blockchain?

A) A permissioned network where only certain users can access and participate

B) A permissionless network where anyone can access and participate

C) A type of cryptocurrency exchange

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

What is a smart contract?

A) A digital contract that executes automatically when certain conditions are met

B) A physical contract that is signed by more than two parties

C) A digital contract that is signed by more than two parties

What is a smart contract?

A) A digital contract that executes automatically when certain conditions are met

B) A physical contract that is signed by more than two parties

C) A digital contract that is signed by more than two parties

What is the name for converting a physical asset into a digital token?

A) Tokenization

B) Fungibility

C) Blockchain

D) Cryptocurrency

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

Who first proposed the concept of smart contracts?

A) Nick Szabo

B) Satoshi Nakamoto

C) Vitalik Buterin

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