Intro to the XRPL Review Quiz

What is the account reserve?

A) A deposit of XRP that is required to open an account

B) The minimum amount of XRP that can be sent in a transaction

C) A backup wallet in case your primary wallet is lost or stolen

Why would someone use a multi-signature account?

A) To hold payment funds until the recipient has confirmed receipt of the goods or services being purchased

B) To require that multiple people approve payment before it is processed

C) To make a lot of small payments quickly and efficiently

D) To give someone else the ability to claim funds from your account at any time in the future

What is the purpose of a destination tag?

A) To use a single account to manage payments for a variety of users

B) To gain access to the XRPL DEX

C) To keep track of all the different types of assets an account holder has

Do you need smart contracts to create digital assets on the XRPL?

A) Yes

B) No

How does autobridging work?

A) It uses a series of assets or hops to find the best connecting liquidities for the original trading pairs

B) It allows users to trade their assets without having to send them to a centralized exchange

C) It uses XRP as an intermediary asset to find the lowest transaction cost

What is the purpose of hooks?

A) To provide smart contract functionality

B) To reduce fees

C) To increase the speed of transactions

D) To improve security

What is the main advantage of using a payment channel?

A) You can make multiple payments without having to repeatedly send transactions to the network

B) It is a secure way to hold funds until certain conditions are met.

C) It allows for multiple people to jointly control an account.

D) It authorizes an account to claim funds at a later date.

Which of the following best describes XRPL's check feature?

A) It is a secure way to hold funds until certain conditions are met

B) It allows for multiple people to jointly control an account

C) It authorizes an account to claim funds at a later date

D) You can make multiple payments without having to repeatedly send transactions to the network

Which of the following best describes a sidechain?

A) A sidechain is a separate network that runs in parallel to the main network

B) A sidechain is a type of blockchain that is used to process transactions that are not related to the main blockchain

C) A sidechain is a centralized network that is used to process transactions

D) A sidechain is a fork of the main blockchain

What is a private key?

A) A public address that is used to receive funds

B) The amount of XRP required to open an account

C) A password that is used to sign transactions