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's the difference between an NFT and a fungible token?

A) Fungible tokens are interchangeable, while NFTs are unique and have different values

B) Fungible tokens are worth something, while NFTs are not

C) Fungible tokens are physical, while NFTs are digital

D) Fungible tokens represent ownership of an asset, while NFTs do not

What could a smart contract be used for?

A) To automate the supply chain

B) To track the ownership of land

C) To settle insurance claims

D) All of the above

What is tokenization?

A) The process of turning an asset into a digital token

B) The process of burning an NFT

C) The act of buying or selling an NFT

Where are in-game assets stored?

A) In the game itself

B) On the blockchain as non-fungible tokens

C) In a digital wallet

What does "TVL" mean?

A) Total value locked

C) Tokenized value loan

C) Trade volume level

What is proof-of-work?

A) A type of consensus mechanism in which miners compete to solve complex mathematical problems

B) A type of consensus mechanism in which nodes stake the network currency to validate transactions

C) A method of reaching consensus via a peer-to-peer network of nodes

D) None of the above

What is the name of a digital asset that can represent a share of a company?

A) Security token

B) Stablecoin

C) NFT

D) Bitcoin

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

What's one key reason why the XRPL uses a unique consensus algorithm?

A) It's easier to reverse transactions

B) It's more energy-efficient

C) Miners don't need to be paid as much

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