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 was one of the first big NFT crazes?

A) CryptoKitties

B) Decentraland

C) Ethereum

D) Bitcoin

How is blockchain changing the gaming industry?

A) Blockchain is making it easier for small developers to compete with the big names in the industry

B) Blockchain is making it possible for players to own and trade in-game assets

C) Blockchain allows anyone to earn an income from playing games

D) All of the above

How is data mutation different in web 3.0 applications?

A) It is immutable

B) There are no smart contracts

C) It is mutable

What is yield farming?

A) The act of making small purchases at different times of the day

B) The act of only buying the top-cryptocurrencies

C) The act of using DeFi protocols to earn interest on digital assets

What does "TVL" mean?

A) Total value locked

C) Tokenized value loan

C) Trade volume level

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

What is a liquidity provider (LP)?

A) An individual who commits to trade at least once per day

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

C) Someone who supplies liquidity to a decentralized exchange (DEX)

What is one advantage of using blockchain technology for payments?

A) Easiness to validate transactions

B) The ability to send and receive payments without a bank account

C) The faster and cheaper processing of transactions

D) All of the above

What makes an asset non-fungible?

A) It is digital

B) It is unique

C) It is stored on a blockchain

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