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Blockchain and Crypto Basics Review Quiz

Found in: What is a blockchain?

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

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 play-to-earn?

A) A model that financially rewards players for their skill and dedication

B) A model that requires players to pay to play

C) A high-speed blockchain for games to run on

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

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

Where do cryptocurrencies live?

A) In a physical wallet

B) In a software wallet

C) On the blockchain

What is a cryptocurrency wallet?

A) A physical wallet that stores your cash and cards

B) A digital storage device for your private key

C) Where your cryptocurrency is stored

What are some of the advantages of decentralized finance?

A) Improved security and resilience due to decentralized infrastructure

B) Removes fees from banks and other financial institutions

C) Greater access to financial services for unbanked individuals

D) A and B

E) All of the above

Who first proposed the concept of smart contracts?

A) Nick Szabo

B) Satoshi Nakamoto

C) Vitalik Buterin

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

A) Tokenization

B) Fungibility

C) Blockchain

D) Cryptocurrency

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