Blockchain and Crypto Basics Review Quiz

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 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

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

What is a private key?

A) A unique alphanumeric code that acts as your public address on the blockchain

B) A digital storage device for your private and public keys

C) A hashed version of the public key

D) A unique code that allows you to access your wallet

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

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 is the web 2.0 era also known as?

A) The social web era

B) The read-only era

C) The dot com bubble

How does a transaction on a blockchain happen?

A) When the network reaches a consensus

B) When it has finished downloading the blockchain

C) When the block is full

D) When a single validator node approves it

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