Blockchain and Crypto Basics Review Quiz

Why doesn't XRPL use PoW?

A) PoW uses a lot of energy

B) PoW is too slow

C) PoW isn't decentralized

D) Both A and B

E) All of the above

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 one potential use case for NFTs?

A) Proving ownership of an asset

B) Identity verification

C) Storing academic credentials

D) 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

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 does blockchain help game creators?

A) It makes it easier to raise funds

B) It helps them build a strong community

C) It provides a more level playing field

D) All of the above

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

What is a smart contract?

A) A digital contract that executes automatically when certain conditions are met

B) A physical contract that is signed by more than two parties

C) A digital contract that is signed by more than two parties

What is a public blockchain?

A) A permissioned network where only certain users can access and participate

B) A permissionless network where anyone can access and participate

C) A type of cryptocurrency exchange

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