Comprehensive Quiz

What line of code correctly instantiates a client on the XRPL?

const client = new xrpl.Client(net);

let net = getNet();

await client.connect();

results = "Connecting to " + net + "....";

What is the order book?

A) A list of all current bids and asks for each asset

B) A recommendation of which assets to trade

C) A complete timeline of an asset's price history

Which of the following best describes XRPL's check feature?

A) It is a secure way to hold funds until certain conditions are met

B) It allows for multiple people to jointly control an account

C) It authorizes an account to claim funds at a later date

D) You can make multiple payments without having to repeatedly send transactions to the network

What should you look for when choosing a DeFi platform to ensure security?

Utilizing and trusting the platform's security features.

Understanding how security features like multi-signature authentication work.

Avoiding platforms that use encryption techniques.

Only using government-backed platforms.

Why would someone use escrows?

A) To hold payment funds until the recipient has confirmed receipt of the goods or services being purchased

B) To require that multiple people approve payment before it is processed

C) To make a lot of small payments quickly and efficiently

D) To give someone else the ability to claim funds from your account at any time in the future

What makes the XRPL environmentally friendly?

A) It doesn't require mining

B) It's made of recycled materials

C) It runs on renewable energy

What is the NFTokenTaxon ID used for?

To create a unique ID for each NFT so that it can be found on the blockchain.

To link or associate all NFTs that belong in a single collection.

To set a transaction price in case an NFT is sold after being minted.

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 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

Do you need smart contracts to create digital assets on the XRPL?

A) Yes

B) No

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

Why was web 1.0 known as the 'read-only' era?

A) It was difficult to contribute content to the web

B) There were no computers

C) Google required a paid subscription to use

Which of the following statements best summarizes how we use trust lines?

When sending currency, a trust line must be created from the receiving/destination account to the sending/issuer account.

When sending currency, a trust line must be created from the sending/issuer account to the receiving/destination account.

After initiating a transaction with currency between two accounts, both accounts must approve a mutual trust line for the currency transaction to go through.

All of the above.

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

How do AMMs work?

AMMs work by holding currency in order books, then the ledger randomizes a fair exchange rate between the different currencies.

AMMs work by pooling currency in liquidity pools, then algorithmically picking a fair exchange rate between the different currencies.

AMMs work by pooling currency in liquidity pools, then the AMM leadership group picks a fair exchange rate between the different currencies.

AMMs work by pooling currency in liquidity pools, then the AMM community votes on a fair exchange rate between the different currencies.

How long does it take for transactions to flow through the XRPL?

A) A few seconds

B) A few minutes

C) A few hours

D) A few days

Why would someone use a multi-signature account?

A) To hold payment funds until the recipient has confirmed receipt of the goods or services being purchased

B) To require that multiple people approve payment before it is processed

C) To make a lot of small payments quickly and efficiently

D) To give someone else the ability to claim funds from your account at any time in the future

What is the native currency of the XRPL?

A) XRPL

B) XRP

C) BTC

What makes the XRPL sustainable?

A) A tree is planted with every XRP transaction

B) Consensus requires little energy, and any energy is offset by carbon credits

C) The servers that power the XRPL use renewable energy powered by wind turbines

D) All of the above

How does DeFi promote innovation in the financial sector?

By encouraging collaboration among developers and easy access to financial services.

By allowing users to trade their currency.

By reducing regulations on developers.

By the use of NFT technology.