Comprehensive Quiz

What could a smart contract be used for?

A) To automate the supply chain

B) To track the ownership of land

C) To settle insurance claims

D) All of the above

What is the NFTokenTaxon ID used for?

To create a unique ID for each NFT so that, 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 is the web 2.0 era also known as?

A) The social web era

B) The read-only era

C) The dot com bubble

What is typically the first step when interacting with the XRP Ledger?

Connect and check account balance.

Connect and instantiate a client

Connect to the devnet.

Find an account.

What is the name of a digital asset that can represent a share of a company?

A) Security token

B) Stablecoin

C) NFT

D) Bitcoin

What do Automated Market Makers (AMMs) do?

AMMs calculate a fair exchange rate between tokens automatically.

AMMs find the best price for buying and selling tokens on a decentralized exchange.

AMMs automatically trade your tokens for you to increase your wealth.

AMMs figure out when the best time to trade your tokens is based on exchange rate fluctuations.

How are cryptocurrency transactions secured?

A) Cryptography

B) A central authority verifies them

C) Strong passwords

Where is the best place to store your private keys?

Written on a note.

Emailing them to yourself.

Remembering them.

In a hardware or software wallet.

Which hook in the nice-xrpl library will let you know when the client has connected to the XRPL?

Connected: {isConnected ? "Yes" : "No"}

useIsConnected()

WalletInfo()

What is the account reserve?

A) A deposit of XRP that is required to open an account

B) The minimum amount of XRP that can be sent in a transaction

C) A backup wallet in case your primary wallet is lost or stolen

What does a block in the blockchain contain?

A) Cryptographic hash

B) Transaction information

C) Timestamp

D) All of the above

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 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

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 was one of the first big NFT crazes?

A) CryptoKitties

B) Decentraland

C) Ethereum

D) Bitcoin

In the context of pathfinding on the XRPL, what is auto-bridging?

It refers to creating a bridge between different DEX platforms.

It involves using XRP as a bridge currency to facilitate token exchanges.

It is a technique to avoid multi-step transactions in DEX.

It is a process to automatically generate synthetic tokens.

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 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

What is the native currency of the XRPL?

A) XRPL

B) XRP

C) BTC

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.