Comprehensive Quiz

What is the main advantage of using a payment channel?

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

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

C) It allows for multiple people to jointly control an account.

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

What is Forte?

A) A blockchain platform that provides funding and infrastructure for game developers

B) An in-game currency for the Fortnite game

C) A digital wallet

How does pathfinding work?

A) It uses XRP as an intermediary asset to find the lowest transaction cost

B) It uses a series of assets or hops to find the best connecting liquidities for the original trading pairs

C) It allows users to trade their assets without having to send them to a centralized exchange

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

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 information does a broker need to have in order to facilitate a transaction?

A sell offer index

A buy offer index

An NFToken ID

All of the above

The URI of an NFToken is meant to store what information?

The website address of the creator of the token.

Any metadata associated with the token.

The address of the marketplace listing the token.

The IP address of the computer where the NFT was minted.

How does someone add funds to a new account on the livenet/mainnet?

Transferring XRP using an exchange or by asking a friend who already has an account.

Using the testnet faucet.

Using the Client.fundWallet() function in xrpl.js

Using the ATM at your nearest bank.

How does autobridging work?

A) It uses a series of assets or hops to find the best connecting liquidities for the original trading pairs

B) It allows users to trade their assets without having to send them to a centralized exchange

C) It uses XRP as an intermediary asset to find the lowest transaction cost

Which hook in the nice-xrpl library is used to broker a buy and sell offer from a third-party?

acceptBrokeredOffer()

useAcceptBrokeredOffer()

setBuyOfferIndex(e.currentTarget.value)

setSellOfferIndex(e.currentTarget.value)

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%

How does autobridging work?

A) It uses a series of assets or hops to find the best connecting liquidities for the original trading pairs

B) It allows users to trade their assets without having to send them to a centralized exchange

C) It uses XRP as an intermediary asset to find the lowest transaction cost

What is a node?

A) A computer that verifies blockchain transactions

B) A central authority that controls the network

C) A type of cryptocurrency

Why is trading on the XRPL a little different than on other blockchains?

The XRPL offers a built-in software wallet where users can safely store their currency.

The XRPL uses a Central Limit Order Book instead of an AMM.

The XRPL uses an AMM instead of a Central Limit Order Book.

The XRPL uses both a Central Limit Order Book and an AMM.

What is the primary goal when making a request on the XRPL?

To look up something on the ledger.

To retrieve currency from another account.

To prepare your wallet for an incoming transaction.

To send currency.

What is the base transaction cost on the XRPL?

A) 0.01 XRP

B) 0.001 XRP

C) 0.00001 XRP

Why did the founders of the XRPL create it?

A) To provide liquidity to the market

B) To send crypto to friends and family

C) To provide a more sustainable, scalable and fast alternative to Bitcoin

When transferring an NFT you own, which of the following helps someone else find and accept the transfer.

The NFTokenTaxon.

The OfferID.

The NFTokenOffer Index.

The WalletID.

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 are the two fundamental ways developers interact with the XRPL?

With payments and wallets.

With transactions and requests.

With accounts and wallets.

With addresses and seeds.