Comprehensive Quiz

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.

Where do cryptocurrencies live?

A) In a physical wallet

B) In a software wallet

C) On the blockchain

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

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.

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

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 of the following best describes a sidechain?

A) A sidechain is a separate network that runs in parallel to the main network

B) A sidechain is a type of blockchain that is used to process transactions that are not related to the main blockchain

C) A sidechain is a centralized network that is used to process transactions

D) A sidechain is a fork of the main blockchain

What was one of the first big NFT crazes?

A) CryptoKitties

B) Decentraland

C) Ethereum

D) Bitcoin

What is the purpose of hooks?

A) To provide smart contract functionality

B) To reduce fees

C) To increase the speed of transactions

D) To improve security

What is the XRPL’s consensus algorithm?

A) Proof-of-work (PoW)

B) Delegated proof-of-stake (DPoS)

C) XRPL Consensus Mechanism

D) XRP Validator

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

A) Yes

B) No

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%

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)

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.

What is the primary purpose of private keys in the digital world of DeFi?

They are used for sharing assets with others securely.

They act as government-issued identification.

They are crucial for proving your identity and safeguarding your digital assets.

They provide access to DeFi platforms' security features.

What are some of the key benefits of blockchain technology?

A) It's secure, trustless, and tamper-proof

B) It's controlled by a central authority and transactions can be reversed

C) It's private, permissioned, and efficient

What is the purpose of a destination tag?

A) To use a single account to manage payments for a variety of users

B) To gain access to the XRPL DEX

C) To keep track of all the different types of assets an account holder has

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

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