Comprehensive Quiz - XRP Ledger

What was one of the first big NFT crazes?

A) CryptoKitties

B) Decentraland

C) Ethereum

D) Bitcoin

What is one advantage of using blockchain technology for payments?

A) Easiness to validate transactions

B) The ability to send and receive payments without a bank account

C) The faster and cheaper processing of transactions

D) All of the above

What code checks the balance of an account?

A) client.getXrpBalance(my_wallet.address))

B) const standby_wallet = xrpl.Wallet.fromSeed(lines[0])

C) const sendAmount = standbyAmountField.value

D) const signed = standby_wallet.sign(prepared)

Can tokens and currencies be issued on the XRPL?

A) Yes

B) No

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 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 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 one of the advantages that DeFi has over traditional finance systems?

A) DeFi has tighter geographical restrictions.

B) DeFi requires complicated documentation.

C) DeFi is more transparent.

D) DeFi doesn’t require an account.

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

What is an ask?

A) A price a buyer is willing to buy an asset at

B) A price a seller is willing to sell an asset at

C) The order book for the XRPL DEX

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

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 use case for brokering an NFT transfer?

A) A marketplace that manages the sale of NFT’s for creators.

B) A curator who wants to organize NFT’s by type or price point.

C) An agent who works to buy and sell NFT’s, maximizing the sale price for creators.

D) All of the above

What is an ask?

A) A price a buyer is willing to buy an asset at

B) A price a seller is willing to sell an asset at

C) The order book for the XRPL DEX

What is a liquidity provider (LP)?

A) An individual who commits to trade at least once per day

B) A type of financial institution that is not subject to government regulation

C) Someone who supplies liquidity to a decentralized exchange (DEX)

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

What's the first step to creating your own issued token on the XRPL?

A) Creating a trust line

B) Sending a transaction

C) Configuring the settings for your hot address

D) Creating accounts and acquiring XRP

To change the currency of a transaction in the example code sandbox, which file should be edited?

A) App.jsx

B) send-currency.jsx

C) wallet-info.jsx

D) source-wallet.jsx

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

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

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

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

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