Comprehensive Quiz

Who first proposed the concept of smart contracts?

A) Nick Szabo

B) Satoshi Nakamoto

C) Vitalik Buterin

What is the name for converting a physical asset into a digital token?

A) Tokenization

B) Fungibility

C) Blockchain

D) Cryptocurrency

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.

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.

What code checks the balance of an account?

client.getXrpBalance(my_wallet.address))

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

const sendAmount = standbyAmountField.value

const signed = standby_wallet.sign(prepared)

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

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 is the base transaction cost on the XRPL?

A) 0.01 XRP

B) 0.001 XRP

C) 0.00001 XRP

Where do AMMs store currency?

In a hedge fund.

In a decentralized exchange.

In a community moderated account.

In a liquidity pool.

What is decentralized finance?

A) An umbrella term for various protocols and financial instruments that are built on distributed ledger technology (DLT), such as blockchain

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

C) A way of investing that involves taking on more risk in order to potentially earn higher returns

What code correctly creates and funds an account on the testnet?

await client.fundWallet(null, {amount, faucetHost })).wallet;

await client.connect()

const client = new xrpl.Client(net)

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

What does "minting an NFT" mean?

A) Creating a physical copy of an NFT

B) Creating an NFT and publishing it to the blockchain

C) Giving an NFT to someone as a gift

D) Selling an NFT on a marketplace

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

How is data mutation different in web 3.0 applications?

A) It is immutable

B) There are no smart contracts

C) It is mutable

What is the difference between the testnet and livenet/mainnet servers?

When coding on the XRPL, you can test your code with the testnet before launching an app on the livenet.

The testnet uses fake XRP and fake currency. The livenet uses real XRP and currency.

New accounts on the testnet are funded via a centralized faucet, whereas the livenet requires a transfer from an exchange.

All of the above

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

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

Disconnect from the XRPL.

Connect to the XRPL

Close the client.

Request a balance.

What is the native currency of the XRPL?

A) XRPL

B) XRP

C) BTC

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

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%