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 a use case for brokering an NFT transfer?

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

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

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

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 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 play-to-earn?

A) A model that financially rewards players for their skill and dedication

B) A model that requires players to pay to play

C) A high-speed blockchain for games to run on

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.

Where do AMMs store currency?

In a hedge fund.

In a decentralized exchange.

In a community moderated account.

In a liquidity pool.

How does blockchain help game creators?

A) It makes it easier to raise funds

B) It helps them build a strong community

C) It provides a more level playing field

D) All of the above

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 a DEX?

A) A decentralized exchange that allows users to trade assets without having to send them to a centralized exchange

B) A cryptocurrency that is used as an intermediary asset to find the lowest transaction cost

C) An order book that lists all current bids and asks for each asset

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

Where are in-game assets stored?

A) In the game itself

B) On the blockchain as non-fungible tokens

C) In a digital wallet

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

How does the XRPL order book differ from a typical AMM?

Trades on the Order Book happen during the hourly auction while an AMM executes trades instantly based on the current formula-based prices.

Trades on the Order Book happen when a marketplace merge (mpm) occurs while an AMM executes trades instantly based on the current formula-based prices.

Trades on the Order Book happen when a buyer's bid matches a seller's ask while an AMM executes trades instantly based on the current formula-based prices.

Trades on the Order Book happen when the buy/sell function cycles while an AMM executes trades instantly based on the current formula-based prices.

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's one key reason why the XRPL uses a unique consensus algorithm?

A) It's easier to reverse transactions

B) It's more energy-efficient

C) Miners don't need to be paid as much

What is the NFTokenTaxon ID used for?

To create a unique ID for each NFT 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 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

Why doesn't the XRPL use Proof of Work (PoW)?

A) PoW is too energy-intensive

B) PoW is unbalanced

C) PoW isn't secure enough

What is one potential use case for NFTs?

A) Proving ownership of an asset

B) Identity verification

C) Storing academic credentials

D) All of the above