Comprehensive Quiz

What makes the XRPL sustainable?

A) A tree is planted with every XRP transaction

B) Consensus requires little energy, and any energy is offset by carbon credits

C) The servers that power the XRPL use renewable energy powered by wind turbines

D) All of the above

What are some of the advantages of decentralized finance?

A) Improved security and resilience due to decentralized infrastructure

B) Removes fees from banks and other financial institutions

C) Greater access to financial services for unbanked individuals

D) A and B

E) 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

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 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

How does risk mitigation differ between traditional finance and DeFi?

DeFi relies on extensive documentation to mitigate risk.

DeFi offers the same level of protection as traditional banks.

In DeFi, Individuals hold the risk and must secure their own accounts.

Traditional finance systems do not involve any risk mitigation.

What makes the XRPL environmentally friendly?

A) It doesn't require mining

B) It's made of recycled materials

C) It runs on renewable energy

What is proof-of-work?

A) A type of consensus mechanism in which miners compete to solve complex mathematical problems

B) A type of consensus mechanism in which nodes stake the network currency to validate transactions

C) A method of reaching consensus via a peer-to-peer network of nodes

D) None 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.

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

What is auto-bridging?

The process of using one currency to bridge a trade between two other currencies.

The process of bridging two order books together to increase liquidity.

The process of automatically bridging two currencies together to form a single currency.

The process of bridging two cryptocurrency platforms together to increase liquidity.

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

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 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 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

Which hook in the nice-xrpl library creates a trust line?

const [trustlines, setTrustlines] = useState([]);

useCreateTrustline()

setTrustlines((trustlines)

useIsConnected()

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

What is the name of a digital asset that can represent a share of a company?

A) Security token

B) Stablecoin

C) NFT

D) Bitcoin

Where do cryptocurrencies live?

A) In a physical wallet

B) In a software wallet

C) On the blockchain

Which of these platforms don’t offer a built in order book?

Bitcoin

Ripplecoin

Ethereum

Dogecoin

All of the above