Comprehensive Quiz

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 the base transaction cost on the XRPL?

A) 0.01 XRP

B) 0.001 XRP

C) 0.00001 XRP

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 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

Why would someone use escrows?

A) To hold payment funds until the recipient has confirmed receipt of the goods or services being purchased

B) To require that multiple people approve payment before it is processed

C) To make a lot of small payments quickly and efficiently

D) To give someone else the ability to claim funds from your account at any time in the future

What is the set of chosen validators known as?

A) The Validator List

B) The UNL (Unique Node List)

C) The Consensus Group

D) The Delegate Group

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

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 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

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 coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

Why did the founders of the XRPL create it?

A) To provide liquidity to the market

B) To send crypto to friends and family

C) To provide a more sustainable, scalable and fast alternative to Bitcoin

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.

What does "TVL" mean?

A) Total value locked

C) Tokenized value loan

C) Trade volume level

Why was web 1.0 known as the 'read-only' era?

A) It was difficult to contribute content to the web

B) There were no computers

C) Google required a paid subscription to use

Why would someone use escrows?

A) To hold payment funds until the recipient has confirmed receipt of the goods or services being purchased

B) To require that multiple people approve payment before it is processed

C) To make a lot of small payments quickly and efficiently

D) To give someone else the ability to claim funds from your account at any time in the future

Who can see the XRPL code?

A) Anyone with an account on the XRPL

B) Only validator nodes

C) Anyone with an internet connection

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

App.jsx

send-currency.jsx

wallet-info.jsx

source-wallet.jsx

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

Why is a trust line necessary for transactions with tokens and currency?

By establishing trust lines with different assets, users can participate in trustless trading and make atomic swaps between assets directly on the XRPL without relying on a centralized intermediary.

Without trust lines, accounts could be subject to receiving assets or tokens that they do not want to receive.

We use trust line as a means of consenting to receive currency or a token.

All of the above