Comprehensive Quiz

In the context of pathfinding on the XRPL, what is auto-bridging?

It refers to creating a bridge between different DEX platforms.

It involves using XRP as a bridge currency to facilitate token exchanges.

It is a technique to avoid multi-step transactions in DEX.

It is a process to automatically generate synthetic tokens.

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])

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

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.

What does DeFi stand for, and what is its primary goal?

DeFi stands for Digital Finance, aiming to centralize financial services.

DeFi stands for Decentralized Finance, aiming to remove all financial intermediaries.

DeFi stands for De-established Finance, aiming to increase geographical restrictions.

DeFi stands for Designated Finance, aiming to limit financial innovation.

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

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

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

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%

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

What should you consider when choosing a consensus mechanism for an EVM sidechain?

Choose the mechanism with the highest fees, making the barrier to entry higher.

Choose a mechanism that offers limited scalability.

Educate yourself on the mechanisms' strengths and weaknesses in terms of security and other factors.

Choose a Proof of Stake (PoS) mechanism for maximum decentralization.

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.

Who first proposed the concept of smart contracts?

A) Nick Szabo

B) Satoshi Nakamoto

C) Vitalik Buterin

How do AMMs work?

AMMs work by holding currency in order books, then the ledger randomizes a fair exchange rate between the different currencies.

AMMs work by pooling currency in liquidity pools, then algorithmically picking a fair exchange rate between the different currencies.

AMMs work by pooling currency in liquidity pools, then the AMM leadership group picks a fair exchange rate between the different currencies.

AMMs work by pooling currency in liquidity pools, then the AMM community votes on a fair exchange rate between the different currencies.

How is data mutation different in web 3.0 applications?

A) It is immutable

B) There are no smart contracts

C) It is mutable

When transferring an NFT you own, which of the following helps someone else find and accept the transfer.

The NFTokenTaxon.

The OfferID.

The NFTokenOffer Index.

The WalletID.

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

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

useCreateTrustline()

setTrustlines((trustlines)

useIsConnected()

How is blockchain changing the gaming industry?

A) Blockchain is making it easier for small developers to compete with the big names in the industry

B) Blockchain is making it possible for players to own and trade in-game assets

C) Blockchain allows anyone to earn an income from playing games

D) All of the above

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