Comprehensive Quiz

What is a public address?

A) A private key that is used to sign transactions

B) The amount of XRP required to open an account

C) A cryptographic code that is used to locate an account on the blockchain

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

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 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 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 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

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

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

Why would someone use a multi-signature account?

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 contribute to the XRPL?

A) High net worth individuals

B) Accredited investors

C) Anyone with an interest in building a better world

D) Vetted developers

How does a transaction on a blockchain happen?

A) When the network reaches a consensus

B) When it has finished downloading the blockchain

C) When the block is full

D) When a single validator node approves it

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

How does DeFi promote innovation in the financial sector?

By encouraging collaboration among developers and easy access to financial services.

By allowing users to trade their currency.

By reducing regulations on developers.

By the use of NFT technology.

How much XRP must be destroyed in order to make a transaction on the network?

A) 0.01 XRP

B) 1 XRP

C) 0.00001 XRP

When does the Order Book function the best?

When the price of tokens is highest.

When the price of tokens is lowest.

When there is a high volume of traders utilizing the platform.

When the exchange rate between tokens is most optimal for traders.

Why doesn't XRPL use PoW?

A) PoW uses a lot of energy

B) PoW is too slow

C) PoW isn't decentralized

D) Both A and B

E) All of the above

An account on the XRPL is made up of which two important pieces:

A private seed and a public address.

A wallet and a faucet.

A login and a password.

A public seed and a private address.

How are cryptocurrency transactions secured?

A) Cryptography

B) A central authority verifies them

C) Strong passwords

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

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