Comprehensive Quiz

Where do AMMs store currency?

In a hedge fund.

In a decentralized exchange.

In a community moderated account.

In a liquidity pool.

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.

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 long does it take for transactions to flow through the XRPL?

A) A few seconds

B) A few minutes

C) A few hours

D) A few days

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

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

useCreateTrustline()

setTrustlines((trustlines)

useIsConnected()

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

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's the difference between an NFT and a fungible token?

A) Fungible tokens are interchangeable, while NFTs are unique and have different values

B) Fungible tokens are worth something, while NFTs are not

C) Fungible tokens are physical, while NFTs are digital

D) Fungible tokens represent ownership of an asset, while NFTs do not

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

Bitcoin

Ripplecoin

Ethereum

Dogecoin

All of the above

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

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])

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

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

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 typically the last step when interacting with the XRP Ledger?

Disconnect from the XRPL.

Connect to the XRPL

Close the client.

Request a balance.

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 the base transaction cost on the XRPL?

A) 0.01 XRP

B) 0.001 XRP

C) 0.00001 XRP

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

Can tokens and currencies be issued on the XRPL?

A) Yes

B) No

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