Comprehensive Quiz - XRP Ledger

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

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 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

What is a cryptocurrency wallet?

A) A physical wallet that stores your cash and cards

B) A digital storage device for your private key

C) Where your cryptocurrency is stored

How does pathfinding work?

A) It uses XRP as an intermediary asset to find the lowest transaction cost

B) It uses a series of assets or hops to find the best connecting liquidities for the original trading pairs

C) It allows users to trade their assets without having to send them to a centralized exchange

What is the NFTokenTaxon ID used for?

To create a unique ID for each NFT so that, 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 typically the last step when interacting with the XRP Ledger?

A) Disconnect from the XRPL.

B) Connect to the XRPL

C) Close the client.

D) Request a balance.

What is typically the first step when interacting with the XRP Ledger?

A) Connect and check account balance.

B) Connect and instantiate a client

C) Connect to the devnet.

D) Find an account.

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

Which hook in the nice-xrpl library accepts an offer in an NFT transfer?

A) useAcceptSellOffer()

B) setSending(true);

C) const result = await acceptSellOffer(offerIndex);

D) useCreateSellOffer()

What is a use case for brokering an NFT transfer?

A) A marketplace that manages the sale of NFT’s for creators.

B) A curator who wants to organize NFT’s by type or price point.

C) An agent who works to buy and sell NFT’s, maximizing the sale price for creators.

D) All of the above

Who first proposed the concept of smart contracts?

A) Nick Szabo

B) Satoshi Nakamoto

C) Vitalik Buterin

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 is a liquidity provider (LP)?

A) An individual who commits to trade at least once per day

B) A type of financial institution that is not subject to government regulation

C) Someone who supplies liquidity to a decentralized exchange (DEX)

Which of the following best describes a sidechain?

A) A sidechain is a separate network that runs in parallel to the main network

B) A sidechain is a type of blockchain that is used to process transactions that are not related to the main blockchain

C) A sidechain is a centralized network that is used to process transactions

D) A sidechain is a fork of the main blockchain

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

What is one advantage of using blockchain technology for payments?

A) Easiness to validate transactions

B) The ability to send and receive payments without a bank account

C) The faster and cheaper processing of transactions

D) All of the above

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

What is a private key?

A) A unique alphanumeric code that acts as your public address on the blockchain

B) A digital storage device for your private and public keys

C) A hashed version of the public key

D) A unique code that allows you to access your wallet