Comprehensive Quiz

What was one of the first big NFT crazes?

A) CryptoKitties

B) Decentraland

C) Ethereum

D) Bitcoin

What is the order book?

A) A list of all current bids and asks for each asset

B) A recommendation of which assets to trade

C) A complete timeline of an asset's price history

To transfer an NFT between two accounts, you must:

Use buy offers or sell offers.

Use buy offers only.

Use sell offers only.

Burn your NFT.

What is an Order Book?

A queue of trades that are being processed.

A log of all the trades that happen on an exchange.

A list of traders who want to buy a specific token.

A list of offers from traders to buy or sell tokens for a specific exchange rate.

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 smart contract?

A) A digital contract that executes automatically when certain conditions are met

B) A physical contract that is signed by more than two parties

C) A digital contract that is signed by more than two parties

What is the NFTokenTaxon ID used for?

To create a unique ID for each NFT, so 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.

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

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

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

Where do AMMs store currency?

In a hedge fund.

In a decentralized exchange.

In a community moderated account.

In a liquidity pool.

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

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

useCreateTrustline()

setTrustlines((trustlines)

useIsConnected()

What is the purpose of a destination tag?

A) To use a single account to manage payments for a variety of users

B) To gain access to the XRPL DEX

C) To keep track of all the different types of assets an account holder has

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

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

Do you need smart contracts to create digital assets on the XRPL?

A) Yes

B) No

Which of the following statements best summarizes how we use trust lines?

When sending currency, a trust line must be created from the receiving/destination account to the sending/issuer account.

When sending currency, a trust line must be created from the sending/issuer account to the receiving/destination account.

After initiating a transaction with currency between two accounts, both accounts must approve a mutual trust line for the currency transaction to go through.

All of the above.

What is the best way to describe an NFT broker?

Someone who sells their own NFT’s directly to buyers.

Someone who buy’s NFT’s directly from sellers.

Someone who connects NFT buyers and sellers facilitates the transaction for a fee.

Someone who breaks and destroys NFTs.

What is one potential use case for NFTs?

A) Proving ownership of an asset

B) Identity verification

C) Storing academic credentials

D) All of the above