Comprehensive Quiz

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

Bitcoin

Ripplecoin

Ethereum

Dogecoin

All of the above

Can tokens and currencies be issued on the XRPL?

A) Yes

B) No

What is the formula called that AMMs use to calculate a fair exchange rate?

Constrictive Function Formula

Constant Function Formula

Concise Function Formula

Creative Function Formula

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

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 build on the XRPL?

A) Yes

B) No

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

What is the XRPL’s consensus algorithm?

A) Proof-of-work (PoW)

B) Delegated proof-of-stake (DPoS)

C) XRPL Consensus Mechanism

D) XRP Validator

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.

What is auto-bridging?

The process of using one currency to bridge a trade between two other currencies.

The process of bridging two order books together to increase liquidity.

The process of automatically bridging two currencies together to form a single currency.

The process of bridging two cryptocurrency platforms together to increase liquidity.

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

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.

What is the web 2.0 era also known as?

A) The social web era

B) The read-only era

C) The dot com bubble

Why would someone use escrows?

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

Where is your cryptocurrency stored?

A) In a cryptocurrency wallet

B) On the blockchain

C) In a physical wallet

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 decentralized finance?

A) An umbrella term for various protocols and financial instruments that are built on distributed ledger technology (DLT), such as blockchain

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

C) A way of investing that involves taking on more risk in order to potentially earn higher returns

What should you look for when choosing a DeFi platform to ensure security?

Utilizing and trusting the platform's security features.

Understanding how security features like multi-signature authentication work.

Avoiding platforms that use encryption techniques.

Only using government-backed platforms.

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

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%