Comprehensive Quiz

Can tokens and currencies be issued on the XRPL?

A) Yes

B) No

What is the difference between the testnet and livenet/mainnet servers?

When coding on the XRPL, you can test your code with the testnet before launching an app on the livenet.

The testnet uses fake XRP and fake currency. The livenet uses real XRP and currency.

New accounts on the testnet are funded via a centralized faucet, whereas the livenet requires a transfer from an exchange.

All of the above

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 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.

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 tokenization?

A) The process of turning an asset into a digital token

B) The process of burning an NFT

C) The act of buying or selling an NFT

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])

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 Forte?

A) A blockchain platform that provides funding and infrastructure for game developers

B) An in-game currency for the Fortnite game

C) 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.

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 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

Who first proposed the concept of smart contracts?

A) Nick Szabo

B) Satoshi Nakamoto

C) Vitalik Buterin

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 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 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

To change the currency of a transaction in the example code sandbox, which file should be edited?

App.jsx

send-currency.jsx

wallet-info.jsx

source-wallet.jsx

What is the name of a digital asset that can represent a share of a company?

A) Security token

B) Stablecoin

C) NFT

D) Bitcoin

How is data mutation different in web 3.0 applications?

A) It is immutable

B) There are no smart contracts

C) It is mutable

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