Comprehensive Quiz

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

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

What is one benefit of transaction transparency in DeFi systems?

It increases the potential for fraudulent activities.

It allows for hidden fees in transactions.

It makes transactions resistant to censorship and reduces fraud potential.

It limits access to transaction information.

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

How does a transaction on a blockchain happen?

A) When the network reaches a consensus

B) When it has finished downloading the blockchain

C) When the block is full

D) When a single validator node approves it

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%

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

How do AMMs work?

AMMs work by holding currency in order books, then the ledger randomizes a fair exchange rate between the different currencies.

AMMs work by pooling currency in liquidity pools, then algorithmically picking a fair exchange rate between the different currencies.

AMMs work by pooling currency in liquidity pools, then the AMM leadership group picks a fair exchange rate between the different currencies.

AMMs work by pooling currency in liquidity pools, then the AMM community votes on a fair exchange rate between the different currencies.

What is an ask?

A) A price a buyer is willing to buy an asset at

B) A price a seller is willing to sell an asset at

C) The order book for the XRPL DEX

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

Can tokens and currencies be issued on the XRPL?

A) Yes

B) No

What makes the XRPL sustainable?

A) A tree is planted with every XRP transaction

B) Consensus requires little energy, and any energy is offset by carbon credits

C) The servers that power the XRPL use renewable energy powered by wind turbines

D) All of the above

Which piece of code defines a transaction as a trust line?

const trustSet_tx = {"TransactionType": "TrustSet"}

const trustSet_tx = {"TransactionType": "Payment"}

await client.autofill(trustSet_tx)

operational_wallet.sign(ts_prepared)

What does "minting an NFT" mean?

A) Creating a physical copy of an NFT

B) Creating an NFT and publishing it to the blockchain

C) Giving an NFT to someone as a gift

D) Selling an NFT on a marketplace

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

When transferring an NFT you own, which of the following helps someone else find and accept the transfer.

The NFTokenTaxon.

The OfferID.

The NFTokenOffer Index.

The WalletID.

What is a private key?

A) A public address that is used to receive funds

B) The amount of XRP required to open an account

C) A password that is used to sign transactions

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

Bitcoin

Ripplecoin

Ethereum

Dogecoin

All of the above

What are the two fundamental ways developers interact with the XRPL?

With payments and wallets.

With transactions and requests.

With accounts and wallets.

With addresses and seeds.

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.