Comprehensive Quiz - XRP Ledger

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

How does auto-bridging work?

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

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

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

What is the base transaction cost on the XRPL?

A) 0.01 XRP

B) 0.001 XRP

C) 0.00001 XRP

What is the account reserve?

A) A deposit of XRP that is required to open an account

B) The minimum amount of XRP that can be sent in a transaction

C) A backup wallet in case your primary wallet is lost or stolen

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 makes an asset non-fungible?

A) It is digital

B) It is unique

C) It is stored on a blockchain

Who can contribute to the XRPL?

A) High net worth individuals

B) Accredited investors

C) Anyone with an interest in building a better world

D) Vetted developers

What was one of the first big NFT crazes?

A) CryptoKitties

B) Decentraland

C) Ethereum

D) Bitcoin

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 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

How does autobridging work?

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

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

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

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

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

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

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

D) All of the above.

A TransferFee of 5000 denotes what fee?

50%

0.5%

500%

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

Why doesn't the XRPL use Proof of Work (PoW)?

A) PoW is too energy-intensive

B) PoW is unbalanced

C) PoW isn't secure enough

What is the native currency of the XRPL?

A) XRPL

B) XRP

C) BTC

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

Where do cryptocurrencies live?

A) In a physical wallet

B) In a software wallet

C) On the blockchain

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

A) With payments and wallets.

B) With transactions and requests.

C) With accounts and wallets.

D) With addresses and seeds.