Comprehensive Quiz

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 typically the first step when interacting with the XRP Ledger?

Connect and check account balance.

Connect and instantiate a client

Connect to the devnet.

Find an account.

How is blockchain changing the gaming industry?

A) Blockchain is making it easier for small developers to compete with the big names in the industry

B) Blockchain is making it possible for players to own and trade in-game assets

C) Blockchain allows anyone to earn an income from playing games

D) All of the above

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

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

Bitcoin

Ripplecoin

Ethereum

Dogecoin

All of the above

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

What does a block in the blockchain contain?

A) Cryptographic hash

B) Transaction information

C) Timestamp

D) All of the above

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%

What is the primary goal when making a request on the XRPL?

To look up something on the ledger.

To retrieve currency from another account.

To prepare your wallet for an incoming transaction.

To send currency.

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.

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.

Can tokens and currencies be issued on the XRPL?

A) Yes

B) No

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

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 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.

Why is the XRPL good for DeFi?

The XRPL’s Proof-of-Work and Proof-of-Stake systems make it difficult to hack.

The XRPL always gets the best exchange rate for trades.

The XRPL can handle a large volume of transactions quickly and cheaply.

The XRPL’s trading algorithm always nets the highest gains per transaction.

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

What is the main advantage of using a payment channel?

A) You can make multiple payments without having to repeatedly send transactions to the network

B) It is a secure way to hold funds until certain conditions are met.

C) It allows for multiple people to jointly control an account.

D) It authorizes an account to claim funds at a later date.

Why did the founders of the XRPL create it?

A) To provide liquidity to the market

B) To send crypto to friends and family

C) To provide a more sustainable, scalable and fast alternative to Bitcoin

What is the base transaction cost on the XRPL?

A) 0.01 XRP

B) 0.001 XRP

C) 0.00001 XRP