Comprehensive Quiz

Why is a trust line necessary for transactions with tokens and currency?

By establishing trust lines with different assets, users can participate in trustless trading and make atomic swaps between assets directly on the XRPL without relying on a centralized intermediary.

Without trust lines, accounts could be subject to receiving assets or tokens that they do not want to receive.

We use trust line as a means of consenting to receive currency or a token.

All of the above

What is proof-of-stake?

A) A type of consensus mechanism in which miners compete to solve a complex mathematical problems

B) A type of consensus mechanism in which nodes stake the network currency to validate transactions

C) A method of reaching consensus via a peer-to-peer network of nodes

D) None of the above

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 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

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

What is yield farming?

A) The act of making small purchases at different times of the day

B) The act of only buying the top-cryptocurrencies

C) The act of using DeFi protocols to earn interest on digital assets

Which hook in the nice-xrpl library accepts an offer in an NFT transfer?

useAcceptSellOffer()

setSending(true);

const result = await acceptSellOffer(offerIndex);

Where is the best place to store your private keys?

Written on a note.

Emailing them to yourself.

Remembering them.

In a hardware or software wallet.

What is the native currency of the XRPL?

A) XRPL

B) XRP

C) BTC

What line of code correctly instantiates a client on the XRPL?

const client = new xrpl.Client(net);

let net = getNet();

await client.connect();

results = "Connecting to " + net + "....";

Why was web 1.0 known as the 'read-only' era?

A) It was difficult to contribute content to the web

B) There were no computers

C) Google required a paid subscription to use

What is a node?

A) A computer that verifies blockchain transactions

B) A central authority that controls the network

C) A type of cryptocurrency

How long does it take for transactions to flow through the XRPL?

A) A few seconds

B) A few minutes

C) A few hours

D) A few days

What is the NFTokenTaxon ID used for?

To create a unique ID for each NFT so that, 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

Why doesn't XRPL use PoW?

A) PoW uses a lot of energy

B) PoW is too slow

C) PoW isn't decentralized

D) Both A and B

E) All of the above

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.

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

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%

Which of the following best describes XRPL's check feature?

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

B) It allows for multiple people to jointly control an account

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

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

How does someone add funds to a new account on the livenet/mainnet?

Transferring XRP using an exchange or by asking a friend who already has an account.

Using the testnet faucet.

Using the Client.fundWallet() function in xrpl.js

Using the ATM at your nearest bank.