Comprehensive Quiz

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

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

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

useAcceptSellOffer()

setSending(true);

const result = await acceptSellOffer(offerIndex);

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's one key reason why the XRPL uses a unique consensus algorithm?

A) It's easier to reverse transactions

B) It's more energy-efficient

C) Miners don't need to be paid as much

What is the purpose of hooks?

A) To provide smart contract functionality

B) To reduce fees

C) To increase the speed of transactions

D) To improve security

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

How are cryptocurrency transactions secured?

A) Cryptography

B) A central authority verifies them

C) Strong passwords

Where do AMMs store currency?

In a hedge fund.

In a decentralized exchange.

In a community moderated account.

In a liquidity pool.

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 was one of the first big NFT crazes?

A) CryptoKitties

B) Decentraland

C) Ethereum

D) Bitcoin

What information does a broker need to have in order to facilitate a transaction?

A sell offer index

A buy offer index

An NFToken ID

All of the above

Where is your cryptocurrency stored?

A) In a cryptocurrency wallet

B) On the blockchain

C) In a physical wallet

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

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.

How does the XRPL order book differ from a typical AMM?

Trades on the Order Book happen during the hourly auction while an AMM executes trades instantly based on the current formula-based prices.

Trades on the Order Book happen when a marketplace merge (mpm) occurs while an AMM executes trades instantly based on the current formula-based prices.

Trades on the Order Book happen when a buyer's bid matches a seller's ask while an AMM executes trades instantly based on the current formula-based prices.

Trades on the Order Book happen when the buy/sell function cycles while an AMM executes trades instantly based on the current formula-based prices.

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 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 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.

Can tokens and currencies be issued on the XRPL?

A) Yes

B) No