Comprehensive Quiz

What could a smart contract be used for?

A) To automate the supply chain

B) To track the ownership of land

C) To settle insurance claims

D) All of the above

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 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 was one of the first big NFT crazes?

A) CryptoKitties

B) Decentraland

C) Ethereum

D) Bitcoin

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

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 + "....";

What is the formula called that AMMs use to calculate a fair exchange rate?

Constrictive Function Formula

Constant Function Formula

Concise Function Formula

Creative Function Formula

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

The URI of an NFToken is meant to store what information?

The website address of the creator of the token.

Any metadata associated with the token.

The address of the marketplace listing the token.

The IP address of the computer where the NFT was minted.

What should you consider when choosing a consensus mechanism for an EVM sidechain?

Choose the mechanism with the highest fees, making the barrier to entry higher.

Choose a mechanism that offers limited scalability.

Educate yourself on the mechanisms' strengths and weaknesses in terms of security and other factors.

Choose a Proof of Stake (PoS) mechanism for maximum decentralization.

To change the currency of a transaction in the example code sandbox, which file should be edited?

App.jsx

send-currency.jsx

wallet-info.jsx

source-wallet.jsx

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

Which hook in the nice-xrpl library creates a trust line?

const [trustlines, setTrustlines] = useState([]);

useCreateTrustline()

setTrustlines((trustlines)

useIsConnected()

What should you consider when choosing a consensus mechanism for an EVM sidechain?

Choose the mechanism with the highest fees, making the barrier to entry higher.

Choose a mechanism that offers limited scalability.

Educate yourself on the mechanisms' strengths and weaknesses in terms of security and other factors.

Choose a Proof of Stake (PoS) mechanism for maximum decentralization.

What makes an asset non-fungible?

A) It is digital

B) It is unique

C) It is stored on a blockchain

Can tokens and currencies be issued on the XRPL?

A) Yes

B) No

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%

Do you need smart contracts to create digital assets 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

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