Comprehensive Quiz

How is data mutation different in web 3.0 applications?

A) It is immutable

B) There are no smart contracts

C) It is mutable

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 "TVL" mean?

A) Total value locked

C) Tokenized value loan

C) Trade volume level

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.

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.

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

With payments and wallets.

With transactions and requests.

With accounts and wallets.

With addresses and seeds.

How does pathfinding work?

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

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

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

What is a public address?

A) A private key that is used to sign transactions

B) The amount of XRP required to open an account

C) A cryptographic code that is used to locate an account on the blockchain

What is the base transaction cost on the XRPL?

A) 0.01 XRP

B) 0.001 XRP

C) 0.00001 XRP

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

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

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 code correctly creates and funds an account on the testnet?

await client.fundWallet(null, {amount, faucetHost })).wallet;

await client.connect()

const client = new xrpl.Client(net)

const standby_wallet = xrpl.Wallet.fromSeed(lines[0])

How does DeFi promote innovation in the financial sector?

By encouraging collaboration among developers and easy access to financial services.

By allowing users to trade their currency.

By reducing regulations on developers.

By the use of NFT technology.

What is decentralized finance?

A) An umbrella term for various protocols and financial instruments that are built on distributed ledger technology (DLT), such as blockchain

B) A type of financial institution that is not subject to government regulation

C) A way of investing that involves taking on more risk in order to potentially earn higher returns

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.

What do Automated Market Makers (AMMs) do?

AMMs calculate a fair exchange rate between tokens automatically.

AMMs find the best price for buying and selling tokens on a decentralized exchange.

AMMs automatically trade your tokens for you to increase your wealth.

AMMs figure out when the best time to trade your tokens is based on exchange rate fluctuations.

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 is a public blockchain?

A) A permissioned network where only certain users can access and participate

B) A permissionless network where anyone can access and participate

C) A type of cryptocurrency exchange

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%