Comprehensive Quiz

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 the set of chosen validators known as?

A) The Validator List

B) The UNL (Unique Node List)

C) The Consensus Group

D) The Delegate Group

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

Where are in-game assets stored?

A) In the game itself

B) On the blockchain as non-fungible tokens

C) In a digital wallet

Which coding language is required to build on the XRPL?

A) JS

B) Python

C) Any language

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

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.

How does a transaction on a blockchain happen?

A) When the network reaches a consensus

B) When it has finished downloading the blockchain

C) When the block is full

D) When a single validator node approves it

Which hook in the nice-xrpl library will let you know when the client has connected to the XRPL?

Connected: {isConnected ? "Yes" : "No"}

useIsConnected()

WalletInfo()

What is one benefit of transaction transparency in DeFi systems?

It increases the potential for fraudulent activities.

It allows for hidden fees in transactions.

It makes transactions resistant to censorship and reduces fraud potential.

It limits access to transaction information.

How does risk mitigation differ between traditional finance and DeFi?

DeFi relies on extensive documentation to mitigate risk.

DeFi offers the same level of protection as traditional banks.

In DeFi, Individuals hold the risk and must secure their own accounts.

Traditional finance systems do not involve any risk mitigation.

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

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 the base transaction cost on the XRPL?

A) 0.01 XRP

B) 0.001 XRP

C) 0.00001 XRP

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 should you look for when choosing a DeFi platform to ensure security?

Utilizing and trusting the platform's security features.

Understanding how security features like multi-signature authentication work.

Avoiding platforms that use encryption techniques.

Only using government-backed platforms.

What is proof-of-work?

A) A type of consensus mechanism in which miners compete to solve 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 purpose of hooks?

A) To provide smart contract functionality

B) To reduce fees

C) To increase the speed of transactions

D) To improve security

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

Can tokens and currencies be issued on the XRPL?

A) Yes

B) No