Comprehensive Quiz

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

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.

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 a private key?

A) A unique alphanumeric code that acts as your public address on the blockchain

B) A digital storage device for your private and public keys

C) A hashed version of the public key

D) A unique code that allows you to access your wallet

Why would someone use a multi-signature account?

A) To hold payment funds until the recipient has confirmed receipt of the goods or services being purchased

B) To require that multiple people approve payment before it is processed

C) To make a lot of small payments quickly and efficiently

D) To give someone else the ability to claim funds from your account at any time in the future

What is tokenization?

A) The process of turning an asset into a digital token

B) The process of burning an NFT

C) The act of buying or selling an NFT

Where do cryptocurrencies live?

A) In a physical wallet

B) In a software wallet

C) On the blockchain

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 code checks the balance of an account?

client.getXrpBalance(my_wallet.address))

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

const sendAmount = standbyAmountField.value

const signed = standby_wallet.sign(prepared)

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 are some of the key benefits of blockchain technology?

A) It's secure, trustless, and tamper-proof

B) It's controlled by a central authority and transactions can be reversed

C) It's private, permissioned, and efficient

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 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

Which of the following best describes a sidechain?

A) A sidechain is a separate network that runs in parallel to the main network

B) A sidechain is a type of blockchain that is used to process transactions that are not related to the main blockchain

C) A sidechain is a centralized network that is used to process transactions

D) A sidechain is a fork of the main blockchain

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

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

What advantage does web 3.0 offer to the gaming industry?

A) Reduced lagging

B) In-game assets with real-world value

C) Improved graphics

To transfer an NFT between two accounts, you must:

Use buy offers or sell offers.

Use buy offers only.

Use sell offers only.

Burn your NFT.

What is a private key?

A) A public address that is used to receive funds

B) The amount of XRP required to open an account

C) A password that is used to sign transactions

What is the name of a digital asset that can represent a share of a company?

A) Security token

B) Stablecoin

C) NFT

D) Bitcoin