Comprehensive Quiz

How does someone add funds to a new account on the livenet/mainnet?

Transferring XRP using an exchange or by asking a friend who already has an account.

Using the testnet faucet.

Using the Client.fundWallet() function in xrpl.js

Using the ATM at your nearest bank.

What is the web 2.0 era also known as?

A) The social web era

B) The read-only era

C) The dot com bubble

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 is yield farming?

A) The act of making small purchases at different times of the day

B) The act of only buying the top-cryptocurrencies

C) The act of using DeFi protocols to earn interest on digital assets

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 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

An account on the XRPL is made up of which two important pieces:

A private seed and a public address.

A wallet and a faucet.

A login and a password.

A public seed and a private address.

What does "TVL" mean?

A) Total value locked

C) Tokenized value loan

C) Trade volume level

What are some of the advantages of decentralized finance?

A) Improved security and resilience due to decentralized infrastructure

B) Removes fees from banks and other financial institutions

C) Greater access to financial services for unbanked individuals

D) A and B

E) All of the above

What's the first step to creating your own issued token on the XRPL?

A) Creating a trust line

B) Sending a transaction

C) Configuring the settings for your hot address

D) Creating accounts and acquiring XRP

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

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.

Do you need smart contracts to build on the XRPL?

A) Yes

B) No

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

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

Why is the XRPL good for DeFi?

The XRPL’s Proof-of-Work and Proof-of-Stake systems make it difficult to hack.

The XRPL always gets the best exchange rate for trades.

The XRPL can handle a large volume of transactions quickly and cheaply.

The XRPL’s trading algorithm always nets the highest gains per transaction.

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

Why doesn't the XRPL use Proof of Work (PoW)?

A) PoW is too energy-intensive

B) PoW is unbalanced

C) PoW isn't secure enough

A TransferFee of 5000 denotes what fee?

50%

5%

0.5%

500%

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