Intro to the XRPL Review Quiz

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

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 is an ask?

A) A price a buyer is willing to buy an asset at

B) A price a seller is willing to sell an asset at

C) The order book for the XRPL DEX

What is the order book?

A) A list of all current bids and asks for each asset

B) A recommendation of which assets to trade

C) A complete timeline of an asset's price history

What is the base transaction cost on the XRPL?

A) 0.01 XRP

B) 0.001 XRP

C) 0.00001 XRP

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

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

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

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

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