BITDEGREE Answer Mission 2 - WEB3 EXAM: EXPLORER
CHAPTER 1
Which type of attack involves gaining majority control of network hash rate to reverse transactions?
➤51% Attack
➤51% Attack
Fill in the missing word: "... (P2PKH) is the original Bitcoin address format."
➤Legacy
➤Legacy
Fill in the missing word: "The ... Network is a Layer-2 solution for BTC to speed up transactions using off-chain payment channels."
➤Lightning
➤Lightning
Who is the CEO of Bitcoin?
➤BTC has no CEO
➤BTC has no CEO
What was the maximum block size before the first Bitcoin block size upgrade?
➤1MB
➤1MB
What is the name of suggested technology that allows extended capabilities for BTC smart contracts without modifying its core code?
➤BITVM
➤BITVM
Rank the following in the order of appearance in Bitcoin's history (top - oldest, bottom - latest).
➤Genesis Block,
➤First Bitcoin Halving,
➤Lightning Mainnet Launch ,
➤Third Bitcoin Halving,
➤Taproot Upgrade,
➤Ordinals Protocol Launch
➤Genesis Block,
➤First Bitcoin Halving,
➤Lightning Mainnet Launch ,
➤Third Bitcoin Halving,
➤Taproot Upgrade,
➤Ordinals Protocol Launch
Which country was the first to adopt Bitcoin as legal tender?
➤El Salvador
➤El Salvador
Sort these steps in the order a merchant handles a Bitcoin payment process (first - top, last - bottom).
➤Invoice is created,
➤QR code is generated,
➤Customer scans QR code,
➤Network confirms payment,
➤Merchant receives confirmation,
➤Transaction is recorded
➤Invoice is created,
➤QR code is generated,
➤Customer scans QR code,
➤Network confirms payment,
➤Merchant receives confirmation,
➤Transaction is recorded
In early 2023, a new protocol that crafts NFTs directly on BTC became popular. What's it called?
➤Ordinal
➤Ordinal
CHAPTER 2
➤Follow and Retweet Twitter
CHAPTER 3
Experimental networks for risk-free exploration and learning are called...
➤Testnet
Networks supporting real-world transactions are called...
➤Mainnet
Stylus ... is open for all & offers a powerful new way to build on Arbitrum.
➤Testnet
Which networks are Testnets? Pick'em all!
➤Etherum sepolia
➤Ethreum goerli
➤Bsc testnet
➤Arbitrum goerli
Can testnets be reset to a clean state, deleting all previous activity?
➤Yes
If a developer wants to test a dApp without any costs, which network should they deploy it on?
➤Testnet
Gas fees are encountered on which network types?
➤Both
Which statements describe testnet tokens? Pick'em all!
➤Developer testing, dApp integration support, Risk-free learning
Which networks are Mainnets? Pick'em all!
➤Arbitrum nova
➤Ehereum
➤Polygon
Can you bridge mainnet tokens for testnet tokens and vice versa?
➤Yes
CHAPTER 4
Sort the following important crypto events based on when they happened (top - oldest, bottom - latest).
➤Ethereum ICO,
➤Defi Summer,
➤Ethereum Merge,
➤Polygon 2.0
What is the programming language primarily used to write smart contracts on Ethereum?
➤Solidity
What type of blockchain is the recently launched Celestia?
➤Modular
Your smart contract needs to trigger based on real-world events. What would you integrate to achieve this?
➤Oracles
Which platforms offer EVM compatibility? Pick'em all!
➤Binance Smart Chain, Scroll, Solana
Which of the options are Layer-2 scaling solutions? Pick'em all!
➤Optimism,
➤ZK-Rollups
Does Web3 rely solely on blockchain technology?
➤No
Why use Layer-2 instead of deploying directly on a Layer-1? Pick'em all!
Avoiding high fees,
➤Achieving faster transactions
➤Avoiding high fees
Fill in the missing words: "By far the most well-known types of dApps out there are ... dApps."
➤Financial or trading
Does Solana use Proof-of-Stake?
➤No
Insert the two-letter abbreviation for the blockchain-based domain name service launched in 2018.
➤UD
What is the programming language primarily used to write smart contracts on Aptos?
➤Move
CHAPTER 5
➤Claim Faucet
CHAPTER 6
➤Swap Token
CHAPTER 7
An NFT is valued at 10 ETH - the platform allows an LTV ratio of 60%. How much ETH can be borrowed against this NFT?
➤6
Arrange the NFT sale on a marketplace steps in a logical order.
➤Go to the marketplace,
➤Connect your wallet,
➤Locate the NFT you wish to sell,
➤List the NFT for sale,
➤Approve the transaction,
➤Celebrate a sale
What is a "reveal", when it comes to NFTs?
➤Unveiling image & trait
You face an unexpected expense. Instead of selling, you use an NFT lending platform. Why? To...
➤Unlock liquidity without selling
... is a method to break down high-value NFTs into smaller, more affordable pieces.
➤Fractionalization
Why might individuals choose to pay a higher gas fee when minting an NFT? To...
➤Gain priority for the purchase
What does "NFT flipping" primarily refer to?
➤Buying "low", selling "high"
What are “Blue Chip” NFTs?
➤Hight Value NFTS
What are examples of potential benefits of NFTs in gaming? Pick'em all!
➤Ownership of in-game items, Monetary value for in-game items
Which statements are true for Soulbound Tokens (SBTs)? Pick'em all!
➤No intrinsic value, Are impossible to transfer
CHAPTER 8
Which of the following is a product under the Wirex umbrella?
➤Wirex card
What's the market cap trend for WXT over the past week?
➤Decreased
What is the current WXT market cap?
➤52
In the last 24h, did the WXT price go up or down?
➤Decreased
What is the circulating supply of WXT?
➤10B
What is the primary characteristic of the WXT token?
Reward token
What is the current price of WXT?
➤0.0052
Which of the following determines the market capitalization of a token?
➤Current price * Circulating supply
Which year did the Wirex IEO (Initial Exchange Offering) take place?
➤2019
Fill in the missing number: "Besides, more than ... countries accept the Wirex card."
➤130
CHAPTER 9
➤Join Discord Channel
CHAPTER 10
Can cross-chain bridges contribute to increased liquidity on a blockchain?
➤Yes
Which of the following is known as the “internet of blockchains”?
➤Cosmos
Is it true that all cross-chain solutions are built to support every blockchain platform?
➤No
Name the blockchain platform that's known for its unique structure of relay chains and parachains.
➤Polkadot
Why might someone decide to use a cross-chain bridge? Pick'em al!
➤Trying out exclusive dApps,
➤Benefiting from lower fees,
➤Chasing airdrops,
➤Exploring yield pools,
➤Cross-chain messaging
What challenges cross-chain interoperability?
➤All correct
Insert the missing word: "Cross-... bridging allows moving assets between different blockchains."
➤Chain
Do all cross-chain bridges operate on the same principles and have the same level of security?
➤No
Arrange the steps involved in using a cross-chain bridge (top - first, bottom - last).
➤Open the bridge page,
➤Select networks and tokens ,
➤Approve the spending,
➤Confirm tx on source chain,
➤Claim tx on destination,
➤Access assets on destination chain
CHAPTER 11
What are tokens that confirm your contribution on a liquidity pool called?
➤LP tokens
Fill in the missing word: "Collateral is an asset that a borrower provides to a lender as a security measure when taking out a ... ."
➤Loan
You've set aside $8,000 into a yield farm for a month. With a 12% APY, how much will you earn (in $USD)?
➤80
If the token price spikes before purchase and drops after on a DEX, this suggests a sandwich attack. What strategy might help avoid this?
➤Dividing trades into small parts
In liquidity pools, a price change in paired tokens might lead to potential losses. What's this phenomenon called?
➤Impermanent Loss
Is it possible for a liquidity provider to experience losses in a liquidity pool?
➤Yes
What three-letter term represents DEXs that use formulas to set prices, instead of order books?
➤AMM
What factors can affect the price of assets in a liquidity pool? Pick'em all!
➤Supply & demand,
➤Trading volume,
➤Arbitrage,
➤External market prices
Can liquidity providers withdraw their assets from a liquidity pool at any time?
➤Yes
CHAPTER 12
➤Stake Liquidity
CHAPTER 13
WHAT DO PERPETUAL CONTRACTS DERIVE THEIR VALUE FROM?
➤Underlying asset
CAN PERPETUAL CONTRACTS BE HELD INDEFINITELY?
➤Yes
WHAT IS THE UNIQUE FEATURE OF PERPETUAL CONTRACTS COMPARED TO SIMPLE FUTURES CONTRACTS? THEY ...
➤Do not have expirity date
IN PERPETUAL CONTRACTS, THE TERM "LONGING" REFERS TO BUYING AN ASSET AT A SPECIFIED PRICE IN THE ...
➤future
WHAT ARE THE TWO PARTIES THAT ARE INVOLVED IN FUTURES CONTRACTS?
➤Buyer & seller
WHICH TYPE OF MARGIN ALLOWS YOU TO USE FUNDS FROM YOUR AVAILABLE PERPETUAL ACCOUNT BALANCE?
➤Cross-margin
ARE MARGIN TRADING AND PERPETUALS THE SAME THING?
➤No
WHAT IS IMPACTED BY THE CHOICE BETWEEN ISOLATED AND CROSS-MARGIN ON THE BYDFI EXCHANGE?
➤Funds in open positions
DOES 'MARGIN' IN TRADING ALWAYS REFER TO MONEY BORROWED FROM A BROKER OR EXCHANGE?
➤No
ON BYDFI, WHERE CAN YOU FIND THE TRADING RULES FOR PERPETUAL CONTRACTS?
➤Below the "Assets" section
CHAPTER 14
Is it safe to ignore the lack of an audit if the dApp has a large user base?
➤No
Which of the following is a common security concern when using dApps?
➤Smart contract vulnerability
Is it recommended to allow a smart contract unlimited approval to spend your tokens?
➤No
Are private keys and seed phrases the same thing?
➤No
Sort the following events based on when they happened (top - oldest, bottom - latest).
➤Wormhole $325M hack,
➤Ronin Network $625M hack,
➤Terra Luna collapse,
➤FTX collapse
Why might a user want to revoke token spending approvals after they interacted with a dApp? To...
➤Prevent unauthorized access
Fill in the missing word: "When interacting with non-audited DeFi projects, you need to "do your own research", or ... ."
➤DYOR
A common method to secure smart contracts is by conducting an ... to discover any vulnerabilities.
➤Audit
Fill in the missing word: "... emails may contain malicious links to steal your crypto & NFTs."
➤Phishing
What might happen if the protocol, where you granted token spending approvals, got hacked?
➤Tokens may be stolen
CHAPTER 15
➤Revoke
==============================DONE===============================
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