Revolut's learn & earn crypto: all quiz answers (2024)

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Lesson 1 of 4
Crypto vs fiat:

1. Question:What is fiat money?
   Answer: Money issued by the government
2. Question:What is the main difference between fiat currencies and cryptocurrencies?
   Answer: Cryptocurrencies are decentralized, fiat money is controlled by a central authority
3. Question:Who validates transactions on the blockchain?
   Answer: Special users called "Miners" or "Validators".

Lesson 2 of 4
Cryptography in crypto:

1. Question:Why is cryptography important for cryptocurrencies?
   Answer: It eliminates the need for a central supervisory authority, avoids double spending and increases security
2. Question:What are private and public keys?
   Answer: A public key is like an account number and a private key is like the associated password
3. Question:Which statement is true about private and public keys?
   Answer: It is impossible to find out a person's private key by looking at their public key.

Lesson 3 of 4
Basics of blockchain:

1. Question:What is a blockchain?
   Answer: A decentralized database
2. Question:Who can see the blockchain?
   Answer: Anyone with a computer and internet access
3. Question:What distinguishes the blockchain from a regular database?
   Answer: It is not controlled by a central party and can be viewed by anyone.

Lesson 4 of 4
Risks of crypto:

1. Question:What regulatory protection does a crypto asset have?
   Answer: None - Crypto is unregulated in most countries around the world.
2. Question:How much can you lose by buying crypto?
   Answer: All - The value of your investment could fall to zero
3. Question:When Wouldn't It Be Right to Buy Crypto?
   Answer: If you are in debt or you can't afford to lose more than you invested

Lesson 1 of 5
Intro to Polkadot:

1. Question:What are some limitations of early blockchains like Bitcoin?
   Answer: A low transaction speeds, high fees, and inability to communicate with other blockchains
2. Question:What is Web 3.0?
   Answer: A new web based on decentralized technologies where users have more control over their data
3. Question:How does Palkadot circumvent some of the limitations of previous blockchains?
   Answer: It allows multiple blockchains to communicate with each other and process transactions at the same time

Lesson 2 of 5
How Polkadot works:

1. Question:What is a relay chain?
   Answer: A blockchain that connects other blockchains together and allows them to communicate
2. Question:What is a parachain?
   Answer: A blockchain that connects to the relay chain and works in parallel with other parachains
3. Question:What problems do parachains and relay chains solve?
   Answer: The inability of blockchains to communicate with each other

Lesson 3 of 5
Who decides to future of Polkadot:

1. Question:Who can vote for new initiatives like network upgrades on the Polkadot Network?
   Answer: People holding a DOT token
2. Question:What is Polkadot's "On-Chain Treasury"?
   Answer: A collection of tokens that can be used to support projects that benefit the network
3. Question:How is Polkadot's governance system different from some other popular blockchains?
   Answer: It is governed by a community by vote

Lesson 4 of 5
DOT Token:

1. Question:What is the name of Polkadot's native crypto token?
   Answer: DOT
2. Question:What is staking your DOT tokens?
   Answer: Help secure the network by temporarily locking DOT tokens in exchange for a reward in DOT tokens
3. Question:What is the "bonding" of your DOT tokens?
   Answer: Blocking tokens to secure a spot for your parachain on the relay chain

Lesson 5 of 5
Polkadot and its uses:

1. Question:What are some use cases of Polkadot?
   Answer: NFTs, DeFi, Smart Cities
2. Question:What distinguishes applications based on Polkadot from the apps on your phone?
   Answer: Polkadot apps don't need a middleman for your work and can better protect your data
3. Question:How do apps communicate on parachains?
   Answer: Via the relay chain

Lesson 1 of 3
Decentralised exchanges

1. Question:Who facilitates an exchange on a DEX?
   Answer:No one. The exchange is made peer-to-peer
2. Question:Which of the following is a decentralised exchange?
   Answer:Uniswap
3. Question:What does DEX stand for in crypto?
   Answer:Decentralised exchange

Lesson 2 of 3
How does 1inch get the best prices?

1. Question:What is the name of 1inch's price search algorithm?
   Answer:Pathfinder
2. Question:How does 1inch fond the best price?
   Answer:1inch aggregates trade options across DEX platforms
3. Question:Which of the following is not a feature of 1inch's Pathfinder?
   Answer:Provide directions to your destination

Lesson 3 of 3
DAOs and governance

1. Question:Which of the following is a characteristic of a DAO?
   Answer:Decentralised
2. Question:Who can vote on 1inch proposals?
   Answer:Users who stake their 1INCH tokens
3. Question:What is an example of a proposal that 1inch DAO members could vote on?
   Answer:Allocating treasury funds for a particular proposal

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Lesson 1 of 2
Staking with Polkadot:

1. Question: What is Nominated Proof of Stake?
   Answer: Polkadot's energy-efficient way of validation transactions
2. Question: What are Nominators?
   Answer:Users who stage their DOT tokens by selecting validators
3. Question: What are the main reason for users to participate in staking?
   Answer: To help secure the network and earn DOT rewards

Lesson 2 of 2
Linking the chains:

1. Question: Which of the following is not a benefit of Polkadot's multichain design?
   Answer: It allows users to earn rewards
2. Question: What is blockchain interoperability?
   Answer: When blockchains can communicate and work together
3. Question: Which of the following is not an aspect of interoperability on Polkadot?
   Answer: It's only for transferring tokens

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