Table of Contents
Transacting on the Blockchain Week 01 Quiz Answers
Quiz 1: Cryptocurrencies, Protocol Tokens, and Utility Tokens
Q1. Which of the following is an example of a cryptocurrency? Select all that apply.
Q2. Which of the following best describes a programmable blockchain asset that provides consumers access to services or resources within a DApp?
ViewQ3. Which of the following are primarily designed to pay for the computational resources required to execute smart contracts as part of a DApp?
ViewQuiz 2: Security Tokens, and Natural Asset & Commodity Tokens
Q1. A security token is a digital bearer asset (e.g. stock, bond, dividend, etc.) native to a blockchain.
ViewQ2. What is a commodity token?
ViewQuiz 3: Crypto-collectibles, Crypto-fiat Currencies & Stablecoins
Q1. Which of the following can serve as a crypto-collectible?
ViewVirtual trading cards (e.g. CryptoKitties)
In-game purchases of unique virtual items (e.g. skins, weapons, property)
Q2. In 2017, Venezuela announced that it was launching a new cryptocurrency called the petro, backed by its vast oil reserves. Why were financial analysts and members of the cryptocurrency community skeptical about the Petro’s credibility?
ViewQuiz 4: ICOs
Q1. What does “ICO” stand for?
ViewQ2. Many have argued that the term “ICO” is a bit of a misnomer. What kind of assets can an “ICO” represent? Select all that apply.
Viewaccess to a network
Quiz 5: Cryptoassets
Q1. What is a crypto asset?
ViewQ2. Utility tokens (or “app coins”) are primarily designed to:
ViewQ3. Zcash and other “privacy coins” are examples of this type of crypto asset:
ViewQ4. Protocol tokens are primarily designed to:
ViewQ5. Security tokens are:
ViewQ6. Royal Mint Gold (RMG) was an example of this type of crypto asset:
ViewQ7. CryptoKitties are a type of:
ViewQ8. How does a stablecoin minimize price volatility?
ViewQ9. Why is the term “Initial Coin Offering (ICO)” a misnomer?
ViewQ10. What is/is the main benefit(s) of ICOs?
ViewTransacting on the Blockchain Week 02 Quiz Answers
Quiz 1: What Are Smart Contracts?
Q1. Who is the “father” of smart contracts?
ViewQ2. What is a smart contract?
ViewQ3. What is/are the benefits (s) of smart contracts? Select all that apply
ViewSmart contracts improve the security and privacy of the parties involved.
Smart contracts help enforce the terms of an agreement by automating performance.
Quiz 2: Smart Contract Phases
Q1. Consider a vending machine that dispenses drinks. Which of the following statements represents the search phase of the deal cycle?
ViewQ2. Using the same vending machine scenario, which of the following statements represents the performance phase of the deal cycle?
ViewQ3. Which of the following is/are an example(s) of post-performance incentivization?
ViewA reputation score on a social network
Quiz 3: Smart vs. Traditional Contracts
Q1. Dry code refers to:
ViewQ2. In contrast to traditional legal contracts, smart contracts running on a blockchain are:
ViewPredictable
Global
Quiz 4: Smart Contracts and Law
Q1. What is the relationship between smart contracts and the traditional legal system?
ViewQ2. How does performance verification code assist in resolving smart contract breaches?
ViewQuiz 5: Smart Contracts
Q1. A smart contract is:
ViewQ2. What is/are the benefits (s) of using a smart contract?
ViewQ3. A key feature of a smart contract is:
ViewQ4. What happens during the performance phase of a smart contract deal cycle?
ViewQ5. Wet code refers to:
ViewQ6. How does a smart contract differ from a traditional legal contract?
ViewQ7. How do smart contracts fit within the traditional legal system?
ViewQ8. Traditional contracts tend to be biased toward their jurisdiction of origin. Conversely, a smart contract on a blockchain:
ViewQ9. Which of the following describes a potential application of smart contracts in the insurance industry?
ViewQ10. A key strategy for effectively implementing smart contracts in a business is:
ViewAnswer: None of the above
Transacting on the Blockchain Week 03 Quiz Answers
Quiz 1: Identity and Identifiers
Q1. Which of the following is/are example(s) of identifiers?
ViewA student ID
A fingerprint
Q2. For some, a birth certificate can be challenging to obtain because it must be created and verified by a licensed hospital or midwife. According to UNICEF, what percentage of all births go unrecorded worldwide?
ViewQ3. The government of India has implemented a 12-digit digital ID for every resident called a(n):
ViewQ4. What is/are the problem(s) with government-issued identifiers?
ViewQ5. What is/are the challenge(s) associated with storing our identifiers in centralized systems?
ViewPorting our data from one system to another can be complicated and expensive.
If a privacy violation occurs (e.g. a hack, identity theft) the responsibility falls on us to deal with the fallout.
Quiz 2: Identity on a Blockchain
Q1. What makes an identity system “self-sovereign?”
ViewQ2. What is/are the feature(s) that a self-sovereign identity system must possess?
ViewIt must be inclusive.
Q3. Which of the following represents a consortium of organizations who are collaborating on the creation of a blockchain-based “identity commons,” including the development of use cases and standards for identity management?
ViewQ4. If a user’s device is lost or stolen, this type of smart contract enables users to replace their private keys without having to replace their proxy identifier and all the assets that are associated with it.
ViewQ5. What is ERC-725?
ViewQuiz 3: Identity
Q1. Which of the following best describes an identifier?
ViewQ2. What is/are the problem(s) with using a birth certificate as an overarching record of existence?
ViewQ3. India developed a digital ID for every resident called the Aadhaar. What was problematic about its implementation?
ViewQ4. What is/are the problem(s) with storing identifiers in a centralized system?
ViewQ5. Which of the following should not apply to the design of an “identity commons?”
ViewQ6. What does it mean for an identity system to be “self-sovereign?”
ViewQ7. Which of the following describes a protocol for verifying that x is true, without knowing what x is or who it involves?
ViewQ8. What is/are the function(s) of a proxy contract in a blockchain-based identity system?
ViewQ9. What is/are the function(s) of a controller contract in a blockchain-based identity system?
ViewQ10. Which of the following is a proposed standard for blockchain-based identity on the Ethereum network, issued by Fabian Vogelsteller?
ViewTransacting on the Blockchain Week 04 Quiz Answers
Quiz 1: Six Inefficiencies in Financial Services
Q1. How does blockchain technology disrupt the process of financial attestation?
ViewQ2. On average, how long does it take for a transaction to clear and settle on the Bitcoin blockchain?
ViewQ3. What kind(s) of financial risk can blockchain technology help mitigate?
ViewQ4. Which of the following refers to a blockchain that that runs in parallel to a primary blockchain (e.g. the Bitcoin blockchain)—leveraging its established network, hardware infrastructure, and security, but having different features and functions from the primary blockchain?
ViewQuiz 2: The Golden Eight
Q1. What opportunity(ies) does blockchain technology offer for storing value?
ViewQ2. What opportunity(ies) does blockchain technology offer for lending value?
ViewQ3. What opportunity(ies) does blockchain technology offer for exchanging value?
ViewQ4. What opportunity(ies) does blockchain technology offer for funding and investing?
ViewQuiz 3: New Frameworks for Accounting
Q1. Current accounting regimes rely upon managers to swear that their books are in order. Why is this problematic?
ViewQ2. In traditional accounting, the practice of recording a debit and a credit for each transaction is called:
ViewQuiz 4: Rethinking Finance
Q1. Today’s global financial services industry is:
ViewQ2. Blockchain technology promises to mitigate several forms of financial risk. The most significant is _, which blockchain could eliminate completely.
ViewQ3. In today’s financial services industry, remittances take 3-7 days to settle, stock trades take 2-3 days to settle, and bank loan trades take an average of 23 days to settle. How long does it take a transaction to settle on the Bitcoin Lightning Network?
ViewQ4. What impact will blockchain have on financial lending?
ViewQ5. How will blockchain disrupt global trade (i.e. exchanging value)?
ViewQ6. How will blockchain affect financial investing?
ViewQ7. This system of accounting was invented in 15th century Italy by Luca Pacioli, which gave rise to modern accounting practices.
ViewQ8. Why are traditional accounting practices ill-suited to the modern era?
ViewQ9. This alternative framework for accounting, originally conceived by Yuji Ijiri, has been reappropriated by some to mean the presence of a shared, cryptographically sealed receipt of transactions on a blockchain.
ViewQ10. What is/are the implication(s) of a “World Wide Ledger” for accounting?
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