Ready to earn rewards in Algorand, Avalanche, Polkadot, 1inch, and NEAR protocol tokens on Revolut? Worried about the crypto quiz answers? No need! We aced the quiz and have the right answers for you. Check out the Revolut crypto quiz answers below for quick completion in just 5 minutes.

Join Revolut & Get FREE Premium

Crypto Basics Quiz Answers

Lesson 1: Crypto vs Fiat Quiz

  • Question: What is ‘fiat’ money?
    • Answer: Government-issued money.
  • Question: What are the main differences between fiat currencies and cryptocurrencies?
    • Answer: Cryptocurrencies are decentralized, and a central authority controls fiat money.
  • Question: Who validates transactions on the blockchain?
    • Answer: Special users that are called ‘miners’ or validators.

Lesson 2: Cryptography in Crypto

  • Question: Why is cryptography important for cryptocurrencies?
    • Answer: It removes the need for a central authority, prevents double spending, and adds security.
  • Question: What are private and public keys for cryptocurrencies?
    • Answer: A public key is like your account number, and your private key is like your password.
  • Question: Which statement is true about private and public keys?
    • Answer: It’s impossible to work out someone’s private key by looking at their public key.

Lesson 3: Basics of Blockchain

  • Question: What is a Blockchain?
    • Answer: A decentralized database.
  • Question: Who can view the Blockchain?
    • Answer: Anyone can view the Blockchain with a computer and an Internet connection.
  • Question: What makes the Blockchain different from a regular database?
    • Answer: It’s not controlled by any central party and can be viewed by anyone.

Lesson 4: Risks of Crypto

  • Question: What regulatory protections does your crypto have?
    • Answer: None – crypto is not regulated in most countries worldwide.
  • Question: How much can you lose if you buy cryptocurrencies?
    • Answer: Everything! Your investment could go to zero.
  • Question: When would it not be suitable to buy cryptocurrencies?
    • Answer: When one is in debt or cannot afford to lose the money invested.

NEAR Quiz Answers

Lesson 1: Intro to NEAR

  • Question: What is NEAR Protocol?
    • Answer: A proof-of-stake, Layer 1 blockchain.
  • Question: What is the purpose of Nightshade Shading in NEAR’s blockchain?
    • Answer: To enhance scalability and efficiency in transaction processing.

Lesson 2: Blockchain Operating System

  • Question: What is the Blockchain Operating System (BOS)?
    • Answer: An operating system designed specifically for Web3.
  • Question: What’s the main purpose of the BOS in the NEAR Protocol ecosystem?
    • Answer: To allow developers to easily build and distribute decentralized apps.
  • Question: What type of applications can be found on the BOS?
    • Answer: Social media apps, loyalty programs, NFT marketplaces, and more.

Polkadot Quiz Answers

Lesson 1: Intro to Polkadot

  • Question: What are some limitations of early blockchains like Bitcoin?
    • Answer: Slow transaction speeds, high fees, and inability to communicate with other blockchains.
  • Question: What is Web 3.0?
    • Answer: A new web built around decentralized technologies, where users have more control of their data.
  • Question: How does Polkadot address some of the limitations of earlier blockchains?
    • Answer: Polkadot allows multiple blockchains to communicate with each other and process transactions at the same time.

Lesson 2: How Polkadot Works

  • Question: What is a relay chain?
    • Answer: A blockchain that connects other blockchains and allows them to communicate.
  • Question: What is a parachain?
    • Answer: A blockchain that connects to the Relay chain and operates parallel to other parachains.
  • Question: What problems do parachains and relay chains solve?
    • Answer: The inability of blockchains to communicate with each other.

Lesson 3: Who Decides the Future of Polkadot

  • Question: Who can vote for new initiatives, i.e. Polkadot network upgrades?
    • Answer: People who hold Polkadot (DOT) tokens.
  • Question: What is Polkadot’s ‘on-chain’ treasury?
    • Answer: A container of tokens that can be used to support projects that benefit the Polkadot network.
  • Question: How does Polkadot’s governance system differ from other popular blockchains?
    • Answer: It’s governed by a community through voting.

Lesson 4: DOT Token

  • Question: What is Polkadot’s crypto token called?
    • Answer: DOT.
  • Question: What does ‘staking’ your Polkadot (DOT) tokens mean?
    • Answer: It helps secure the network by locking up DOT tokens in return for a reward in DOT tokens.
  • Question: What does ‘bonding’ your Polkadot tokens mean?
    • Answer: Locking up tokens to secure a slot for your parachain on the relay chain.

Lesson 5: Polkadot and Its Uses

  • Question: What are some use cases of Polkadot?
    • Answer: NFTs, powering smart cities, DeFi, etc.
  • Question: What makes apps built on Polkadot different from the apps on your phone?
    • Answer: Polkadot applications don’t need to rely on a middleman to work and can keep your data secure.
  • Question: How do applications on parachains communicate?
    • Answer: Via the Relay Chain.

1inch Quiz Answers

Lesson 1: Decentralized Exchanges

  • Question: Who facilitates an exchange on a DEX?
    • Answer: No one. The exchange is made peer-to-peer.
  • Question: Which of the following is a decentralized exchange?
    • Answer: Uniswap.
  • Question: What does DEX stand for in crypto?
    • Answer: Decentralized exchange.

Lesson 2: How Does 1inch Get the Best Prices?

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

Lesson 3: DAOs and Governance

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

Polkadot Bonus Quiz Answers

Lesson 1: Staking with Polkadot

  • Question: What is Nominated Proof of Stake?
    • Answer: Polkadot’s energy-efficient way of validating transactions.
  • Question: What are Nominators?
    • Answer: Users who stake their DOT tokens by selecting validators.
  • Question: What are the main reasons for users to participate in staking?
    • Answer: To help secure the network and earn DOT rewards.

Lesson 2: Linking the Chains

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

Avalanche Quiz Answers

Lesson 1: What is Avalanche?

  • Question: What is Avalanche’s native token?
    • Answer: AVAX.
  • Question: Which is true about the Avalanche Consensus Protocol?
    • Answer: The Avalanche Consensus Protocol uses less energy than other blockchains.
  • Question: Which of these is a requirement to be an Avalanche validator?
    • Answer: Stake at least 2,000 AVAX tokens.

Lesson 2: How Does Avalanche Scale?

  • Question: What does Avalanche use to improve transaction speed?
    • Answer: Subnets.
  • Question: Why are Subnet’s membership options useful for financial services companies?
    • Answer: They can support compliance requirements.
  • Question: Which of the following is a benefit of Subnets for users, long-term?
    • Answer: More affordable gas fees.

Algorand Quiz Answers

Lesson 1: Intro to Algorand

  • Question: Which of the following is true about transactions on Algorand?
    • Answer: They are secure, super fast, and low in cost.
  • Question: What is Algorand’s consensus protocol?
    • Answer: Pure Proof of Stake.
  • Question: How is Algorand different from other blockchains?
    • Answer: It doesn’t fork.

Lesson 2: Algorand & Sustainability

  • Question: What makes Algorand sustainable?
    • Answer: All of the above.
  • Question: What happens when a governor fails to maintain their stake of ALGO during the governance period?
    • Answer: They will lose their governance rewards.
  • Question: How does Algorand stay carbon neutral?
    • Answer: By partnering with global organizations to offset carbon emissions.

Categorized in: