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Q1. Which of the following is an example of a cryptocurrency? Select all that apply.
Answer: Bitcoin, Dash
Q2. Which of the following best describes a programmable blockchain asset that provides consumers access to services or resources within a DApp?
Answer: Utility token (app coin)
Q3. Which of the following are primarily designed to pay for the computational resources required to execute smart contracts as part of a DApp?
Answer: Answer: Utility token (app coin)
Q1. A security token is a digital bearer asset (e.g. stock, bond, dividend, etc.) native to a blockchain.
Answer: True
Q2. What is a commodity token?
Answer: A digital token on the blockchain that is backed by a physical commodity (e.g. gold, oil, etc.)
Q1. Which of the following can serve as a crypto-collectible?
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?
Answer: All of the above
Q1. What does “ICO” stand for?
Answer: Initial Coin Offering
Q2. 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.
Q1. What is a crypto asset?
Answer: A crypto asset is a digital asset that uses cryptography, a peer-to-peer network, and a public ledger to regulate the creation of new units, verify transactions, and secure transactions without a middleman.
Q2. Utility tokens (or “app coins”) are primarily designed to:
Answer: provide consumers with access to services or resources within a DApp
Q3. Zcash and other “privacy coins” are examples of this type of crypto asset:
Answer: Cryptocurrencies
Q4. Protocol tokens are primarily designed to:
Answer: Serve as a way for DApps to raise funds
Q5. Security tokens are:
Answer: An on-chain representation of an off-chain security
Q6. Royal Mint Gold (RMG) was an example of this type of crypto asset:
Answer: Commodity Token
Q7. CryptoKitties are a type of:
Answer: Crypto-collectible
Q8. How does a stablecoin minimize price volatility?
Answer: By pegging its value to an underlying asset, such as a fiat currency or commodity
Q9. Why is the term “Initial Coin Offering (ICO)” a misnomer?
Answer: Because investors aren’t buying “coins” per se, but rather crypto assets or tokens that can represent many different things (e.g. network access, securities, carbon credits, etc.)
Q10. What is/is the main benefit(s) of ICOs?
Answer: With no minimum investments, anyone in the world—even the poorest and most remote people—can become a venture capital investor
Q1. Who is the “father” of smart contracts?
Answer: Nick Szabo
Q2. What is a smart contract?
Answer: Software that mimics the logic of an agreement and automates the execution of transactions
Q3. What is/are the benefits (s) of smart contracts? Select all that apply
Q1. Consider a vending machine that dispenses drinks. Which of the following statements represents the search phase of the deal cycle?
Answer: None of the above
Q2. Using the same vending machine scenario, which of the following statements represents the performance phase of the deal cycle?
Answer: IF sufficient payment is received, THEN the vending machine will dispense the correct drink
Q3. Which of the following is/are an example(s) of post-performance incentivization?
Q1. Dry code refers to:
Answer: Software code that is interpreted by a computer
Q2. In contrast to traditional legal contracts, smart contracts running on a blockchain are:
Q1. What is the relationship between smart contracts and the traditional legal system?
Answer: Smart contracts and traditional contracts are complementary and work best in tandem
Q2. How does performance verification code assist in resolving smart contract breaches?
Answer: It detects a failure in execution and will seize the on-chain collateral of whoever breached the contract as payment for damages
Q1. A smart contract is:
Answer: Software that mimics the logic of an agreement and automates the execution of transactions
Q2. What is/are the benefits (s) of using a smart contract?
Answer: All of the above
Q3. A key feature of a smart contract is:
Answer: It cannot be seized, stopped, or redirected to another address once it has been set in motion on a blockchain
Q4. What happens during the performance phase of a smart contract deal cycle?
Answer: The smart contract manages the collateral to affect an outcome
Q5. Wet code refers to:
Answer: Legal language that is interpreted by a human
Q6. How does a smart contract differ from a traditional legal contract?
Answer: A smart contract is executed by impartial technology (e.g. sensor-guided effectors), whereas a traditional contract contains rules and conditions that are subject to human judgment
Q7. How do smart contracts fit within the traditional legal system?
Answer: While smart contracts are inspired by and can replace some of the functions of traditional contracts, they are largely complementary
Q8. Traditional contracts tend to be biased toward their jurisdiction of origin. Conversely, a smart contract on a blockchain:
Answer: Applies the same rules and logic everywhere around the globe
Q9. Which of the following describes a potential application of smart contracts in the insurance industry?
Answer: A smart contract could automate the payout of a parametric contract following a measurable, insured event.
Q10. A key strategy for effectively implementing smart contracts in a business is:
Answer: None of the above
Q1. Which of the following is/are example(s) of identifiers?
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?
Answer: 10%
Q3. The government of India has implemented a 12-digit digital ID for every resident called a(n):
Answer: Aadhaar
Q4. What is/are the problem(s) with government-issued identifiers?
Answer: All of the above
Q5. What is/are the challenge(s) associated with storing our identifiers in centralized systems?
Q1. What makes an identity system “self sovereign?”
Answer: The data you create, and all related rights of privacy, are under your individual control.
Q2. What is/are the feature(s) that a self-sovereign identity system must possess?
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?
Answer: Sovrin Network
Q4. 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.
Answer: controller contract
Q5. What is ERC-725?
Answer: A proposed standard for blockchain-based identity on the Ethereum network
Q1. Which of the following best describes an identifier?
Answer: All of the above
Q2. What is/are the problem(s) with using a birth certificate as an overarching record of existence?
Answer: All of the above
Q3. India developed a digital ID for every resident called the Aadhaar. What was problematic about its implementation?
Answer: All of the Aadhaar’s demographic and biometric data was stored in a centralized database, which was hacked.
Q4. What is/are the problem(s) with storing identifiers in a centralized system?
Answer: All of the above
Q5. Which of the following should not apply to the design of an “identity commons?”
Answer: It must enforce the right to be forgotten.
Q6. What does it mean for an identity system to be “self-sovereign?”
Answer: That the data you create, and all related rights of privacy, are under your individual control
Q7. Which of the following describes a protocol for verifying that x is true, without knowing what x is or who it involves?
Answer: zero-knowledge proof
Q8. What is/are the function(s) of a proxy contract in a blockchain-based identity system?
Answer: All of the above
Q9. What is/are the function(s) of a controller contract in a blockchain-based identity system?
Answer: All of the above
Q10. Which of the following is a proposed standard for blockchain-based identity on the Ethereum network, issued by Fabian Vogelsteller?
Answer: ERC 725
Q1. How does blockchain technology disrupt the process of financial attestation?
Answer: It enables two parties, who neither know nor trust each other, to transact and do business online.
Q2. On average, how long does it take for a transaction to clear and settle on the Bitcoin blockchain?
Answer: 10 minutes
Q3. What kind(s) of financial risk can blockchain technology help mitigate?
Answer: All of the above
Q4. 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?
Answer: sidechain
Q1. What opportunity(ies) does blockchain technology offer for storing value?
Answer: Individuals will no longer need to rely on banks as the primary stores of value.
Q2. What opportunity(ies) does blockchain technology offer for lending value?
Answer: All of the above
Q3. What opportunity(ies) does blockchain technology offer for exchanging value?
Answer: It will cut settlement times on transactions from days and weeks to minutes and seconds.
Q4. What opportunity(ies) does blockchain technology offer for funding and investing?
Answer: All of the above
Q1. Current accounting regimes rely upon managers to swear that their books are in order. Why is this problematic?
Answer: All of the above
Q2. In traditional accounting, the practice of recording a debit and a credit for each transaction is called:
Answer: double-entry accounting
Q1. Today’s global financial services industry is:
Answer: All of the above
Q2. Blockchain technology promises to mitigate several forms of financial risk. The most significant is _, which blockchain could eliminate completely.
Answer: counterparty risk
Q3. 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?
Answer: milliseconds to seconds
Q4. What impact will blockchain have on financial lending?
Answer: Consumers, entrepreneurs, and the unbanked will be able to access loans directly from peers
Q5. How will blockchain disrupt global trade (i.e. exchanging value)?
Answer: It will reduce settlement times on transactions.
Q6. How will blockchain affect financial investing?
Answer: It will enable new models of peer-to-peer financing through token generation events or Initial Coin Offerings (ICOs).
Q7. This system of accounting was invented in 15th century Italy by Luca Pacioli, which gave rise to modern accounting practices.
Answer: double-entry accounting
Q8. Why are traditional accounting practices ill-suited to the modern era?
Answer: All of the above
Q9. 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.
Answer: triple-entry accounting
Q10. What is/are the implication(s) of a “World Wide Ledger” for accounting?
Answer: All of the above
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