Crypto quiz games have been quite common nowadays. The bear market and the low crypto prices haven’t affected the crypto firms from growing and implementing new initiatives.
As a result, Revolut has created the Crypto Learn and Earn program. This seems to be a follow-up of Coinbase’s and Binance’s quiz competition. Similar to other quiz competitions, Revolut’s questions are educationally based and users can earn crypto rewards by answering simple questions.
Here, let us take you through how to play Revolut’s quiz game and the answers to the questions.
Revolut quiz: How to play?
The quiz game on Revolut is cut down into different lessons. The four-part quiz covers different things including the basics of crypto. Let us look at the questions and the answers.
Crypto Quiz Answers
1st Lesson answers
- What is fiat money? – Government-issued money is fiat money.
- What is the main difference between fiat currencies and cryptocurrencies? – Fiat money is controlled by the government, whereas crypto is decentralized.
- Who validates transactions on the blockchain? – Blockchain transactions are validated by validators or miners.
2nd Lesson answers
- Why is cryptography important for cryptocurrencies? – It reduces the need for a centralized supervisory authority, minimizes double spending, and improves security.
- What are private and public keys? – A public key is analogous to an account number, while a private key is analogous to the related password.
- Which statement is true about private and public keys? – It is impossible to extract a person’s private key from their public key.
3rd Lesson answers
- What is a blockchain? – A decentralized database.
- Who can see the blockchain? – Anyone with access to a computer and the internet.
- What distinguishes the blockchain from a regular database? – It is not maintained by a central party and can be viewed by anyone.
4th Lesson answers
- What regulatory protection does a crypto asset have? – Crypto is mostly unregulated in most parts of the world.
- How much can you lose by buying crypto? – You can lose all your money if the crypto falls to zero.
- When wouldn’t it be right to buy Crypto? – If you are in a situation to not afford to lose what you invested.
Polkadot quiz answers
The quiz for the Polkadot reward is split into five lessons. Let us take a look at them.
1st Lesson answers
- What are some limitations of early blockchains like Bitcoin? – Transaction rates are slower, fees are exorbitant, and there is no way to interface with other blockchains.
- What is Web 3.0? – A new web built on decentralized technology that gives consumers more control over their data.
- How does Polkadot circumvent some of the limitations of previous blockchains? – It enables many blockchains to communicate and execute transactions at the same time.
2nd Lesson Answers
- What is a relay chain? – A blockchain that links other blockchains and allows them to interact with one another.
- What is a parachain? – A blockchain that is linked to the relay chain and operates in tandem with other parachains.
- What problems do parachains and relay chains solve? – Blockchains’ incapacity to communicate with one another.
3rd Lesson Answers
- Who can vote for new initiatives like network upgrades on the Polkadot Network? – Holders of DOT.
- What is Polkadot’s “On-Chain Treasury”? – A collection of tokens that may be used to promote network-beneficial initiatives.
- How is Polkadot’s governance system different from some other popular blockchains? – A voting system is in place that is governed by a community.
4th Lesson Answers
- What is the name of Polkadot’s native crypto token? – DOT.
- What is staking your DOT tokens? – In return for a payment in DOT tokens, you may help safeguard the network by temporarily locking DOT tokens.
- What is the “bonding” of your DOT tokens? – Blocking tokens to guarantee a relay chain place for your parachain.
5th Lesson Answers
- What are some use cases of Polkadot? – NFTs, DeFi, Smart Cities.
- What distinguishes applications based on Polkadot from the apps on your phone? – Polkadot applications eliminate the need for a middleman and can better protect your data.
- How do apps communicate on parachains? – Using the relay chain.
Users can be a part of the Revolut quiz by following easy steps. First, you can open the Revolut app on your phone and select “Crypto Basics” or “Polkadot.” Secondly, You can answer the questions mentioned above. Finally, if you successfully answer all the questions, you can earn $4.50 DOT.