Revolut Crypto Quiz Answers: Learn To Earn Polkadot on Revolut

Revolut Crypto Basics Quiz Answers

The first quiz on Revolut is for Crypto Basics, which covers the wider cryptocurrency world. Here’s a look at the Crypto Basics Quiz answers, split into four lessons.

Lesson 1 Answers

Question 1: What is ‘fiat’ money?

• Answer: Government-issued money

Question 2: What is the main difference between fiat currencies and cryptocurrencies?

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• Answer: Cryptocurrencies are decentralised, fiat money controlled by a central authority.

Question 3: Who validates transactions on the blockchain?

• Answer: Special users called ‘miners’ or ‘validators’.

Lesson 2 Answers

Question 1: Why is cryptography important for cryptocurrencies?

• Answer: It removes the need for a central authority, prevents double spending and increases security.

Question 2: What are private and public keys?

• Answer: A public key is like your account number and your private key is like your password.

Question 3: Which statement is true about private and public keys?

• Answer: It’s impossible to work someone’s private key by looking at their public key.

Lesson 3 Answers

Question 1: What is a blockchain?

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• Answer: A decentralised database.

Question 2: Who can view the blockchain?

• Answer: Anyone with a computer and internet access.

Question 3: What makes the blockchain different from a regular database?

• Answer: It’s not controlled by a central party and can be viewed by anyone.

Lesson 4 Answers

Question 1: What regulatory protection does a crypto asset have?

• Answer: None. Crypto is unregulated in most countries around the world.

Question 2: How much can you lose by buying crypto?

• Answer: All. The value of your investment could fall to zero.

Question 3: When Wouldn’t It Be Right to Buy Crypto?

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• Answer: If you are in debt or you can’t afford to lose more than you invested.

Revolut Polkadot Quiz Answers

The Revolut Crypto Quiz answers for Polkadot are split up across five lessons. Here’s a look at their answers.

Lesson 1 Answers

Question 1: What are some limitations of early blockchains like Bitcoin?

• Answer: Low transaction speeds, high fees, and inability to communicate with other blockchains.

Question 2: What is Web 3.0?

• Answer: A new web-based on decentralised technologies where users have more control over their data

Question 3: How does Polkadot circumvent some of the limitations of previous blockchains?

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• Answer: It allows multiple blockchains to communicate with each other and process transactions at the same time.

Lesson 2 Answers

Question 1: What is a relay chain?

• Answer: A blockchain that connects other blockchains together and allows them to communicate.

Question 2: What is a parachain?

• Answer: A blockchain that connects to the relay chain and works in parallel with other parachains.

Question 3: What problems do parachains and relay chains solve?

• Answer: The inability of blockchains to communicate with each other.

Lesson 3 Answers

Question 1: Who can vote for new initiatives like network upgrades on the Polkadot Network?

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• Answer: People holding a DOT token.

Question 2: What is Polkadot’s “On-Chain Treasury”?

Answer: A collection of tokens that can be used to support projects that benefit the network.

Question 3: How is Polkadot’s governance system different from some other popular blockchains?

Answer: It is governed by a community by vote.

Lesson 4 Answers

Question 1: What is the name of Polkadot’s native crypto token?

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• Answer: DOT

Question 2: What is staking your DOT tokens?

• Answer: Help secure the network by temporarily locking DOT tokens in exchange for a reward in DOT tokens.

Question 3: What is the “bonding” of your DOT tokens?

• Answer: Blocking tokens to secure a spot for your parachain on the relay chain.

Lesson 5 Answers

Question 1: What are some use cases of Polkadot?

• Answer: NFTs, DeFi, Smart Cities.

Question 2: 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.

Question 3: How do apps communicate on parachains?

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• Answer: Via the relay chain.

How To Earn Crypto on Revolut

To earn free Polkadots, users must follow the instructions mentioned below.

• Click on the Revolut app.
• Click on Crypto and select either Crypto Basics or Polkadot.
• Answer the questions listed.

Each lesson can earn users around $0.5 in DOT, meaning that if you answer every lesson, you can earn $4.50.