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1. What is Web 3.0 about?
A) A decentralized approach where data storage and communication empower user ownership. B) A centralized system that simplifies data ownership and sharing. C) A network focused on static content with limited user interaction. D) A social media protocol for large-scale content distribution.
2. What is the Blockchain Trilemma?
A) It is the dilemma of choosing between Bitcoin, Ethereum, or other cryptocurrencies. B) It explains why blockchains are inherently centralized systems. C) It describes the challenge of achieving scalability, security, and decentralization simultaneously. D) It refers to the limited interoperability of different blockchain platforms.
3. What is the primary goal of Decentralized Finance (DeFi)?
A) To create a secure space for comparing cryptocurrency prices across platforms. B) To offer financial services like lending, borrowing, and trading directly to users without intermediaries. C) To replace physical banks with centralized cryptocurrency exchanges. D) To restrict access to financial tools based on local regulations.
4. What is a key difference between DeFi and CeFi?
A) CeFi is less efficient but more accessible compared to DeFi. B) DeFi uses trust-based transactions, while CeFi depends on trustless systems. C) DeFi operates without intermediaries, providing accessibility and transparency, while CeFi relies on centralized control. D) CeFi requires open-source smart contracts, while DeFi is closed source.
5. What is a defining characteristic of Web 3.0 products?
A) They rely on centralized APIs to interact with the blockchain. B) They focus solely on frontend and backend development, with minimal blockchain integration. C) They use smart contracts to interact directly with the blockchain, enabling decentralized applications (DApps). D) They prioritize regulatory compliance over decentralization.
6. What is a key challenge in Web 3.0 product development?
A) Ensuring wallets and accounts are as simple as traditional Web 2.0 login systems. B) Balancing transparency and usability while managing the cost of deploying and iterating smart contracts. C) Eliminating the need for technical knowledge when developing blockchain products. D) Offering social media tools to improve blockchain discoverability.
7. What are the key attributes of governance in DeFi projects?
A) Transparency, inclusivity, and ownership, emphasizing an open process. B) Token-based systems focused on exclusivity and voting power. C) Centralized decision-making with minimal community input. D) Legal contracts that require user KYC for participation.
8. What is a significant factor in competing within Web3 markets?
A) Transparency, unique value propositions, and leveraging security audits for reputation. B) Establishing intellectual property rights to differentiate products. C) Avoiding partnerships to maintain independence in market transactions. D) Offering free tokens regardless of utility.
9. How does wallet design impact user experience in Web3 products?
A) Wallets offer no control over assets and should be hidden from the UI for simplicity. B) Wallets are mainly for technical users and should require advanced setup for transparency. C) User-friendly wallets reduce friction, improve accessibility, and are essential for onboarding non-technical users. D) Wallets should prioritize transaction speed over usability and onboarding.
10. What is the role of smart contracts in DApps?
A) Smart contracts are legal agreements hosted off-chain and only simulate on-chain behavior. B) Smart contracts store encrypted passwords and manage login flows for users. C) Smart contracts automate backend logic and enforce business rules without intermediaries. D) Smart contracts help process only visual assets such as NFTs, with no broader function.
