Binance Academy is excited to announce a new education
initiative: Academy Courses, where users can gain further knowledge of the
crypto and blockchain industry by completing courses and quizzes.
Requirements for Participation in Binance Academy
Courses:
> Must have Binance (KYC Verified A/c)
Don't Have: Create One Here: https://www.binance.com/
Note: Only Correct Answers are provided.
Course 1: Blockchain Fundamentals
Module 1. Introduction to blockchain technology
Q : How does a block connect to another?
a) Through the use of hash functions
Module 2. Brief history of blockchain technology
Q : Which of the following statements is/are correct?
Choose all that apply.
a) The idea behind blockchain technology was
described as early as the 1990s
b) In January 2009, Bitcoin came to existence when the
first Bitcoin block was mined
c) Satoshi Nakamoto received a reward of 50 bitcoins when
the first Bitcoin block was mined
d) Vitalik Buterin started the development of a new
blockchain-based distributed computing platform called Ethereum
Module 3. How does blockchain work
Q : Blockchain technology can be used by a network of
strangers who don’t trust each other by relying on a mix of:
b) Game theory and cryptography
Module 4. Blockchain consensus mechanisms: PoW and PoS
Q : What are the differences between Proof of Work and
Proof of Stake consensus mechanisms? Choose all that apply.
b) Proof of Work requires expensive equipment and high
energy costs; while Proof of Stake doesn’t
c) Proof of Stake selects validators pseudo-randomly,
while nodes compete to solve a block in Proof of Work
d) Proof of Stake requires validators to hold and stake
the native cryptocurrency, while Proof of Work doesn’t
Module 5. Blockchain network structure: nodes and forks
Q : What is a soft fork? Choose all that are correct.
b) Soft forks are upgrades to the network that are
backward-compatible
d) Soft forks are considered “opt-in”
Module 6. Blockchain use cases and limitations
Q : Which of the following statements is/are correct?
Choose all that apply.
a) Sending money via blockchain can be fast, and incur
low fees
b) DeFi aims to create a more open, inclusive,
decentralized and transparent financial system
c) Blockchain can make supply chain interactions between
businesses smoother and more efficient
Course 2 : Crypto Fundamentals Quiz Answers
Module 1. What are cryptocurrencies?
Q : How are cryptocurrencies different from digital
currencies? Choose all that apply.
A : A cryptocurrency is a digital currency in which
transactions are verified and records maintained by a decentralized system
using cryptography, rather than by a centralized authority. This is what sets
cryptocurrencies apart from the digital currencies in your PayPal or digital
banking apps, as these apps are operated by centralized organizations
C : Cryptocurrencies are an implementation of blockchain
technology, while not all digital currencies are
Module 2. Introduction to Bitcoin
Q : Which of the following statement is/are correct?
Choose all that apply.
A : Bitcoin was created to meet the need for an
electronic payment system based on cryptographic proof instead of trust
B : Bitcoin remains the largest cryptocurrency in terms
of market capitalization
C : Bitcoin has a limited supply of 21 million coins in
total
D : May 22 is Bitcoin Pizza Day
Module 3. Understanding different types of cryptocurrencies
Q : What is the key difference between a coin and a
token?
C : A coin is the native asset of a blockchain, while a
token is built on top of the blockchain
Module 4. Centralized and decentralized exchanges
Q : Which of the following statements is/are correct?
Choose all that apply.
A : The two main types of crypto exchanges are
centralized & decentralized exchanges
C : Centralized exchanges use a middleman to help conduct
transactions
D : Decentralized exchanges don’t use a custodian
Module 5. How to use crypto wallets
Q : What’s the difference between a hot and a cold crypto
wallet? Choose all that apply.
B : A hot wallet is connected to the Internet, while a
cold wallet has no connection to the Internet
C : A hot wallet isn’t resistant to online hacking
attempts; while a cold wallet is resistant to online hacking attempts
D : A hot wallet is easy to set up, while a cold wallet
requires some technical experience.
Course 3: Decentralization
Module 1. Introduction to DeFi
Q : Which of the following statements are true? Choose
all that apply.
A : DeFi refers to an ecosystem of financial applications
built on blockchain networks
D : In the crypto world, not every financial service is
decentralized
Module 2. DeFi use cases
Q : Which of the following is/are DeFi use cases? Choose
all that apply.
B : Crypto borrowing and lending
D : Yield farming
E : Decentralized exchanges
Module 3. Smart contracts and DApps
Q : Which of the following statements is/are correct?
Choose all that apply.
B : A smart contract refers to self-executing computer
programs that run on the blockchain when predetermined conditions are met
C : DApps rely on smart contracts on a distributed
network; while mobile apps rely on centralized systems
Module 4. How does a DAO work?
Q : Which of the following statements is/are correct?
Choose all that apply.
A : DAOs have no central authority
B : DAOs let token holders vote on issues
D : DAOs are decentralized and transparent
Course 4 : Web3 & Metaverse
Module 1. A beginner’s guide to Web3
Q : Which of the following statements is/are correct?
Choose all that apply.
A : Web 1.0 is “the read-only web”
B : Web 2.0 is “read-and-write web”
C : Web 3 is “read-write-and-own web”
Module 2. What is the Metaverse?
Q : What is the metaverse? Choose all that apply.
A : The metaverse is where users consume information in a
fully immersive, virtual, real-time, and three dimensional fashion
B : The metaverse is the internet of experience
D : The metaverse has blockchain and cryptocurrencies as
its essential components
E : The metaverse can be virtual reality, augmented
reality and mixed reality
Module 3. Understanding NFTs
Q : Which of the following statements is/are correct?
Choose all that apply.
A : NFTs are cryptographic token that represents a unique
asset
B : NFTs are crypto collectibles
C : NFTs are not interchangeable with each other
D : NFTs are individually unique
E : NFTs can be used for tokenization of real-world
assets
Module 4. GameFi
Q : Which of the following statements is/are correct?
Choose all that apply.
B : GameFi refers to play-to-earn blockchain games
C : GameFi allows users to transfer their earnings to
crypto wallets and trade them
D : GameFi allows users to stake their in-game tokens to earn rewards