Revolut Polkadot Quiz Answers – Followchain

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In this guide, you’ll learn the Revolut Polkadot quiz answers for the crypto learn feature to earn $15 in DOT.

Revolut Polkadot Quiz Answers

Lesson 1: Intro to Polkadot

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

Answer: A low transaction speeds, high fees, and inability to communicate with other blockchains

Question: What is Web 3.0?

Answer: A new web built around decentralized technologies where users have more control over their data

Question: How does Polkadot address some of the limitations of earlier blockchains?

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

Lesson 2: How Polkadot works

Question: What is a relay chain?

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

Question: What is a parachain?

Answer: A blockchain that connects to the Relay Chain and operates in parallel to other parachains

Question: What problems do parachains and relay chains solve?

Answer: The inability of blockchains to communicate with each other

Lesson 3: Who decides the future of Polkadot

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

Answer: People who hold DOT token

Question: What is Polkadots ‘On-Chain Treasury’?

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

Question: How does Polkadot’s governance system differ from some other popular blockchains?

Answer: It’s governed by a community through voting

Lesson 4: DOT Token

Question: What is Polkadot’s native crypto token called?

Answer: DOT

Question: What does ‘staking’ your DOT tokens mean?

Answer: Helping secure the network by locking up DOT tokens, in return for a reward in DOT tokens

Question: What does ‘bonding’ your DOT tokens mean?

Answer: Locking up tokens in order to secure a slot for your parachain on the relay chain

Lesson 5: Polkadot and its uses

Question: What are some use cases of Polkadot?

Answer: NFTs, DeFi, powering smart cities

Question: What makes applications built on Polkadot different from the apps on your phone?

Answer: Polkadot apps don’t need to rely on a middleman to work, and can keep your data safer

Question: How do apps on parachains communicate?

Answer: Via the Relay Chain

Further reading

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