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Revolut Polkadot Quiz Answers

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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

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About the author

Lim How Wei

Lim How Wei is the founder of followchain.org, with 8+ years of experience in Social Media Marketing and 4+ years of experience as an active investor in stocks and cryptocurrencies. He has researched, tested, and written thousands of articles ranging from social media platforms to messaging apps.

Lim has been quoted and referenced by major publications and media companies like WikiHow, Fast Company, HuffPost, Vice, New York Post, The Conversation, and many others. One of his articles about the gig economy was quoted by Joe Rogan who hosts The Joe Rogan Experience (arguably the most popular podcast in the world), in the This Past Weekend podcast by Theo Von.

In his free time, Lim plays multiple games like Genshin Impact, League of Legends, Counter-Strike, Hearthstone, RuneScape, and many others. He creates guides, walkthroughs, solutions, and more on games that he plays to help other players with their progression.