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DeFiChain is a blockchain platform dedicated to bringing full DeFi capabilities to the Bitcoin ecosystem. The network operates on a hybrid Proof of Stake / Proof of Work consensus mechanism, and further leverages Bitcoin’s security by anchoring to the Bitcoin blockchain every few blocks.
Before taking the quiz, make sure to learn about DeFiChain through the 6 short lessons. Even though I provide the answers, the whole point is to learn something new.
You first have to sign up to Cake DeFi and go through the required KYC, make sure to have your ID card or passport next to you. In some cases the verification process can take up to 24 hours so be patient.
Once you're all set and that you have been verified, you can now take the quiz to which you will find the answers below:
How can DeFiChain be described in one sentence? A. DeFiChain is a blockchain dedicated to Native Decentralized Finance for Bitcoin.
What is Decentralized Finance? B. Decentralized Finance are all types of financial applications without the need of a third party intermediary like a bank.
What are the benefits of #NativeDeFi? C. Code on Ethereum blockchains gets compiled and runs through a virtual machine. During this process many issues can occur, making it less secure than #NativeDeFi blockchains like DeFiChain.
What are the main ways to earn incredibly high yields with DeFiChain? B. Staking and Liquidity Mining offer great and easy ways for anyone to earn block rewards with over 50% yearly returns.
What is DeFiChain’s Decentralized Exchange? D. DeFiChain’s decentralized exchange is the cornerstone of most decentralized financial applications in the DeFiChain ecosystem, enabling trading, liquidity mining and more.
If you successfully complete the quiz, you should receive the $5 DFI tokens as a reward, after completing the account verification.
Thanks for reading.
Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading actions.