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Cake DeFi learn and earn DeFiChain quiz answers (5$)

⭐Question 1: How can DeFiChain be described in one sentence?
Answer: A - DeFiChain is a blockchain dedicated to Native Decentralized Finance for Bitcoin.

⭐Question 2: What is Decentralized Finance?

Answer: B - Decentralized Finance are all types of financial applications without the need of a third party intermediary like a bank

⭐Question 3: What are the benefits of #NativeDeFi?

Answer: C - Native DeFi is more secure than non-Native DeFi because the consensus happens directly on the native blockchain layer, instead of getting compiled and running through a virtual machine like on Ethereum.

⭐Question 4: What are the main ways to earn incredibly high yields with DeFiChain?

Answer: B - Staking and Liquidity Mining offer great and easy ways for anyone to earn block rewards with over 50% yearly returns.

⭐Question 5: What is DeFiChain’s Decentralized Exchange?

Answer: D - DeFiChain’s decentralized exchange is the cornerstone of most decentralized financial applications in the DeFiChain ecosystem, enabling trading, liquidity mining and more
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Cake DeFi learn and earn BTC quiz answers
(5$)
⭐1-) A - Bitcoin is a decentralized digital currency which was created by Satoshi Nakamoto in 2008. Anyone with an Internet connection can either send or receive it as a form of payment, but it can also be used as a store of value. It is the world’s first-ever cryptocurrency.

⭐2-) C - The Bitcoin network allows users to send and receive bitcoins in a peer-to-peer manner and without any central authority involved. These transactions are verified by nodes and are recorded as blocks on the blockchain. Miners compete to append these blocks and are given rewards if successful.

⭐3-) B - Bitcoin transactions are recorded as a chain of blocks, with each block containing a collection of valid bitcoin transactions and a hash of the previous block up to the genesis block in the chain.

⭐4-) D - PoW, alongside the chaining of blocks, makes modifications of the blockchain extremely hard - hence, making the Bitcoin network secure and less prone to malicious attacks.

⭐5-) D - All of the above