Revolut quiz answers: learn and earn Polkadot (DOT) crypto!

Revolut is a payment and investing app, that allows you to buy both stocks and crypto. As of now (July 2022), you can earn  Polkadot (DOT) on Revolut for learning about crypto in general, and about Polkadot itself.

You can find the learn & earn quiz by going into the app, clicking ‘crypto’, and scrolling down. There are currently two learn and earn courses available: ‘Crypto Basics’ with 4 lessons, and ‘Polkadot’ with 5 lessons.

When I did the quiz in May, every correct answer gave me a €0.50 reward, paid in Polkadot (DOT). With 9 lessons total, I earned a total of €4.50 in DOT.

I’ve heard other people get different reward amount though ($15), so this might be different for you.

Revolut Learn & earn: all quiz questions and answers!

To make sure you’ll quickly earn the full €4.50 in Polkadot, you’ll find all of the quiz questions and answers below.

Course 1: Crypto basics

Lesson 1:

1. What is fiat money?
   Answer: Money issued by the government
2. What is the main difference between fiat currencies and cryptocurrencies?
   Answer: Cryptocurrencies are decentralized, fiat money is controlled by a central authority
3. Who validates transactions on the blockchain?
   Answer: Special users called “Miners” or “Validators”.

Lesson 2:

1. Why is cryptography important for cryptocurrencies?
   Answer: It eliminates the need for a central supervisory authority, avoids double spending and increases security
2. What are private and public keys?
   Answer: A public key is like an account number and a private key is like the associated password
3. Which statement is true about private and public keys?
   Answer: It is impossible to find out a person’s private key by looking at their public key.

Lesson 3:

1. What is a blockchain?
   Answer: A decentralized database
2. Who can see the blockchain?
   Answer: Anyone with a computer and internet access
3. What distinguishes the blockchain from a regular database?
   Answer: It is not controlled by a central party and can be viewed by anyone.

Lesson 4:

1. What regulatory protection does a crypto asset have?
   Answer: None – Crypto is unregulated in most countries around the world.
2. How much can you lose by buying crypto?
   Answer: All – The value of your investment could fall to zero
3. When Wouldn’t It Be Right to Buy Crypto?
   Answer: If you are in debt or you can’t afford to lose more than you invested

Course 2: Polkadot

Lesson 1:

1. What are some limitations of early blockchains like Bitcoin?
   Answer: A low transaction speeds, high fees, and inability to communicate with other blockchains
2. What is Web 3.0?
   Answer: A new web based on decentralized technologies where users have more control over their data
3. How does Palkadot circumvent some of the limitations of previous blockchains?
   Answer: It allows multiple blockchains to communicate with each other and process transactions at the same time

Lesson 2:

1. What is a relay chain?
   Answer: A blockchain that connects other blockchains together and allows them to communicate
2. What is a parachain?
   Answer: A blockchain that connects to the relay chain and works in parallel with other parachains
3. What problems do parachains and relay chains solve?
   Answer: The inability of blockchains to communicate with each other

Lesson 3:

1. Who can vote for new initiatives like network upgrades on the Polkadot Network?
   Answer: People holding a DOT token
2. What is Polkadot’s “On-Chain Treasury”?
   Answer: A collection of tokens that can be used to support projects that benefit the network
3. How is Polkadot’s governance system different from some other popular blockchains?
   Answer: It is governed by a community by vote

Lesson 4:

1. What is the name of Polkadot’s native crypto token?
   Answer: DOT
2. What is staking your DOT tokens?
   Answer: Help secure the network by temporarily locking DOT tokens in exchange for a reward in DOT tokens
3. What is the “bonding” of your DOT tokens?
   Answer: Blocking tokens to secure a spot for your parachain on the relay chain

Lesson 5:

1. What are some use cases of Polkadot?
   Answer: NFTs, DeFi, Smart Cities
2. What distinguishes applications based on Polkadot from the apps on your phone?
   Answer: Polkadot apps don’t need a middleman for your work and can better protect your data
3. How do apps communicate on parachains?
   Answer: Via the relay chain

That’s all! You’ll instantly earn €0.50 in DOT for correctly answering all three quiz questions per lesson.

You can find your reward payments in your ‘transaction’ feed:

Revolut doesn’t allow you to stake your Polkadot, and you currently also can’t withdraw the DOT to another wallet to earn interest on your Polkadot from staking.

However, you can sell the Polkadot and instantly receive Euro’s or GBP in your Revolut account, which you can withdraw to your bank account or spend from Revolut directly.