# Intract Academy: questions and answers

**Published by:** [OdaNoder](https://paragraph.com/@odanoder-2/)
**Published on:** 2024-11-10
**URL:** https://paragraph.com/@odanoder-2/intract-academy-questions-and-answers

## Content

#1: But what is crypto and web3?Link: “But what is crypto and web3” How is Intract Academy different from other crypto learning resources? Q: In simple words, what is crypto? A: Money on the internet Q: In regular usage of the term, what are crypto tokens? A: Different kinds of cryptocurrencies Q: So, what is Bitcoin? A: The first and most popular cryptocurrency Q: Which of these is NOT a popular story of people using crypto? **A:**Stores accepting crypto instead of regular cash Q: How are governments using crypto? A: All of these ;) Q: Now what's web3? A: The regular internet with crypto, decentralisation & user-ownership Q: What is a real-world example of web3? A: Decentralized social media Q: How would you login to a web3 website? A: By connecting your wallet#2: Setting up your own web3 wallet!Link: “Setting up your own web3 wallet!“ Q: What all can you do with your web3 wallet? A: Of course, all of these ;) Q: How does your wallet address look like? A: A huge code, treated like a bank account number Q: Installing your own MetaMask wallet! A: SKIP Q: What is a wallet's secret recovery phrase? A: Your wallet's unique password Q: What do you call converting regular money to crypto, and back? A: On-ramping & off-ramping Q: Which of these is NOT a way to convert regular money to crypto, and back? A: Decentralized Exchanges (DEXs) Q: What is the easiest way to access your wallet? A: Pinning it as a browser extension Q: What are important actions you can do via your wallet extension? A: All of these ;)#3: What the heck is a blockchain?https://www.intract.io/quest/6669de1f4d97acde3eb0b5fa Link: “What the heck is a blockchain?“ Q: But first, what is a blockchain commonly called? A: Chain or network Q: So what is a blockchain? A: Secure, public database with apps and crypto tokens Q: What are some popular examples of chains that are cheap and fast? A: All of these ;) Q: Which of these is NOT a quality of a blockchain? A: Controlled by a single entity Q: If a blockchain is like a big city, then its neighbourhoods would be... A: Different apps built on it, with crypto tokens as currency Q: What are gas fees? A: Fees for carrying out transactions on a blockchain Q: Your favourite blockchain's gas fees are suddenly high, why? A: Too many users actively transacting on it Q: Why is it important to know the native token of a blockchain before using it? A: To pay gas fees on the blockchain#4: Swapping and bridging? What’s that?Link: “Swapping and bridging? What’s that?“ Q: What is swapping? A: Exchanging one type of crypto token for another on the same chain Q: Which of the following is NOT a reason why people swap crypto? A: To stay invested in a single crypto for the long term Q: What is unique about a token like USDT? A: Its a stablecoin - designed to maintain same price as the US dollar Q: What are the two main places to swap crypto? A: Centralized exchanges and decentralized exchanges (DEXs) Q: Uniswap and SushiSwap are examples of what? A: Decentralized exchanges (DEXs) used to swap crypto Q: What are the factors in choosing the best DEX to swap on a blockchain? A: All of these ;) Q: What's the benefit of using a 'swap aggregator' like 1inch? A: Simplifies finding the best exchange rates across different platforms Q: What is the purpose of bridging in crypto? A: To help in movement of crypto assets between different blockchains Q: What details about a bridge can a user ignore while bridging? A: Design elements of the interface Q: What are some of our best bridge recommendations? A: Chainge Finance, Across, and Synapse#5: NFTs and why they’re cool ;)Link: “NFTs and why they’re cool“ Q: What are NFTs? A: Digital versions of collectible items like trading cards Q: What is the difference between owning a digital file vs owning an NFT? A: NFTs are a way to prove ownership and authenticity of the digital file Q: What are reasons some NFTs are so expensive? A: All of these ;) Q: In common crypto talk, what does it mean to mint an NFT? A: Being the first owner of the NFT, instead of purchasing it from another user Q: How are NFTs being used today? A: All of these ;) Q: Which of the following companies has NOT experimented around NFTs? A: Tesla (electric vehicle manufacturer#6: Doing quests and winning rewards!https://www.intract.io/quest/667d183e010a0189758b665e Link: “Doing quests and winning rewards!“ Q: In simple words, what is a quest? A: A series of tasks completed by users to earn rewards Q: Which of the following is NOT a task a user can expect during a quest? A: Posting images of them riding a bike Q: What is an example of a 'whitelist' perk as a quest's reward? A: Chance to purchase a project's tokens at a lesser price before the public sale Q: Which of these is NOT a way of distributing rewards in quests? A: Points System: getting the project's points whose task is being done Q: What is one of the ways to increase your chances of winning rewards in a regular quest? A: Selecting quests with fewer participants or a first-come-first-served format Q: How are questing events/festivals different from regular ones? A: Events usually have quests with themes across days/weeks Q: What are 'onchain' tasks in questing? A: Tasks completed by performing transactions on a blockchain Claim your first NFT reward!#1: What are airdrops, and how can they change your life?Link: “What are airdrops, and how can they change your life?“ Q: In simple terms, what are airdrops? A: A free distribution of crypto tokens by a crypto project Q: Assuming Uber were to do an airdrop, who would be rewarded? A: All of them :) Q: Why do projects distribute their ownership via airdrops? A: It creates a more decentralized decision-making process Q: How do tokens affect the 'governance' of a project? A: Users with more tokens have a greater voting power on project decisions Q: Which of these is NOT a reason why projects do an airdrop? A: To generate revenue through transaction fees Q: What's the difference between airdrop hunting and airdrop farming? A: Hunting focuses on being a regular user, while farming might use unfair methods Q: Which crypto projects have done some of the biggest airdrops till date? A: All of these ;)#2: Types of airdropshttps://www.intract.io/quest/666b9c224d97acde3eb1337b Link: “Types of airdrops“ Q: In airdrops like Arbitrum, what is the commonly expected criteria? A: Users with more transactions and funds onchain will receive a larger airdrop Q: In what ways are project points different from traditional token airdrops? A: All of these ;) Q: Why are early adopter NFTs usually issued by projects? A: These NFTs serve as proof of a user's early contribution to a project Q: What is the key difference between staking and liquidity farming? A: Staking has users lock up tokens, while liquidity farming is a way to get eligible for airdrops Q: Why is it important to interact with testnets while hunting airdrops? A: Participating in the testnet can qualify users as early contributors for airdrop rewards Q: What are examples of the other ways to qualify for airdrops? A: All of these ;) Q: What does the snapshot of a crypto project refer to? A: The deadline for a user to complete tasks/interactions to qualify for an airdrop Q: What is the main challenge with liquidity-based airdrops? A: The decreasing share of airdrop rewards as more users participate Q: How can interaction-based airdrops be more beneficial for certain users? A: Users with less capital to begin with, can still earn the airdrop by maximising interactions Q: Which of these is NOT good advice while choosing projects to farm? A: Focus on liquidity-based airdrops if you're not a whale#3: How to earn huge $ from airdrops?https://www.intract.io/quest/666de0106ec95e2507649ffa Link: “How to earn huge $ from airdrops?“ Q: What is NOT a crucial factor while deciding whether to hunt a project's airdrop? A: Size of the project's team Q: What is one key indicator that a project is planning an airdrop? A: The project's documents mention keywords like "governance" and "decentralization." Q: What are the right factors to estimate a project's valuation? A: The sector the project belongs to and the blockchain it operates on Q: What is the risk to consider while hunting an airdrop? A: The airdrop rewards might not be worth the time and effort required to participat Q: What are some airdrop hunting actions for a user with a low budget? A: All of these ;) Q: Which of these is an example of 'essential' airdrop hunting actions? A: Bridging tokens to a blockchain and doing transactions Q: Why is it important to follow KOLs (crypto influencers)? A: All of these ;) Q: What does 'alpha' mean in crypto and airdrop hunting? A: Any valuable insight that gives users an advantage in making money in crypto Q: What are some VC firms whose investments have lead to huge airdrops? A: All of these ;) Q: What is the relationship between a project's category and its potential airdrop? A: Infrastructure projects like blockchains have bigger airdrops compared to DEXs, games, and others Q: Which of these is NOT a good tip around hunting airdrops? A: Using multiple wallets and other hacks#4: Things to keep in mind!Link: “Things to keep in mind!“ Things to keep in mind! Q: What can lead to disqualification of even genuine users from airdrops? A: Using different wallets and transferring funds between them Q: How do projects fight back against Sybils? A: All of these ;) Q: What are actions users DON'T undergo during proof of humanity? A: Sending tokens as payment Q: What is the most important tool to stay safe from crypto scams? A: WalletGuard Q: What is the purpose of having a burner wallet in crypto? A: Act as a temporary wallet for interacting with projects and avoiding scams Q: What are factors that determine higher prices after a token's airdrop? A: All of these ;) Claim your first airdrop and NFT rewards!

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