How to Answer Binance Learn and Earn UMA Quiz

08/05/2022By: C, Fiona

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Are you looking for the latest Binance Learn and Earn Quiz Answers? You’ve come to the correct location!

Binance, the popular cryptocurrency exchange, is well-known for its willingness to try new things and expand its offerings. The Binance Bitcoin Button and the Binance Wodl games are just two of the exchange’s recent cryptocurrency-earning offerings. Learn and Earn, commonly known as Binance’s quiz product and dubbed “learn,” is among the oldest and most popular, delivering a wide variety of questions to Binance users in order to earn cryptocurrency.

On August 4th, 2022, there will be three quizzes (BAND, UMA, and BTTC) in Binance learn & earn. We’ve already published the answers to the Binance Learn & Earn BAND and BTTC quizzes. All the information you need regarding Binance BAND Quiz is here, including the correct answers.

The Binance Learn and Earn Quiz Answers – Beginner’s Guide have already been published in a single post. Check this too.


How to Answer Binance Learn & Earn UMA Quiz

  • Sign up or log in to your Binance account by clicking the link provided below.
  • Your KYC verification must be completed in order to claim prizes.
  • From the Binance app dashboard, or by clicking here, go to the learn & earn quiz page.
  • A new version of the UMA quiz will be available at 7:00 a.m. on August 4th, 2022. (UTC).
  • Once the quiz becomes online, take it and you’ll be guaranteed $UMA crypto awards.

Binance Learn & Earn UMA Quiz Answers

Question 1: What makes the OO optimistic?

Answer: Proposed data will not require resolution unless it is disputed, and disputes are rare

Question 2:How many tokens did UMA transfer to its DAO in 2021?

Answer: 35 million tokens

Question 3: Who are the three actors in the OO system?

Answer: The contract requesting the data; the participant proposing the data; and the disputer

Question 4:Why is there a reward associated with voting correctly?

Answer: So there is an incentive to be correct

Question 5:Why does the OO include a human component?

Answer: Humans can provide any kind of knowable truth to a blockchain

Question 6:What are the phases in the UMA voting process?

Answer: Voting period; voting revealing period; reward collection period

Question 7:What is the DAO tooling organization that is a sister protocol to UMA and Across and is secured by the OO?

Answer: Outcome.Finance

Question 8: How long does it typically take for the OO, through its UMA token holders, to resolve a dispute?

Answer: 48 hours

Question 9: What is UMA’s native token?

Answer: UMA coin

Question 10:What is the cross chain bridge empowered by UMA and its OO?

Answer: Across

 

A Brief Overview of UMA Tokens

Hart Lambur was a co-founder of UMA in 2017. White papers for UMA and USStocks were released in December of last year. The UMA project was formally launched, and USStocks was introduced as a core network token in January of this year. Uniswap’s first decentralized exchange, UMA, launched an initial liquidity offering in April 2021.

The optimistic oracle known as UMA ensures markets and smart contracts over Web3 with the help of its acronym. Off-chain data required to meet smart contract criteria may be insufficient or erroneous due to defective or faulty information. Singular values are fed into current oracles, making them rigid and unable to take into consideration diverse types of data. People are incentivised to verify the accuracy of data in OOs, allowing for advanced data verification with a human factor.