STEEMKIDS CRYPTO ACADEMY S2W1/BLOCKCHAIN CONSENSUS MECHANISM / PART 1 ASSIGNMENT ANSWERED BY @bossj23 / #club5050 / 10% Payout to steemkidss submitted to @benton3
The assignment is centered on Blockchain consensus mechanism.
Assignment questions are as follows
Question one
What is blockchain consensus mechanism?
The keywords in this question are; blockchain and concensus mechanism.
We'll first start by defining the terms individually before defining the main term.
Blockchain: is a decentralized public ledger that records information and It encrypt it in a way that is difficult to hack.
Consensus mechanism: refers to the process by which various nodes found in the blockchain adopt to reach an agreement or consensus for any transaction in the decentralized blockchain.
Blockchain is dependent on consensus mechanism.
Blockchain Consensus Mechanism
This is a process by which nodes in a computer network reach an agreement in a blockchain before transactions are made, thereby guaranting its legitimacy. it is also a mechanism applied or used to secure or guarantee security pertaining to transactions or information in the information system.
Question Two
Define proof of Work and Proof of Stake
Question Three
List at least two blockchain that uses each of the consensus mechanism
POW: Examples of blockchains in proof of Work(POW) are: bitcoin, litecoin and dodgecoin according to @benton3
POS: Examples of blockchains in proof of stake (POS) are; Ethereum and Terzos according to @benton3
Question Four
Differences between proof of work and proof of stake
1: In proof of work (POW), many expensive equipment are required, while in proof of stake (POS), it does not require so many expensive equipment which reduces the amount of energy needed for the validation.
2: In proof of work validators are selected at random but they require sufficient amount of computing power to carry out the validation, while validators in proof of stake are selected based on the number of a cryptocurrency that he is holding which he staked. According to @benton3
3: Proof of work mining requires large amounts of energy consumption to fuel computational power, while proof of stake gives mining power based on the percentage of coins held by a miner.
Conclusion
This is what I've drafted so far. I still owe my special thanks to @benton3 for the enlightenment.
U are really doing well, I appreciate you participating in this assignment @bossj23
Thank you for taking part in the crypto academy for kids. We are glad you are staying active in this community. We advised you to read the new rules for kids
https://steemit.com/hive-139765/@steemkidss/important-update-age-eligibility-limitations-on-kids-accounts-in-steemkids-community
Also ensure to always power up at least 50% of your earnings.
Thanks for sharing I'm the crypto lesson, you are sure to become a crypto kid one day. Thanks for sharing
Keep up the good work
Thank you at bossj23 for participating in this weeks steemit crypto academy. I believe that is the first time of doing so. Your effort is well appreciated.
However, I would like you to know that plagiarism was spotted in your work. So please, next time kindly check for plagiarism and ensure it does not occur again.
I also noticed that you don't know how to cite sources properly. That is why you should speed up in your achievement task or as the person who signed you up to do so.
Make sure you join club5050 to enhance your chances of getting upvote.
Hi, @bossj23,
Your post has been supported by @ngoenyi from the Steem Greeter Team.
Hello @bossj23, a catch up vote for your Introduction post has been given to this post.
Greeter: @ngoenyi