Spread knowledge and earn SBD with the Crypto quiz on: blockchain consensus algorithms
Today, the crypto quiz will be about blockchain consensus algorithms. Before you start answering the questions make sure that you have read the rules and the rewards section here. Now, let's go to the questions:
❔ What is the type of consensus mecchanism that bitcoin uses?
a) proof of stake
b) proof of work
c) proof of elapsed time
❔ In proof os stake, how validators are paid?
a) by new coins created in the validation of the block
b) by transaction fees
c) by some offer made by a volunteer
Proof of work (PoW) is the consensus mechanism used by Bitcoin. As the name suggests, the mechanism requires nodes to prove they have done work to receive the right to add new transactions to the blockchain. The work is energy intensive, as it involves the nodes hashing data through high-performance, application-specific integrated circuit (ASIC) chips.
Proof of Stakes involves buying the coin and keeping in the wallet for a certain fixed period, just like putting money in a fixed deposit for a fixed period.For Fixed deposit, you will be paid an interest as a reward.For Proof of Stake, you will be paid additional coins as a reward.
so validators get paid by new coins created in the validation of the block.
3 others consensus algorithms
#Proof of Capacity
With the proof-of-capacity (PoC) consensus mechanism, instead of using computing power or stake in coins, blockchains have the option to let nodes in the network use their available hard drive space. This mining protocol is useful especially in networks that facilitate the sharing of memory space.
#Proof of Burn
Value from one cryptocurrency can be transferred to another through the proof-of-burn protocol. This means that a node participates in a lottery to decide the status of the blockchain by burning value they already hold in the form of another cryptocurrency such as bitcoin or ether.
#Tangle
Tangle protocol is one by which a user has their transaction confirmed by the network if and when they help confirm two other user transactions that came before theirs. It is therefore different from the other protocols in that no single node helps maintain the entire ledger at any given time. Each node helps add or edit two transactions at a time.
CHEERS
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The right answer is:
a) proof of work
b)by transactions fee (coins are not created since they are pre-mined)
c) a correct answer could be: proof of capacity, proof of elpsed time, proof of burn
The reward of this post was 0.21 SBD.
There are no BEST answer. The answer of the user @killer369 is not totally correct (the second one is wrong since in proof of stake validators are paid in transaction fees) but the answer of @killer369 is quite complete and add value. So it will be counted as BEST ANSWER.
The reward of the BEST answer is 25% of 0.21 = 0.0315
The reward of the first answer is 10% of 0.21 = 0.021
The reward of the upvotes on best answer is 25% of 0.21 = 0.0525 which id divided to users: @jessy93 @shyal
Thank you all for participating and for your contributions.
thank you mate