STEEMKIDS CRYPTO ACADEMY S2W1/BLOCKCHAIN–CONSENSUS MECHANISM || PART 1 || ASSIGNMENT ANSWERS BY @ahbaz: 10% PAYOUT TO @steemkidss

Greetings to my teacher @benton3 for good consistency in bringing the knowledge to the kids. I'm glad to be able to still participate in the second season and I'll play my part by always learning from each class.

What is blockchain consensus mechanism

During season 1, I learnt that blockchains are used to pieces of information and they are like databases. A blockchain consensus mechanism is a process that needs to be carried out for a transaction to be made in a decentralized blockchain.

Define Proof Of Work and Proof Of Stake

Proof Of Work (POW) is a type of consensus mechanism that is used in transactions. It prevents the system from being defrauded. Proof Of Work provides extra security when a transaction is taking place.

Proof Of Stake (POS) is a part of the processes in a consensus mechanism. It operates based on the amount of cryptocurrency an individual holds.

List at least two blockchains that use each consensus mechanism

According to the lesson from my teacher @benton3, it states the two blockchains that are used in the above-mentioned consensus mechanism.

Examples of blockchains in Proof Of Work (POW) are:

1. Bitcoin blockchain
2. Litecoin

Examples of blockchains in Proof Of Stake (POS) are:

1. Ethereum
2. Terzos

Differences between Proof Of Work and Proof Of Stake

1. In Proof Of Work, validators are selected randomly while in Proof Of Stake, the validators are chosen based on the number of cryptocurrencies they stake.

2. Also, in Proof Of Work, a great amount of power is needed during validation but in Proof Of Stake little amount of energy is needed for validation.

3. Proof Of Work is used in Bitcoin and Litecoin blockchains while Proof of Stake is used in Ethereum and Tezos.

4. Stakers earn higher in Proof Of Stake than Proof Of Work.

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