STEEMKIDS CRYPTO ACADEMY S2W1/BLOCKCHAIN CONSENSUS MECHANISM/PART 1 by @izzybea
introduction
Hello everyone,I am excited about the steemkids crypto academy,though it's my first time I am excited about learning crypto. Thank you @benton3
Here's my assignment on blockchain consensus mechanism.
Question no 1
- What is blockchain consensus mechanism?
Blockchain consensus mechanism refers to d series of methods used to achieve trust and security from central to local computer system.
question no 2
- Define proof of work and proof of stake.
PROOF OF WORK
This requires a node to prove that the
work done and submitted by them qualifies them to receive the right to add new transactions to the blockchain.This system is to solve a nonexistent mathematical puzzle to ensure no one defrauded the system.
PROOF OF STAKE
It's a mechanism in which the validator is chosen based on the number of cryptocurrency that he is holding which he staked,which is usually the native of the blockchain.
question no 3
List at least two blockchains that uses each consensus mechanism.
- POS - perecoin and Dash
- POW - Ethereum and litecoin
question no 4
Differences between pow and pos
Pos- mining power is given based on the percentage of coins held by a miner.
Pow- requires huge amount of energy consumption to fuel computational power for mining.
Hello dear @izzybea thanks 🙏 for joining in this contest we love and appreciate you 💕.
#club5050😄
😄 may the best write up win @steemkidss
Dear @izzybea, thank you for participating i this weeks steemit crypto academy.
However note that your work is so scanty and did nit reach the minimum word requirement.
The explanations given for the two concsensus mechanismis not sufficient. So I would suggest you read through it later to understand the topic more.
Your work also have 25% plagiarism. Please note that plagiarism is not allowed in steemkids community and steemit in general. It ois a grave offence.
Generally, your work is a poor one.