Blockchain Consensus Mechanisms

What is the main consensus mechanism used in Bitcoin?

• Delegated Proof of Work (DPoW)

• Proof of Stake (PoS)

• Byzantine Fault Tolerance (BFT)

• Proof of Work (PoW)

In Proof of Work, what is the role of miners?

• Miners regulate the cryptocurrency market

• Miners validate transactions and create new blocks by solving complex mathematical puzzles.

• Miners write smart contracts

• Miners verify user identities

How does Proof of Stake differ from Proof of Work?

• Proof of Stake does not involve any form of collateral, while Proof of Work requires validators to stake their coins.

• Proof of Stake relies on miners who solve complex mathematical puzzles to create new blocks, while Proof of Work requires validators chosen based on the number of coins they hold.

• Proof of Stake relies on validators who are chosen to create new blocks based on the number of coins they hold and are willing to 'stake' as collateral, while Proof of Work requires miners to solve complex mathematical puzzles to create new blocks.

• Proof of Stake is more energy-intensive than Proof of Work due to the need for constant validation by miners.

What is the concept of 'staking' in Proof of Stake?

• Staking involves mining new coins in Proof of Stake.

• Staking requires participants to solve complex mathematical puzzles in Proof of Stake.

• Staking allows participants to borrow cryptocurrency in Proof of Stake.

• Staking in Proof of Stake involves participants locking up cryptocurrency as collateral to validate transactions and create new blocks on the blockchain.

Which cryptocurrency uses Delegated Proof of Stake as its consensus mechanism?

• Litecoin

• Ethereum

• Bitcoin

• EOS

What is the role of 'witnesses' in Delegated Proof of Stake?

• Witnesses are in charge of designing the user interface

• Witnesses are responsible for marketing the blockchain

• Witnesses are tasked with creating new cryptocurrencies

• Witnesses validate transactions, produce blocks, and participate in governance decisions.

How does Delegated Proof of Stake aim to improve scalability?

• By implementing a complex encryption algorithm for transaction validation

• By requiring all network participants to validate transactions

• By using a consensus mechanism where a small number of elected nodes validate transactions, reducing the time and resources required for reaching consensus compared to traditional Proof of Work (PoW) systems.

• By increasing the block size limit to accommodate more transactions

What is the main idea behind Proof of Authority?

• Proof of Burn involves burning coins to validate transactions

• Proof of Work relies on a limited number of validators to secure the network

• The main idea behind Proof of Authority is to have a limited number of known and reputable validators who are responsible for creating new blocks and securing the network.

• Proof of Stake does not require validators to create new blocks

What are the advantages of Proof of Authority over other consensus mechanisms?

• Proof of Authority provides faster transaction speeds, lower energy consumption, and better security.

• Proof of Authority has weaker security measures

• Proof of Authority is slower than other consensus mechanisms

• Proof of Authority requires higher energy consumption

Which blockchain platform uses Proof of Authority as its consensus algorithm?

• Bitcoin

• Ethereum

• Cardano

• Ripple