Question

Which consensus algorithm requires the users to have a stake in the blockchain?
A. Proof of Stake
B.Proof of Identity
C.Proof of Elapsed Time
D.Proof of Work

Answer 1

The answer is option (B) Proof of Identity.

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Answer 2

The consensus algorithm that requires users to have a stake in the blockchain is Proof of Stake.

Option (a)

Explanation:

• Blockchain is a futuristic technology that works on the concept of decentralization, transparency and complete security of transactions. Cryptocurrency like Bitcoin is a well known example of blockchain.

• Consensus algorithms allow all nodes in a distributed system,to be in agreement with respect to the status of the system and make it more reliable.

• Proof of Work is the most robust consensus algorithm which allows the miners to add further blocks as a reward for solving mathematical problems.

• Proof of Stake works differently than PoW, as it determines the creator of a new block in terms of wealth or stake. Here, there are no rewards for the miners.

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