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Question 4 - CBSA discussion

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In the Proof of Stake(POS) algorithm the miners are really known as ___________?

A.
Notary
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A.
Notary
B.
Oracle
Answers
B.
Oracle
C.
Forgers
Answers
C.
Forgers
D.
Minters
Answers
D.
Minters
Suggested answer: C

Explanation:

Proof of Stake has the same goal as proof of work"”to validate transactions and achieve consensus in the chain"”and it uses an algorithm but with a different process. With proof of stake, the creator of a new block "is chosen in a deterministic way, depending on its wealth, also defined as a stake." Since in a proof of stake system, there is no block reward, but the miners, known as forgers, get the transaction fees. Proponents of this shift, including Ethereum cofounder Buterin, like proof of stake for the energy and cost savings realized to get to a distributed form of consensus.

Reference: http://www.hl.co.uk/news/2018/2/16/a-brief-history-of-blockchain-technology-everyone-should-read

asked 16/09/2024
MM rahn
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