Homework Help: Questions and Answers: What is a way to validate transactions and achieve a distributed consensus?
a. Distributed computing
b. Proof-of-work
c. Blockchain
d. Proof-of-stake
Answer:
First, let’s understand the question: It’s about for a way to validate transactions and achieve distributed consensus. In the context of decentralized networks like cryptocurrencies, achieving consensus and validating transactions are essential for network security and integrity.
Given Options: Step by Step Answering
a) Distributed computing
- This refers to the use of multiple computers working together to solve a problem.
- While distributed computing involves multiple computers, it is not a specific method for validating transactions or achieving consensus in blockchain networks.
b) Proof-of-work (PoW)
- Proof-of-work is a consensus mechanism where participants solve complex mathematical problems to validate transactions and add them to the blockchain. It requires computational power.
- This is a method used by several blockchains (like Bitcoin) to achieve consensus and validate transactions.
c) Blockchain
- Blockchain is a distributed ledger technology that records transactions across a network of computers.
- Blockchain itself is not a mechanism for validating transactions; it is the technology used to store transaction data.
d) Proof-of-stake (PoS)
- Proof-of-stake is another consensus mechanism where participants (validators) are chosen based on the amount of cryptocurrency they hold and are willing to “stake.” It is used to validate transactions and achieve consensus without the need for energy-intensive computations.
- This is also a method used by some blockchains (like Ethereum after the merge) to validate transactions and achieve consensus.
Final Answer:
Based on the above analysis, Both proof-of-work (b) and proof-of-stake (d) are specific methods used to validate transactions and achieve distributed consensus in blockchain systems.
However, since only one answer can be selected, then we can select the most widely known and traditional method:
b) Proof-of-work.
Proof-of-work is a well-established method for validating transactions and achieving distributed consensus, particularly known for its use in Bitcoin and other cryptocurrencies.
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