PoC: Validators in this consensus invest their hard drive space instead

of investing in expensive hardware or burning coins. More the hard

drive space the validators have, the more is the chance of getting

selected for mining the next block and earning the block reward.

PoET: The fairest algorithm PoET chooses the next block using fair

means only and is widely used in permissioned blockchain networks.

Every validator on the network gets a fair chance to create their own

block in this algorithm.

Mathematical puzzle: The complexity of the task is a sensitive issue.

As the network grows, it faces more and more difficulties. The

algorithms need more and more hash power to solve them. The answer

to the PoW problem or mathematical puzzle is called the hash.

Questions

1. How is the consensus reached in Open Systems?

2. How is the consensus reached in Bitcoin?

3 . What is the Monopoly Problem?

4. Why does the monopoly problem exist?

5 . Explain the role of Miners in Mining.

6. What is Mining Hardware?

7 . What is a Mining Pool? What is the mining pool fee? Explain Block

Reward.

8. Explain the terminologies used in Mining Pool Methods?

9 . What are the categories into which the consensus protocols are used in

most blockchain systems divided? List the algorithms used by PoW,

PoS, DPoS, PoET, PBFT, and PoA.

10. Write short notes on: 1. Seive 2. Ripple 3 . Paxos 4. Stellar 5 . Raft