Who validates transactions on the blockchain? Revolut Crypto Quiz Answers

Who validates transactions on the blockchain?

The Correct answer is Special users that are called ‘miners’ or validators.

Special users called "miners" or validators play a crucial role in the operation of blockchain networks, particularly those that use proof-of-work (PoW) or proof-of-stake (PoS) consensus mechanisms.

In a PoW system, miners use computational power to solve complex mathematical puzzles to validate transactions and create new blocks on the blockchain. Miners compete to be the first to solve the puzzle, and the winner is rewarded with newly minted cryptocurrency and transaction fees.

In a PoS system, validators are chosen to create new blocks and secure the network based on the number of tokens they hold and are willing to "stake" as collateral. Validators are responsible for verifying transactions and ensuring the integrity of the blockchain.

Both miners and validators play a critical role in maintaining the security and integrity of the blockchain network. Miners ensure that transactions are processed securely and efficiently, while validators help to validate transactions and maintain consensus on the network.

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What Is The Revolut Crypto Quiz?

Revolut, a financial technology firm, has launched a new educational initiative called the Revolut Crypto Quiz. This initiative aims to attract more users to its platform. Users can earn free Polkadot tokens, valued up to $15, by participating in interactive quizzes.

To participate, users need to register with Revolut and play the quiz. The quiz focuses on the Polkadot ecosystem and is divided into nine short, informative lessons.

The first set of quizzes is already available for users to play. However, Revolut has not announced when the next set of quizzes will be released.