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Background: Blockchain technology is becoming increasingly vital for various industries. This assignment explores the intricacies of blockchain consensus mechanisms.
Tasks:
- Analyze and explain the Proof of Work (PoW) consensus mechanism used in Bitcoin.
- Develop a detailed comparison between PoW and alternative consensus mechanisms like Proof of Stake (PoS) or Delegated Proof of Stake (DPoS).
- Propose a novel consensus mechanism that addresses the scalability and environmental concerns associated with PoW and PoS, providing a rigorous mathematical analysis to support your proposal.
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