Hello everyone I hope that you all are doing fine today I am doing another homework for the Crypto Academy thank you so much to the professor for teaching us I can really good knowledge from the class and now I will try to do the homework task and I hope that you find value in it

Proof of capacity

 so the main idea is that to support a decentralized network you have to give something And when you give something you will get rewarded Now let me give you a small example of Bitcoin so a few are mining Bitcoin what you do you Kyon aap your computing power You paper all the maintenance cost and all the electricity but you get rewarded with Bitcoins as a result Now let's talk about the proof of capacity  the concept is kind of the same you give Your storage on hard drive and you get rewarded with that coin which you are trying to you mine And this is a very interesting consensus mechanism Shoaib I tell you this in very simple words you are giving up your hard drive space that you don't use or you can buy a new hard drive and use them to get rewarded with that coin and that is  called proof of capacity

Proof of work vs proof of  capacity

 in proof of work you need a lot of computing power  to and for that you will have to to buy some really high quality and used computers well on the other hand if you are talking about proof of space you might already have what it needs hard drive space there are many people whom have computers in their home and their don't it have much data on their hard drives that can give off that hard drive and get rewarded in exchange for that hard drive space so that don't have to do anything to run the proof of  capacity algorithm

 the problem it solves

 the problem with proof of work is that you need big computers and to run those big computer is you need a lot of electricity and when we use a lot of electricity it causes a lot of problem to the environment which lead us to climate change and that is the biggest criticism of Bitcoin because Bitcoin uses the proof of work algorithm now when we use proof of space we don't have to use big computers and we don't consume that much electricity in this algorithm we can use normal electricity just like we use it in our daily life and it don't require any big computers and as I said you might already have what it needs a hard drive space so  it solves a huge problem of climate change and the use age of electricity

Advantages proof of capacity

1  the first advantage is that you don't have to buy  the any special type of hard drive you can use your regular hard drive 

2   we know that in proof of work you need to upgrade your hard drive time to time because of the competition in the market and unit to invest in more expensive hard drives or here you don't have to do that you can just work with that you can use your old hard drives which you have space 

3  And if you don't want to continue the mining you can just simply format the hard drive and you can use it for other purposes as well like you can reuse it easily

Disadvantages   proof of capacity

 there are not many  projects going on on this algorithm and there are no famous projects on this which is a disadvantage

Well as I said we can use and many people use regular hard drive with regular PC and it can be easily hacked it can be easily attached with Malware and it  can affect your mining

If there are any big projects on this algorithm just like we serve with Bitcoin there was a huge competition of computing power hair people will try to produce hard drives with a lot of drive space and I think that's not good the price will  up and it will be very hard for regular people to buy hard drives for regular  work

Project on  proof of capacity

There are many projects going on on the proof of capacity but to be honest all of those projects are not that famous that you may have heard of today will gonna be talking about one project which is kind of famous and people are talking about this project so let's begin

Chia network 

source

 in this project is relatively old project about three years ago or maybe four years ago and in this project you can actually mine the Chia coin just like we do in Bitcoin we set up a  a bunch of computers and then we do all the mining process where it takes you can do the same but their you don't have to setup big computers you need hard drive to set up the mining system basically you give your hard drive space to the share Network and they will use it and you will get rewarded for your contribution to the network ok with the Chia coin

How to mine chia coin 

Well you don't need to do much first of all you need hard drives and then it's very easy you need empty space on your hard drives then you will go to the official website of chia  network where you will get a software that you will have to download you don't need to have much technical knowledge you just have to download that software and then run it and your mining will be start at that moment

How  chia  mining works  Basically it is very easy you plot a portion of your hard drive And once they are created then  your farming will start  And there are many other things which you  well know once you started I have not tried it yet so that's why I can't tell you much about it but yes this is how it works

 Market detail of chia

source

Conclusion

 I think proof of capacity is a really good thing and anyone can mine coins using this algorithm the first thing is that it's not hard anyone can do it they just simply have to download the software and start mining

 I think in future many people will support projects built on proof of capacity because of the criticism that people do on Bitcoin being using the proof of work

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thank you

@alphafx

regards

@azizulhassan