Hi All,

I greet y'all and hope you are all doing great in this platform. Today is another week and it's Week3 of the ongoing engagement challenge contest. I'm happy to be making my entry in this community today and it's a topic I love very well because it's talking about Blockchain terminology. I could discuss on many but for tye sake of of this contest, will choose only one and talk about it, starting from its definition, it's uses, advantages, Disadvantages and many more things. As I said, I will be choosing just one concept to talk about it and it Is Proof Of Stake. So without wasting time, let me get started

Introduction

We all know that the existence of Blockchains brought about the concept of decentralization especially in the aspect of cryptocurrencies and technology. So within a blockchain, they are consensus mechanisms that are always used in decentralized applications and cryptocurrencies . In this case, this is where we see the concept of proof of stake (PoS) consensus mechanism because within the blockchain system, there is no guarantee that a principal sentinel can manage to record data or transactions since the system always depends only on a multitude of participants to be able to validate all the incoming transactions hence by adding the validated transaction as a new block Inside the Blockchain. This is always done by the help of PoS

Definition: PoS consensus mechanism is the process of carrying out transactions within the blockchain by creating or producing new blocks within the blockchain hence we see that it's use to validate all entries into distributed database. The good thing is that this database is always highly secured and the transactions validated are usually cryptocurrency transactions

How PoS works

Within the Blockchain, all the validators usually get selected randomly with the use of Pos protocol in all situations we fine that a new block transaction is always ready to. This validators has usually have nodes that work in other to verify all the transactions an then add up the valid transactions within the blockchain so as to form a new block. During adding of this data, it most be correct and valid, or else the validator may end up losing his coins because the system don't accept fraudulent or bad data

If should incase user add wrong or fraudulent data, their data will be sent to a wrong wallet address which no one could ever have access to it, it means that their stake will automatically be burned meaning they will loose everything because they can bring it back

It should be knowm that PoS works in the sense that, participants usually validators stake s legitimate transaction using their their coins and in return, they earn their rewards In the form of cryptocurrency. They always earn according to their stake amount.

The reason why I think this PoS consensus is important to the Blockchain is because of the following reasons

• PoS doesn't necessarily needs massive amounts of computational power or electricity before validating transactions because it doesn't need hardwares and expensive equipments

• PoS gives rooms to multitude participants so as they could act as validators and in other to carryout out staking process, a validator will need to use but just coins instead of high computing system

• PoS usually uses but the method of staking power in other to determine and know the validators that will get to mine a block

• PoS usually needs but a consensus protocol in other to enable and guarantee that there is always transparency, safety and faithfulness of data that are stored within the system

My answer here is YES. I think that the existence of the blockchain would be possible without this PoS because I think the existence of Blockchains is always independent of this PoS consensus since I do believe that they are alot of different types of mechanisms that a Blockchain can use in other to exist. However, the main idea behind PoS is how it's operated to work in a transparent nature, so if s Blockchain exist without this PoS consensus, it will definitely develope problems of a firm and invariable transparency because data stored on the Blockchain can either be edited or change after a long time hence making the system not to be trusted again

Still boiling down to the fact that blockchain would be possible without this PoS because we have witnessed the existence of the Mother coin BTC which had been existing without PoS. Bitcoin initially used but but Proof Of Work consensus to function and it was still functioning very well without the implementation of the PoS

However, they number of different consensus that the blockchain can use in the absence of proof-of-stake which have their own various uses and functioning within the Blockchain. Some of this consensus are "Proof-Of-Work(PoW), Proof-Of-Weight, Proof-Of-Burn(PoB), Proof-Of-Authority(PoA), Proof-Of-Capacity(PoC), Delegated Proof-Of-Stake(DPoS) and so many others"

My answer here is still YES because I think PoS consensus still needs some improvements despite it's numerous advantages. Below, I will be highlighting it's possible improvements and if implementated, then this consensus will work best with little or nor disadvantages

• PoS is less secured as compared to other consensus mechanism because it's still very new to the Blockchain. The security level is not really strengthen because it uses less computational system to operate and also uses less energy and power in other to validate transactions. This is why nodes are usually attacked and hacked because its less secured. Wen it is hacked, it's highly possible that the whole system can be hijacked by the hackers

• With PoS, Huge holders of earn far more than the small holders simply because rewards are usually distributed according to the number of holdings, that is from highest to lowest holdings. This usually makes smaller holders to recieve just little rewards as compared to larger holders

• In PoS consensus, participants can't un-stake their coins at anytime simply because all the stake coins are usually locked up within a particular period of time. When ever this happens, owners of the staked coins can trade with the staked coins within that period

Though The PoS(Poof-Of-Stake) consensus security level is low, especially in the way they can be an attack within the network, it has inturn edifice reimbursement within the network in other for an attack not to occur hence making attacks within the network to be of lesser advantage. This was a new concept they developed but hopefully with time, I know they will be more updates and improvements within the consensus since it's believe to still be a new consensus mechanism that the Blockchain developed

I will use this opportunity to invite my dear friends @tangwe-rene, @wyzcekunited, and @echamroland to come and participate this contest