Bitcoin's Trajectory - Crypto Academy S4W5 - Homework Post for @imagen
when a bitcoin is mined there is always a reward for the miner. In each set of 210,000 blocks mined the reward for mining bitcoin will be halved. The reason for this is to decrease the reward for mining bitcoins while more blocks are mined.
Bitcoin halving makes sure that the amount of bitcoin in circulation does not rise rapidly, which likewise may pressurize the rising price.
Bitcoin was launched around 2009 by Satoshi. Each block restrains 50btc. Every 4 years, the amount is fixed to be lessened by 50%. Today bitcoin has undergone 3 halving events, with a block comprising of only 6.25 BTC.
How it got to 6.25btc is that the first halving took place around November 28, 2012, at that moment the bitcoin reward was 50btc per block then was reduced to 25btc per block after the first halving.
The second one happened around July 9th, 2016 the reward is halved to 12.5btc for each block.
The 3rd time it happened was around May 11, 2020, the reward is halved to 6.25 BTC for each block. This is how we got the current 6.25 BTC as a reward due to it has not occurred again. It is assessed that bitcoin will end its dividing in 2140.
WHEN IS THE NEXT EXPECTED
Since it occurs approximately every 4 years counting from the last time it occurred in 2020 the next will be experienced in 2024. At that time the reward will be halved to 3.125btc for each block.
HOW MUCH DO BITCOIN MINERS CURRENTLY RECEIVE.
From what we said earlier since bitcoin has not yet experience halving which the current reward remains 6.25 BTC per block this is what miners presently receive as their reward.
The two cryptocurrencies that have been halved.
BTCV has been halved. It happens once every 6 years
The second one is litcoin (LTC) is halved every 4 years.
WHAT IS A CONSENSUS MECHANISM? HOW ARE PROOF OF WORK AND PROOF OF STAKE DIFFERENT.
A consensus mechanism is utilized in computers with blockchain systems to obtain the necessary authorization on a single data value otherwise a single state of the network amid distribution processes or multi-agent system, for example, with cryptocurrencies it is valuable in the keeping of records.
The consensus sketches the condition that ought to be met by nodes as well as validators so new blocks can be augmented to the blockchain.
Presently, the consensus mechanism makes the foundation of the entire cryptocurrency industry as they are the central idea driving all blockchains. There are different types of consensus mechanisms which are the proof of brain( the one adopted in steemit), the proof of work, proof of stake, proof of burn, etc.
Proof of work
The proof of work mechanism is regarded as the first-ever established. It was initiated with the idea of a conception of the bitcoin blockchain. Bitcoin propelled inventors to begin dabbling with blockchain innovation, and new consensus mechanisms started Arising.
Today the absolute most very much perceived consensus mechanism system incorporates eerhereum’s proof of stake with ve chains proof of authority (POA). This distinctive consensus mechanism places significance and chose regulations that are stake, work, and authority. To guarantee as well as understanding and permitting transaction validation as well as-block creation.
It is decentralized and expects partners of a network to enhance effort in solving an arbitrary mathematical puzzle to prevent anybody from gaming the system. Proof of work is utilized comprehensively in cryptocurrency mining, for confirming transactions as well as mining new tokens.
Proof of work makes it hard to falsify any aspect of the blockchain in other words it makes it hard again for a user to dominate the network computing power due to how expensive the machinery and power utilized to complete the hash functions are.
proof of stake.
The proof of stake is one of the consensus mechanisms it was initiated around 2011 on the Bitcointak forum to fix the issue of the present-day most famous algorithm in use which is the proof of work. They share the goal of reaching consensus in the blockchain but in a different way.
In the proof of stake system, blocks are created rather than mined. Cryptocurrencies that utilize the proof of stake method regularly start by selling pre-mined coins or they begin with the proof of work mechanism and swap latter to proof of stake.
Users that desire to take part in creating process need to lock a specific amount of coins into the network as their stake. The quantity of the stake discerns the chance for a node to be nominated as the following validator to create the next block. The bigger the stake, the bigger the chance vice versa.
THE DIFFERENCE BETWEEN THIS BOTH PROOF OF WORK AND STAKE.
| Proof of work | proof of stake |
|---|---|
| Proof of work needs a massive amount of energy consumption to fuel computational power | Proof of stake offers mining power dependent on the level of coins held by a miner. |
| The initiation of proof of work has made the transaction of cryptocurrency peer-to-peer in a secure manner eliminating the need for a trusted third party. | proof of stake is established as an alternative to the proof of work |
| Proof of work is utilized comprehensively in cryptocurrency mining for approving transactions and mining new tokens. | the proof of stake block is created rather than been mined like the proof of work |
ENTER THE BITCOIN EXPLORER SHOW THE HASH CORRESPONDING TO THE LAST TRANSACTION
The transaction was early recorded to the bitcoin network on October 07, 2021, at 1:12 pm GMT+1. presently the transaction is not verified yet by the network.
9401789479c075eda64de8d753d5b85505f492af6221dbfa37522aae9a6ad490
the harsh
The amount of BTC sent is 0.00311784 which is $168.92 at the time of sending.
what is altcoin season
During altcoin, season bitcoin shows a tendency of losing prominence in the market to altcoins. In general altcoin, the season is referred to as the process by which 75% of the leading 50 coins will be successful than bitcoin over the last season which is approximately 90 days. It is known as altcoin season.
are we in altcoin season
To answer this question I visited blockchain center net and took a screenshot. On the website, it is shown that only 45% of altcoin performed better than bitcoin. Since it's not up to 75% we are not in altcoin season.
when was the last altcoin season
The screenshot below it shows that the last altcoin season was on 21st June 2021.
name and show 2 altcoin charts followed by their growth in the latest season
1 Axie infinity (Axs) it's growth is the highest with over 965.6% its current price is $127 and is ranked number 25 on coin market cap this altcoin has shown great potential.
2 Bitcoin cash (BCHA) according to the screenshot above its growth is with over 637.5% as a result of its growth and has shown great potential the price moved to $206 as of the Time of writing this post and it's is ranked 203 on coin market cap.
make purchases of any coin at least $15 that is not top 25 on coin market cap from any exchange of my choice.
screenshot from coin market cap
I made purchase of the c98 coin currently ranked 220 on the coin market cap. Its price is $3 and has a circulating supply of 185,000,000 with a max supply of 1,000,000,000 c98 coins. Has a 24-hour trading volume of $125,172,163 with a live market cap of 665,010,783. Below is the procedure I used to purchase the coin.
Funded my portfolio with $16 USD them I clicked on buy/ sell option.
I clicked on instant buy.
I scrolled down to search for the c98 coin. And I clicked on it .
With $16USD ill be able to purchase 4.23138 of c98 coin With a gas fee. After that, I clicked on proceed with purchase.
My password is required and I clicked on complete.
Purchase successful
C98 coin on my portfolio after a successful purchase.
why did you chose this coin
I chose this coin because it assists a huge number of blockchains that is what makes this coin unique it is supported on binance smart chains, ethereum, Solana, existing as an ERC-20, BEP-20, and SPL.
C98 is a DEFI remedy created to help its users to have access to cross-chain, swaps, staking as well as yield farming. Setting itself to be an all-in-one defi remedy spanning those features and more.
C98 uphold more than 20blockchains as well as their local asset, making it simpler for users to analyze several alternatives at their disposal.
the goal behind the project.
The goal behind this project is that there are ideas from the creator to invent a launchpad, lending along with a borrowing platform, a mega farm, a secondhand market with an NFT marketplace.
The team has invented different remedies comprising of a native wallet which is available to download on play store and apple store.
More feature is on the verge which will include the following
- aiding for new chains on the mobile and extension wallet
- integration of L2 remedy with the launch of coin98 staking on ethereum along with binance smart chain.
the founders
3 individuals had the idea to create coin 98 which includes Le Thanh. He is an an early investor in THORchain, band protocol along with Alpha finance. The second individual is Vinh the kytek software. And Khiem dang the CTO who is still the co-founder of kytek software.
Thanks for reading through.
Cc.@imagen
Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.
Continua esforzandote, espero seguir corrigiendo tus asignaciones.
@steemcurator02