Crypto Academy Week 13 - Homework Post for [@alphafx] Consensus Algorithms

In week five of season 2 of the cryptoacademy, professor @alphafx talks to us about algorithm consensus, a very interesting and fundamental topic in blockhain technology, since it is its root, that is why here I share my task

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What is an algorithm consensus?

Today I will talk about a particular algorithm consensus, but first I want to clarify a bit what an algorithm consensus is.

It is nothing more than a mechanical equipment that facilitates and helps a distributed system to be coordinated in order to avoid failures and problems in the system. It is a great solution when contradictory results are presented, since the consensus algorithm works to present a better output, creating equality.

Consensus algorithms are used to reach an agreement when different decisions are made, which benefits a collaboration to reach a point where the network benefits. In the blockhain network, consensus algorithms are used to maintain a correct record after a transaction, making the consensus sequences differentiate from each other, in order to avoid interfering with each other, thanks to the consensus algorithms.

The consensus algorithms form a fundamental part in the architecture of the network, this avoids many problems and looks for a way to have a well distributed system, its objective is to find a way to organize the database and avoid failures, in order to achieve a fully decentralized system. It is also important to say that there are several types of algorithm consensus for the proper use and operation of the network, you just have to look for the one that best benefits from it.

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Proof of Capacity

The capacity test, better known as (of proof-of-capacity) (PoC) is an algorithm that is used in blockhain networks, in order to use the space that remains in the hard drives to mine, having the advantage of create a block in just 4 minutes, hence its name, capacity.

It is an algorithm that allows you to store information on your hard drives in order to mine cryptocurrencies, considered a very useful algorithm, but very little known.

Why was it created? , it was created with the purpose of presenting new alternatives that could solve problems due to the high electricity consumption presented by other consensuses, and this works thanks to its capacity tests, which to Its ves provides great authentication systems in the network using the space that was left in the hard disks. This algorithm avoids what other algorithms did, which was trying to find a correct hash, repeating the block header countless times.

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How does it work? The operation of this algorithm is very easy, and the more space there is on the hard disk, the more likely there are better solutions so that the mining of correct way, guaranteed in many cases, rewards for each block. Two stages are important for the operation of this algorithm, such as tracing (In tracing the computational costs are directed there) and mining (It is not necessary to mine on specialized hardware, here you can mine with the hardware you have at its scope)

This type of algorithm is characterized for being a little more ecological, since it reduces energy costs at the moment a block is created and generated, it also allows you to have the option of offering a fairer way with the coins that are generated, which makes it an algorithm with a good distribution, which represents a good alternative for those who decide to use it.

I want to note that as every algorithm has its advantages and disadvantages this is not the exception:

• Advantage:

A great advantage when mining with this type of algorithm is that your hard drive is more efficient than other algorithms, this means that the costs to mine on the platforms is not as expensive as other algorithms, with the hardware that we have at our disposal. provision will suffice.

It is an algorithm that favors miners who have a large amount of space at their disposal on their hard drives, bringing as an advantage the greater possibility of generating a block.

As mining in this algorithm is very accessible, the data from it can be eliminated in a simple way, so that the hard drives can be reused when required, avoiding the need to spend large amounts of money on equipment costs for the operation of the system. same.

• Disadvantages:

It is an algorithm that does not have great popularity, and due to its happiness in that it can handle mining on your hard drive, it has the repercussion that the disks are infected by viruses.

Another disadvantage of this algorithm is that in several cases it creates repeated files on your hard drive, giving priority to drives with higher storage, which can be a great disadvantage.

This type of algorithm uses several projects, such as Burst, Burstcoin, BXTB, and BHD, platforms that make its process simpler and more alternative, because despite this algorithm not being very popular, I consider that its course in the future it will be on a good path. It is a consensus algorithm that is very feasible for people who want to enter the world of mining and may not have so many resources that they need other consensuses.

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Although its process is easy, it does not mean that it is suitable for all types of people, since I consider that to start working on it you must have prior knowledge to avoid making big mistakes, however this algorithm consensus has great advantages that help us understand it and that benefit people who may not have great financial resources.

Currently there are also blockchains that work with this algorithm such as Chia, storj, Ráfaga and Space mint, which makes it gradually gain more popularity and be known, since I consider that this type of consensus algorithm has a lot of to offer in the future, since it is of very good scope.

Conclusion

As we can see, consensus algorithms are fundamental and have many uses, as they can hold digital money, if not also blockhain networks that run code on their network. They are a very fundamental and important part of this technology, so that they maintain their versatility and good operation.

There are several consensus algorithms, some better than others, some more accessible and easier, but all present options that we need for the work that we are going to do.

The capacity test offers a more viable way to use energy and flexibility in your mining, that is why I consider that each of the algorithms that exist are essential and vital for the use and operation of existing decentralized networks.

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Thanks to the teacher @alphafx for the incredible conference he gave us this week, I understood the class very well and I understood everything very well, I hope you like my task. See you next time.