SteemitCryptoAcademy: Consensus Algorithms@ alphafx
Greetings professor @alphafx it's an unquantifiable honor and privilege to be taught by you and by virtue of been taught by you I have come to discover that consensus algorithms are the back born of block chains without which it will be impossible to implement a true decentralized system.
From all of the available options I choose Croof of Capacity (POC) and from my research here is my findings :
This is a consensus algorithm mechanism derived from PoW (proof of work) where the computational ability to perform fast operations is not examined, contrarily, the storage capacity of the mining system is examined.
The proof of capacity helps each mining system to use the empty space on its drive to mine cryptocurrencies.
Proof of capacity makes use of series of solutions that will be stored on the hard drive and the more empty space in the hard drive, the more solution that can be stored.
Amongst the list of solutions the one with the right hash will be founded, then if the right hash value is founded the miner is rewarded with the block that is generated which is a process that is more efficient than the proof of power, because it takes not more than four minutes to generate a block as compared to proof of work that takes up to ten minutes to generate a block.
Now there are two concepts that seperates the process of proof of capacity, which are plotting and mining, so let's go through below.
PLOTTING :This comes comes before the mining process and it is actually the list of all productive nonce which are created on a hard drive, although the process may consume some time based on the amount of unique files created even when mining under the proof of capacity procedure.
Now on the order hand let's talk about mining.
MINING :This is actually the second part of the POC procedure which depicts the mining etiquette where the scoop values are estimated appropriately. now the miner who first gets the exact solution will now be rewarded with the block prize.
1.It is easy to use since it does not require sophisticated equipment which are expensive on the other hand one can use his smart phone and laptop in performing this operation(mining)
2.Another benefit is that after mining operations the hard drive space can be erased to permit further task.
3.It consumes little power or energy compared to that of POW due to the absence of power draining gadget used in mining.
4.This procedure is decentralized in nature as it permits lots of people to perform mining activity using their respective gadgets.
1.Because POC rewards the storage space of the users system which may in turn lead to a mad rush for storage capacity development since only users with sufficient storage will be able to engage in mining thus resulting in an another form of arm race which will be in storage acquisition.
2.Due to the centralization of most of the activities in the storage space of systems there is high tendency of malware's been introduced by hackers thereby corrupting the system.
3.PoC is still new to many people thus very small projects makes use of it.
Though it has been stated that POC is still new to many, there are still some projects that use it such as; Burst
BURST COIN
Burst is a payment system that was built on the block chain technology, this innovation was launched in 2014 and it is mined under the POC platform.
Hence we can find the Burst coin on different exchangees like livecoin and poloniex.
The magnanimous benefits that accrues from the use of Proof of Capacity has really created an indelible remark in the world of blockchain technologies like the reduction in energy consumption, ease of mining etc has been a great contribution of the PoC in the block main technology.
Thanks for going through my post I'm also grateful to professor @alphafx for this week's incredible lecture, thanks.
Cc:@alphafx