(1) WHAT IS THE DIFFERENCE BETWEEN PoW & PoS? ADVANTAGES & DISADVANTAGES? WHICH ONE IS BETTER IN SCALING CAPACITY? EXAMPLES?

OR

(2) WHAT IS THE DIFFERENCE BETWEEN PoS & DPoS? ADVANTAGES & DISADVANTAGES? NAME A FEW BLOCKCHAIN PROJECTS WHICH USE THE DPOS CONSENSUSsus MECHANISM AND INDICATE THE SCALING CAPACITY?

OR

(3) NAME A FEW BLOCKCHAIN PROJECTS WHICH USE dBFT IN COMBINATION WITH OTHER CONSENSUS MECHANICnisms? INDICATE THE SCALING CAPACITY? EXPLAIN dBFT ALONG WITH THE PROS AND CONS?

In this homework task, I will be answering no. 1 question.

p

What is PoW?

p

The proof of work is a consensus algorithm whereby miners use computational power and resources to solve cryptographic puzzles. The first miner to solve correctly is given a block reward by letting the miner to create a block and adding it to the block chain.

What is PoS?

p

The proof of stake functions in a different way. In the PoS the chances of a person being the validator of the next block is dependent on the amount of coins he/she holds. The users wager/stake coins in order to get to be the block validator, this indicating that the higher the coins you stake the better your chances of becoming a block validator.

Differences Between PoW(Miners) and PoS(Validators)

p

• The block miner is determined by first person to solve the puzzle while the block validator is determined by the number of coins staked

• For block miners, Purchasing hardware for mining is initial investment made while for block Validators, buying and building reputation is the initial investment made.

• All users are permitted to mine while Not everyone is permitted to a validate block

• the blockinners use high rate of consumption of power and computing resources while the block Validators use consume lesser resource and power.

• The block minners are more decentralised while the block Validators are Less centralised.

Advantages of PoW

• The miners get block rewards
• The rate of security is high and can be trusted

Disadvantages

• The rate of power and resource consumption is much
• The entire network can easily be hijacked if 51% or more of the network is taken over.
• A dishonest miner can control the network to his favour if he gains control of 51% or more of the network

Advantages of PoS

•The energy and resource consumption is not much
• The block validators get network fee rewards
• The higher the stake the higher the chances of becoming a validator

Disadvantages of PoS

•The network is not so secure
•It is more centralised

Which one is better in scaling capacity?

p

In my opinion I think the PoS is better because coins that utilise them to reach consensus tend to have higher scaling capacity.

Below are a few examples:
PoS
Polkadot: Has the capacity of up to 1,000 transactions per second
Solano: Capacity of up to 50,000 transactions second
Tron: Capacity of about 2,000 transactions per second.

PoW
Bitcoin:Has the capacity to perform a maximum of 7 transactions per second
Etherium 1.0: Capacity of up to 30 transactions per second

Conclusion

During the course of my research I have discovered that there are so many consensus algorithms, each having advantage or disadvantage over the other, I.e where one fails another tries to be successful as in the case of power and resource consumption in the PoS and Pow. A few having some similarities such as PoB and PoS.

Regards to professor @awesononso @wahyunahrul @sapwood