CRYPTO ACADEMY SEASON 3 BEGINNERS' COURSE - TASK 4 DIFFERENT TYPES OF CONSENSUS MECHANISM : BY PROOF @sapwood: STUDENT by @gracellagift
Hello everyone,welcome to my blog,in regard to professor @sapwood Homework task.Here is my submission.
What is the difference between pow and pos? Advantage and disadvantages. Which one is better in scaling capacity examples
POS Simply means proof-of-stake while POW means proof-of-work. this are blockchain technology that functions with cryptocurrencies in different dynamic ways.
Proof-of-stake(pos) is a centralized block technology,it is less secure than (pow) proof-of-work.
It was created as an alternative to proof of work which is the original consensus mechanism Blockchain technology.
Proof-of-work(pos) creates or validate new blocks to a chain and also confirm transactions
Proof-of-stake(pos) is less risky in terms of potential for miners to attack the network.
Proof-of-work(pow) is however a decentralize Blockchain,it distribute database that represents a ledger of transaction.
proof-of-work- functions with high security system which present counterfeit from tempering with the database
The system concepts,authenticate transactions without any third party involvement
Proof-of-work, provide solid mechanism consensus and preventing misuses.
Several blockchain are base on proof-of-work technology system for smooth sustainable transactions
| Advantage | Disadvantage |
|---|---|
| 1. Proof-of-stake is certainly most advanced than proof of work | 1. pos functions on a less security level making it easy for computer expertise counterfeit to temper with the database |
| 2. The protocols of the proof-of-stake vary from case to case but the general concepts is the same | 2. pos technology system addresses mining power |
| 3. Pos technology is the second most popular mechanism in terms of market capital of Blockchain network. | 3. Proof-of-stake powered blockchain networks are maintained by validators or creators. |
| 4.proof-of-stake is a centralized technology Blockchain system | 4.it does not require a mining rig |
ADVANTAGE AND DISADVANTAGE OF PROOF-OF-WORK
| Advantage | Disadvantage |
|---|---|
| 1. Proof-of-work requires huge amount of energy consumption for the computer power used by miners | 1. Proof-of-work centers on on a higher application capacities needed to resolute or map out issues,in establishing Blockchain transactions. |
| 2. Proof-of-work render greater scalability and fasters transactions rate. | 2. Pow colligate cost likewise, preclude amount of people/individual from part-taking in a particular block. |
| 3. Proof-of-work system technology is widely considered unsustainable as the energy consumption to mine Bitcoin, leaves a significant carbon footprint. | 3. The energy level or degree cost,related together in running and maintaining powerful computer system,requires massive amount of energy. |
| 4. Proof-of-work have the quality of being restricted | In addition to all,proof-of-work, functions on a decentralized technology system,a peer to peer transaction that involved zero third parties. |
which is better in scaling capacity examples
In my humble self opinion, proof-of-work (pow) is better in scaling. Reasons is, pow functions or centers on a high security system that prevent any individual or third party from tempering into the database or transactions.
Several blockchain are base on proof-of-work examples; Ethereum,Litecoin, Bitcoin,Dogocoin cryptocurrencies. To validate transactions,maintain and build the entire Blockchain on crypto-coin and crypto-tokens.
Bitcoin the largest crypto currencies runs with proof-of-work(pow) rather than proof-of-stake, because of the massive security and networks making it hard for hackers to gain access into the database system.
This is my understanding in this homework task.
thank you for your time.
Best regards
Much love
@sapwood