Question 1: Explain the Delegated Proof of Stake, DPoS algorithm

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Merit of DPoS

• One of the advantages of DPoS is that it encourages decentralization by providing witnesses who in turn contribute their quarter to the platform since their duty is to ensure that every thing within the platform is working well.

• Users in in a blockchain where DPoS is applicable also contribute their quarter to the build up of the blockchain by means of decision making.

• When we talk about fastness and cost, DPoS has really solved the problem which the other consensus algorithm like PoS and PoW are facing.

• It allows users freedom to choose which ever witness they want as the entire process is very open to all to see.

Demerit of DPoS

• Since decision of the blockchain solely depends on what the witness comes up with, the growth and development is also at the mercy of this witness as well. This implies that any wrong decisions taken by the witness will in turn affect the entire blockchain.

• Since this voting is done to select witness, there is a tendency that those who are affect the appointment of this witness stuff can talk to people who they know in the blockchain to site for them even if they don't have the requirement.

• Another thing is that most times, users don't care who is selected as a witness and for that reason they don't cast their vote hence, with the little population that carried out the exercise, those who may not be qualified may also win the election.

Question 2: Explain What are Ricardian contracts on the EOS Blockchain?

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EOS Blockchain & Ricardian Contracts

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Question 3: Explore the official EOSREX interface (eosauthority.com).

To explore the interface first visit EOSREX website

• Explorer Page

Here, you can use the search tool to search for transaction via the block hash, you can see available network and also the valuation of EOS token is seen here.

• Dashboard Menu

Here we see the balance of the user, price chart, account and the features of security available.

• Wallet Menu

Here it present user with the ability to create or add account to the blockchain. Other operations such as send can also be initiated.

• Rex Token Menu

Here nodes can perform the following actions, borrow, lend calculate amount of resources which they have borrowed on the blockchain.

• Power-up Menu

Here information like power-up statistics, calculate the amount of lower to get and also get power are all features of this menu.

• Manage CPU/RAM Menu

Here we see staking token to CPU, delegating and undeligating service and also RAM market chart.

• Manage Key Menu

Here in this menu is where you are required to input your EOS public key in other to generate the private key. It is let access menu.

• Vote Menu

Here available witness account are been voted by witness. Ranking, number of vote and dominance are seen here.

• Create Account Menu

Here you can create accounts and also recover lost account keys etc.

• Bid Name Menu

Here nodes purchase premium names that are used by other nodes.

• Alert Menu

Here alert such as incoming, outgoing, staking, unstaking airdrops Rex notification etc can be set here.

• Trade Token Menu

Here in this menu it serves as exchange where different nodes carry out transaction.

• Events

Here we see upcoming blockchain event and a statistic of the trending online and offline creators are seen.

• Tools

Here we see all available tools on the website.

Question 4: Download the Sqrl wallet, explore and explain how to obtain CPU, RAM and Network.

• Here, visit sqrl wallet website and chose the version that suits your operating system. In my case I will be choosing windows because that is what am using.

• Here you download and open the the downloaded file. Click Next

• Next choose File directory and Click Install

• Once your installation is complete, click on Connect to Server

• Click Create New wallet

• An error was encounters because option for that is unavailable.

Since that happened, I recalled the professor instruction and I used Telos wallet.

• Visit Telos official website and click on start now

• Click on create new wallet

• Next, select Account name, and make duplicates of the public key and private key, then check the consent and captcha boxes and Click Continue

• You will get a prompt that an account has been created.

• Go back to sqrl wallet and click on Connect to Server

• Next, click on Import wallet

• Enter the Account Name, and this should be the name of account you created in Telos wallet. Click Lookup Account

• Here you will be required to input private key the same one you have earlier then click compare.

• Next, create your own password and click Save Account

• Here you will be required to enter and confirm your password. Then Click Save local wallet

• Here your created wallet will display showing option tabs of wallet, governance, T-REX, and Tools.

• The wallet tab shows the Account Summary, the current price of TLOS, the EOS equivalent, and the Balance in TLOS.

• Here on the Governance Tab, a list of witnesses and their accumulated votes is displayed.

• Here in the T-REX tab, it displays the resources account summary, showing the number of deposits, earnings, etc.

• Tools tab shows some tools use to mange account.

Obtaining RAM, CPU, and NETWORK

• Here, to obtain CPU, click on the Wallet Tab and select the Send or Receive or Stake option and click on Manage Staked

• After that a window will display then follow the instruction to complete your transaction.

• Here to obtain RAM, click on the Wallet Tab and select the Send or Receive or Stake option and then you click on Buy RAM or Sell RAM.

• Next, Choose the Amount of RAM in bytes and click on Buy or Sell RAM

Question 5: Show the price of the REX token. And explain what it is used for.

Price of REX token, can be seen when you visit EOSREX website, and select REX Menu.

EOSREX platform uses Rex as its own native token.

Conclusion