BITCOIN-TRAJECTORY-CRYPTO-ACADEMY S4W5/ HOME-WORK POST FOR @IMAGEN.

kingcent (67)in SteemitCryptoAcademy • 3 years ago

INTRODUCTION

Technology is taking over the world today and a standard way at which various trusted technological aspect will be put in prospect is when the system is trusted and have Equity and fairness, with total record keeping and accountability, any system that has all this will excel in a long run that brings us to the efficacy of blockchain technology.

Blockchain is a distributed ledger that is encrypted, any informations been out in there can't be altered or deleted, a public blockchain assists alot as over one can see various transactions/informations been instituted over there, blockchain technology is now in our healthcare industries in which patients can easily access their health status without a third party.

Various cryptocurrencies are seen operating in the blockchain, many cryptocurrencies has their own blockchain at which they operate let's take one of the most popular cryptocurrency in the world toda which is bitcoin, it has its own blockchain you can trade, transfer, and do other key transactions and trust me records are always kept this brings us to today home-work we will know what is meant by bitcoin halving.

HOW MANY TIMES HAS BITCOIN BEEN "HALVED"

Before we proceed to knowing how many times Bitcoin was halved, it's mandator we know what halving entails. Halving is a process that involves bisection.

by this I mean a process by which something is divided into two, in this case Bitcoin halving is a process of dividing Bitcoin into halves this usually happens in every four years or in every 210,000 blocks up until 21 million bitcoins are officially mined.

Bitcoin was first halved in 28th November 2012, at that time the price of one BTC was $12, in the month of July 9 2016, the second halving took place, and lastly on may 11th 2020.

the last halving took center stage at that time just 6.25 new BTC was officially created at that time each new block was officially mined. Note, whenever bitcoin halving takes place miners rewards are usually bisected.

WHEN IS THE NEXT HALVING EXPECTED? WHAT IS THE CURRENT AMOUNT THAT BITCOIN MINERS RECEIVE?

Since Bitcoin mining takes place every four years, counting from the first mining in 2012, the next mining is expected to happen in 2024, let's say I'm a miner and I'm able to add one valid block into the blockchain I will be receiving 6.25 worth of BTC, as my mining reward this rewards are divided in every four years or in every 210,000 blocks been added into the blockchain.

MENTION AT LEAST 2 CRYPTOCURRENCIES THAT ARE OR HAVE HALVED.

Various cryptocurrencies overtime have been halved but I will be going with Dogecoin, and Litecoin,

Dogecoin; it's block reward was halved on April 28, back in 2014, one important thing to note is that some reduction was done courtesy the payout, which was officially reduced from 250,000, coin to 125,000 for one block waw what a massive reduction, as a result of the massive reduction 1,000 more blocks was initiated into the blockchain.

Litecoin: Litecoin halving usually takes place once in every four years, adding blocks into blockchain takes just 2.5 minutes, after every 840,000 new blocks are mined taking just 2.5 minutes just as stated earlier.

As at when Litecoin came to fruition the block reward was 50 LTC, after halving the block reward became 12.5 LTC, I will say each time halving is been done miners doesn't find it exciting I must tell you.

WHAT ARE CONSENSUS MECHANISMS? HOW DO PROOF-OF-WORK AND PROOF-OF-STAKING DIFFER's?

Consensus mechanism can be defined a specific kind of mechanism that is basically adopted by blockchain's and computers system with the sole motive of propagating various agreements courtesy a specific data values or a multiple decentralized system that involves cryptocurrencies all round.

Consensus mechanism is very important because it's basically used to keep intact records, and other things all in the blockchain. lets use bitcoin blockchain for instance you will understand that the consensus mechanism there is seen/known as proof of work (PoW).

source

The essence of bitcoin using proof of work is to solve various mathematical problems and to keep the various nodes in the blockchain secured and honest to do their jobs.

Consensus mechanism is seen as a basicity of methods used in achieving various agreements like security, trust in record keeping, across the decentralized network.
In blokchain technology the most popular contest is seen as proof of work, (PoW), and proof of stake (PoS), this two are seen very prominent all round.

Proof of work	proof of stake

In proof of work consensus allogrithm members are required in order solve various mathematical problems that will prevent an intruder from manaipulatin the entire system.	in proof of stake miners can execute double tax which are, they can mine and at the same time validate blocks on the blockchain, but this can only be done as a result of the coin that the miner posesses in his wallets.

We find the efficacy of proof of work mostly on Crypto mining, basically used in validating transactions this mining new tokens.	in proof of stake risks reward are minimal, it's been structured in a way that fraud-stars can't attack the miners operating on the blockchain.

Proof of works grants mandate to process cryptocurrencies in peers, thereby eliminating the existence of a third party.	proof of stake is the opposite of proof of work, and Bitcoin makes use of proof of work (PoW).

ENTER THE BITCOIN EXPLORER AND INDICATE THE HASH CORRESPONDING TO THE LAST TRANSACTION. SHOW SCREENSHOTS.

Nice question executing this I logged in to blockchain.com/explorer, here you will see the latest transactions

blockchain.com/explorer inter-phase

From the screenshots shown below the latest transactions in there is still unconfirmed, just as the discription is showned looking at the chart above.
Below is the hash, you can easily copy this transaction hash and paste it at the search axis on the blockchain.com explorer and all the transactions details will pop up.

Transaction hash

ff36e16e131094af80d7e4635e20fcec076fe1fe6e6b3b775a0d34e1a51aca08

I will show the various transaction imput and output view below to see every details.

WHAT IS MEANT BY ALTCOIN SEASON? ARE WE CURRENTLY IN ALTCOIN SEASON?

It's won't be overemphasized that bitcoin is the most popular coin on planet Earth, not just popular, bitcoin is the most valuable coin in the universe today, altcoin season is defined as a season where other Crypto assets are seen outperforming Bitcoin.

So in general any period in time where other coins valuates more profit than BTC then we call that season an altcoin season.but now bitcoin is still in dominance.

Currently now as I write this post we are not in altcoin season reason been that no coin has outperformed more than bitcoin as we speak, what causes altcoin season is usually when more cryptocurrencies are created thereby sucking Bitcoin massive dominance.

WHEN WAS THE LAST A ALTCOIN SEASON? MENTION AND SHOW 2 CHARTS OF ALTCOINS FOLLOWED BY THEIR GROWTH IN THE MOST RECENT SEASON. GIVE REASONS FOR YOUR ANSWER.

The last altcoin season took center stage in the month of December 2020 which is roughly last year, where there was a drop from 69.1%, to 49%, in the month of April 2021. At that time other coins like the ETH, BINANCE COIN, ADA, etc all manufactured profits for their various investors.

source

Looking at the images uploaded above you will understand that it's too 50 altcoins performance in the last 30 days, and too 50 performance in the last 90 days respectively.

Looking at the chart once again you will understand that in the last 90 days 26 various altcoins outperformed more than BTC. And in the last 30 days 8 altcoins performance more than BTC.

Make a purchase from your verified account of the exchange of your choice of at least 15 USD in a currency that is not in the top 25 of Coinmarket (SBD, tron or steem are not allowed). Why did you choose this coin? What is the goal or purpose behind this project? Who are its founders / developers? Indicate the currency's ATH and its current price. Reason for your answers. Show Screenshots.

Nice question courtesy this I will be buying the ARPA coin, this coin is a blockchain later coin, it helps in the preservation of computation, thus enabling MPC.

This coin was founded in the month of April in 2018, the goal of this coin is separate various data Utility thereby allowing data renting, various developers have the mandate to build various DApps on blockchain's with the compatibility of ARPA.

Currently I have 18 worth of USDT, and I will be buying ARPA, with just 15 of it, before I forget this coin is ranked #446 by coin-marketcap, in the last 24 hours the coin is pretty down at #2.85%. view some snap-shots below as I make the purchase.

ATH simply means all time, ARPA coin experienced it's all time high in the the month of April 10th precisely 2021, where it got to $0.00339441 2029.5%. Currently at the time of writting this post it's current price stands at. View the screenshots below.

screenshot collected from https://coinmarketcap.com

CONCLUSION

From my homework task I was able to state that halving is practically the means of bisection, meaning a process by which something is divided into two, so Bitcoin halving is the process of dividing Bitcoin into halves this happens in every four years.
or in every 210,000 blocks up until 21 million bitcoin is officially mined. Bitcoin was first mined on 28th of November 2012, and the second halving took place in 2016, and the most rescent one took center stage in 2020, next halving is expected to happen in 2024.
I also stated that consensus mechanism is a type of mechanism that is practically adopted by blockchain and computers with the sole motive of securing data, and cryptocurrencies in the blockchain, Bitcoin makes use of PoW consensus mechanism. thank you very much professor @Imagen you really Explained well God bless you.