STEEMITCRYPTOACADEMY SEASON3/WEEK6/ HOME-WORK POST FOR PELON53/ BLOCKCHAIN EOS
INTRODUCTION
Ever since the Introduction of blockchain the way transactions has operated has been twiked on-like what we had in the 1990's, EOS is a block-chain itself that is Decentralized and it allows the total infrastrutural development of essential activities that is been carried out in the EOS which is the blockchain for commercial scaling of decentralized dApps, courtesy the platform.
EOS serves as a medium that assists different persons to create a block-chain based apps, that is in resemblance to a web based application, by so doing there will be a total secured process and all your actions is officially authenticated, that is practically what EOS provides, creating an application courtesy the EOS you are sure of data hosting and massive usage management system this gives a room for massive communication between dApps and the internet itself this is what EOS provides to it's users.
EOS assists alot of things one of then is a web-toolkits, toolkit is an interface developer used for making offering to a free application development it's operations is very much similar to google play store, or App store. EOS is conjugated with two essential criteria's they are the EOS.IO, and the EOS token.
as this home-work keep on going I will explain all in details. Thank you very much professor @pelon53, fort this great lecture I have gone through it over, and over, you really did well explaining in details.
Explain the Delegated Proof of Stake, DPoS algorithm
We have heard about so many proofs, but the two popular ones we know is the proof of work (PoW), and the proof of stake (PoS), allogrithm. The both mentioned are officially used by blockchain's in order to achieve so many things stability, reliability, etc when handling major problems, PoW currently now is becoming very popular in the crypto space today and it's becoming very comprehensive as we speak.
CONCENSUS ALLOGRITHM
Before we proceed to explaining what delegated proof of stake means in detail, it will be nice we know what concensus allogrithm is all about, Every network that isn't controlled by any form of central authority don't just operate like that they need rules and regulations, in this case we have it here, various nodes are mandated to have an agreement on the network system per say. These rules that guides the network operations are known as consensus allogrithm.
Various blockchain network I will say have their own consensus allogrithm, the proof of work, and the proof of stake seems to be the most popular concensus mechanism to reach consensus.
WHY IS CONSENSUS ALLOGRITHM IMPORTANT
It's very important we know what a particular thing is vital, here we should be able to know why different cryptocurrencies Decentralized makes use of consensus allogrithm, as we all know nobody controls blockchain network or verifies transactions this role is practically done by the nodes. The blockchain itself eradicates some nodes from unnecessary creation of cash from nothing, there are also nodes that tend to double spend.
Some person can decide to make a purchase and they try to send a particular token twice that's double spending, in order for the problem of double spending to be eradicated the various nodes must have an agreement with every transaction in order to detect the valid one's, it doesn't matter of your transaction comes into the blockchain in unism.
We have different types of consensus allogrithm and they includes;
Proof of work
proof of stake
Delegated proof of stake
Leased proof-of- stake
Proof of elapsed time etc.
Note; Dpos was introduced in 2014 by Dan larimer
WHAT IS DELEGATED PROOF OF STAKE (PoW)
It is a splendid means of safe-guiding a crypto network, this comes as a result of fixing the issues sorrounding the proof of work and the proof of stake system, Dpos seems to be an allogrithm for the achievement of consensus in a Decentralized ecosystem and by so doing some implementations will go down and some centralized strategies that is negetive will go down the wire, as we all know steemit platform is fully Decentralized
Dpos i will say is an alternative that gives investors the mandate to stake their token, knowing fully well that they have nodes that operates as delegates witness bybso doing your staking pool is fully secured, some people prefer minnig but some holders relies on delegated so that they can create valid blocks that will be added to a block-chain and thus implement computing power.
Comparing it with PoW, you will understand that Dpos is pretty less energetic, and alot of transactions are allowed throughout the blockchain network.its chain is connected and it assists in stake weighing that give total access in voting Witness. One key Difference that exists between POS and Dpos is that there will be limitations as a result of the total number of nodes that will thus very transac been performed on the blockchain.
FEATURES OF Dpos
Dpos based crypto coins are very much in a flexible state when it's been scaled comparing it to what we have with the PoW
Dpos seems to be very fast, comparing it to the PoW, we have to consider the PoS based system too Dpos is very much super faster than the both combine
Dpos is very much accessible as it's coin is very democratic and thus inclusive than the PoW, and the PoS
[Explain What are Ricardian contracts on the EOS Blockchain
Ricardian contract is a legitimate contract that was officially introduced in 1995, by an individual called Ian grigg, Ricardian contract as we speak is part of a blockchain, just as we know how smart contract works, but in this Ricardian contract this is in form of a digital document that is seen by both parties as agreement party A, and party B, when principles have officially been agreed.
Just as I have said it is a digital document never minding that fact it is signed and at the same time verified, everyone can read it you can as well understand it, it is very much readable for various computer programs everyone I repeat can gain access and read it too, blockchain performs the contracts and at the same time it is hashes in as far as you as an individual can gain access to the contract, it is thus readable also by machines.
This contracts are very much legal but it is merged with the new technology innovations, I mean blockchain technology remember, two parties will come to become one there ricardian contract bounds two parties into a legitimate agreement, there is nothing like fraudlent act here. When the two parties involved have been merged then they can proceed with execution in the blockchain.
This image was collected from 101 blockchains.com
HOW RICARDIAN CONTRACT WORKS
This are contract that exist between party A, and party B, and it is very legal, since this agreement is legal it can be presented before law court of competent jurisdiction. Here lawyers can be employed to creating a legitimate agreement after that the parties that are involved can read and at that process agree and understand the legitimacy of the laid down rules in the agreement per say, after agreement have been reached it can now be legally digitalized to enable the total usage in the software so that blockchain can be runed.
In order to make the contract signed more valid, the one issuing can decide to galvanize a legitimate frame-work, that will suite the both parties, one thing you should understand is that after this contracts have been executed they can as well be changed.
Now let's use a contract that involves making a purchasing of a mobile phone between two parties a clause in the contract signed can be letting the authorities to be aware about the seller so that they can know the actual owner of the mobile phone, once the authorities provides the owner of the mobile phone this information can be included in the Ricardian contract, vice versa.
In Recardian contract Different events can be executed and by so doing there will be a composite conclusions
composite to hash functions; if contract is made between two parties it is perhaps signed digitally, before it can made its way to the blockchain it must be refered to hash as a result of the contract, let's say in the agreement there are things related to monetary affairs, the transaction will be hashes that's for sure.
Undiscovered signature; this contracts makes use of undisclosed signature, this is just to make the process super secured, while signing contracts you are mandated to use private keys, then the different hashes of the signature will be merged with the contract.
We know how smart contract works in a block-chain, and I will do a brief comparism here between Recardian contract and smart contracts so that people reading this Post will have a clear overview about this two set of contracts.
| Smart-contract | Ricardian contract |
|---|---|
| The agreed terms associated with an agreement are executed | keeps legal records of different transactions carried out in the blockchain |
| Actions done in the blockchain is officially been automated, and it will be difficult for a third party to make a meal out of it | here automation process is also available in the blockchain |
| In smart contract documents aren't regularly bounded by law, and barristers aren't involved | documents are legally bounded by law and you can consult your legal practitioner's for agreements to be signed between two members |
Explore the official EOSREX interface (eosauthority.com). Show screenshots.
I explored the EOS REX, interface and I was able to realize that there so many phases as seen in the inter-phase below
First you will see the EOS, and the price associated in USD.
You will also see the market rank, and the capitalization in the previous day even the current market capitalization all is displayed in the EOS inter-phase.
Exploring further you will see the update that is emernating, as per seconds as the time counts so as the change occurs.
It is the EOS authority and it's been callibrated it keeps on updating.
Still exploring the EOS, you will see the various companies that partners with the official homepage.
You will see the mainnet on the official site too, it contains the Telos, the wax and all the rest, you have the option of a language change too as well.
Here I tried exploring the account, I have no token in there so my account is zero.
Further more I checked how the account is regulated in tense of the security aspect, some important points was listed on how you should keep your account safe.
Show the price of the REX token. And explain what it is used for.
REX is a cryptocurrency that is designated to serve the purpose of storage and permission of various values, it can also be used for staking, it is thus very similar to HEX, it gives a greather rate of intense return whenever it is used for staking.
REX is very much flexible and here staking with it can be bisected into two, if they want to transfer their stake to different parties, this's how it works when you plan to carry out your staking, if stake is officially opened what happens next is burning of REX, by so doing it will be converted to becoming shares, those shares has a role as it represents lengths and possibly stake size.
REX is operates on binance smart chain, it has a greather put as it is well immutalized and very much secured, REX ecosystem seems to be the one largest in the world.
Some people reading this post will be wondering if at all REX token can be swapped, the answer is Yes, it can be swapped on the REX token.com website, REX token is generated daily with over 3 billion REX token officially been minted courtesy last year.
CONCLUSION
From my homework post you will understand that EOS, servers and assistants different user's to create a block-chain based application that resembles a world based application.
Dpos can be defined as an allogrithm for the achievement of consensus in a Decentralized ecosystem, steemit platform is one of the Decentralized ecosystem remember
- A Decentralized dApps isn't controlled by anyone so they have the way it's been runed, and the way it functions too, various Nodes have an agreement courtesy the network itself, the various rules that guides the network is called consensus allogrithm.
Thank you very much professor @pelon53, you really explained well I really appreciate your great lecture keep it up