CRYPTO ACADEMY SEASON 2 WEEK 5 HOMEWORK POST FOR @alphafx -||Consensus Algorithms DONE BY || @kingworldline

Thanks my professor for the this wonderful lecture this week u just put something through, which you talk about Consensus Algorithms which you prove it well with explanation.
Some aim to focus on the proof of burn (PoB) to start with we have to know what is proof of burn (PoB) is all about , that should be a question to understand first.

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WHAT IS PROOF OF BURN (PoB)
It is observed in blockchain that, the blockchain project uses all kinds of consensus algorithms. while some use delegated proof stake consensus algorithm . which are proved and utilized by steem, some other blockchain utilize proof of brain consensus algorithm to curate curation and also the authors.

Taking a look on what proof of burn is all about consensus algorithm is among the consensus algorithm that are of alternative to that of others algorithm also it can be said this way that is the means by which cryptocurrencies are invested on the blockchain with full commitment.

Coin burning is the the means of mining which gives rising power to the actors, which means the more the they burn the more return in the blockchain in term of popularity dominance in the blockchain which promotes you as block curator.
In the other way round (PoB) serve as restriction which hinder the accessibility of other coin in the market sector which influence the demand and supply in the market of the uncommon, rare and valence.
Since there is congeniality on the consensus algorithm reached, which now gives those who are charged for the privilege to burn back their coin, this is done through the aid of the system network at which the coin base on.
the proof of burn is intermittently which can be on the monthly, yearly, or bi-annually, it can also come in four years interval.

KEYS TO NOTE ON ABOUT PROOF OF BURN
Cryptocurrencies utilizes several means to update data
Proof of burn is said to be third attempt in generating collection of organised things known in the system

HOW PROOF of BURN OPERATES
The means at which the coin are burn is by sending it to a public assured address at which it will not be accessed by any one. it is known that it have no private key attached to which seem to bring down or markets availability. with the coin being rare it increases the price of the coin.
The essence of this is to protect the network of that coin.

TWO MEANS TO BURN A COIN
1 By burning bitcoin (BTC)
2 By burning binance coin (BNB)

TOP SIX CRYPTOCURRENCY AND TOKEN THAT UTILIZE ALGORITHM (PoB)

1. Bitcoin
2. Binance
3. Ripple
4. Crypto. com Token
5. FTX Token
6. Slimcoin
7. Morphenus
8. Steem

SIMILARITY OF THE PROOF OF WORK AND PROOF BURN ALGORITHM

1. Proof of work algorithm makes the community competitive among the miners in other to consume resources.
2. proof of burn algorithm, at proof the miner don't consume resources or energy rather they burn more cryptocurrencies, which enhance the network secured.

SIMILARITY OF PROOF OF STAKE AND PROOF OF BURN ALGORITHM

1. In proof stake consensus algorithm, on this is quit necessary to be part of the cryptocurrency on the system network, those that are part of the unknown are the miners, they are responsible for curation, validation of transaction in the
   network which gives them reward in return.
2. In proof of burn consensus algorithm the necessary thing there is to have Pos algorithm, and is necessary to have cryptocurrency to become miner in consensus algorithm.

ADVANTAGES OF BURN OF CONSENSUS ALGORITHM

1. In this a very small energy is required and it can be indolsed or bought by bitcoin counterpart.
2. It is burn periodically to protect unjust contest of competition in the network.
3. They will be that of increase of price of cryptocurrency since they is decrease on the volume of cryptocurrency.
4. To save cost, it is quit necessary to acquire tools equipment to yourself.

DISADVANTAGES

1. It is unknown consensus algorithm algorithm.
2. Regard to the security of the network can be tampered if cryptocurrency are accessed.
3. They are adjourn in the authentication and attestation by the miner.

CONCLUSION
*This is burning the coins and the easiest means to burn is by sending to an authenticated address.
*Introduction of the new mechanism by Iain Stewart is to enhance and to improve the the former mechanism, for an impressive and effective block chain teaching in the network or system.

REGARDS TO:
@alphafx_

#alphafx-s2week5 #consensusalgorithm #cryptoacademy