I want to specially appreciate prof
@alphafx for this awesome lecture tagged CONSENSUS ALGORITHM. It is a good one I must say because it has exposed me to something new in the crypto world. We were given a task and below is my entry.
It is important to define consensus algorithm, the very subject that brough us to this point.
CONSENSUS ALGORITHM.
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This can be defined as a mechanism used to reach an agreement among agents in a system.This algorithm is used to bring uniformity in the system in that it regulates transactions, keep nodes in check, create and validates blocks among others. This consensus algorithm also help to boost or maintain the integrity and authenticity of datas in the blockchain.
PROOF OF CAPACITY.
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This can be defined as a consensus algorithm model that permits mining devices in the network to use the available hard drive space and to confirm or authorize transactions. This is unlike other consensus algorithm like proof of work and proof of brain. This algorithm was speciaslly built to solve the cryptocurrency hashing problem and this system has been proven to be very efficient compared to proof-of-work (Pow) and proof-of-stake (Pos). Examples of blockchains that runs on proof of capacity are; storj, Burst , Chia and Spacemint.
The PoC consensus algorithm proferred solution to the problem of massive energy consumption in the proof of work (PoW) and hoarding in PoS. Proof of capacity also permits mining devices which are called nodes to utilize empty space on the blockchain to mine crytocurrencies.
How proof of Capacity works (PoC).
This consensus algorithm uses a two step model which involves plotting and minning,there is first a need to plot the hard drive in which a list of all possible **nonce** values are gotten through contionous hashing of data including the miners data. A nonce contains 8192 according to research and these hashes are paired into **scoops** in such a way that when they are paired they constitute an hash.
After the plotting process, you move to the minning process,here the miner using scoops for his transactions and also generates his deadline value,it is also important to note that a miner opt in for a minimum deadline.
This consensus algorithm works by keeping or storing records of possible solutions on mining device hard drive even before commencing minning activities. It is also important to note that the larger the hard drive,the more the solution that can be stored on the hard drive and the more the chances of matching required hash value and mining rewards.
Adavantages of Proof of capacity (PoS)
- It has been discovered that it is up to 30 times energy efficient when compared to bitcoin cryptocurrency mining.
- Under this consensus algoriothm PoC, you might not need to engage in contant hard drive upgrade.
Records of minned datas can be wiped off at will from the drive and the drive can be reused for any other data storage purpose.
- Proof of capacity consensus algorithm can make use of any conventional hard drive even those with android based configurations.
Disadvantages of Proof of Capacity (PoS).
- It has been discovered by researcher that malware can affect minning activites under this consensus algorithm
- It has not been widely accepted as some still prefer the use of other algorithms to PoS, as we all know that there is nothing in life without disadvantages,to some developers ,the disadvantage of PoC outweigh it advantage
- There will be need for hard drive with higher capacity to enjoy the use of PoC.
Project that uses Proof of capacity
| Project Name | Block time |
|---|
| BURST | 4 MINS |
| BXTB | 4 MINS |
| BTCHD | 3 MINS |
The above mentioned ones are the ones that has gained prominence, however we still have some other projects like Storj ,Spacemint, and Chia.
Conclusion
The proof of capacity has its on benefit but that is not to say that other consensus algorithm are not good at what they do. Developers can only seek out ways on how to make the blockchain a palce where transactions can be done seemelessly and with less stress. I believe that is the reason why all these consensus algorithm were design.
Thanks so much prof. @alphafx for the lecture,I hope this meets with your expectations. I am also open to your corrections , suggestion and overall remark.
Thanks for participating