Crypto Academy Season 3 Beginners' course - Task 4: Different types of Consensus Mechanisms | @maralop16
Hello everybody! thanks to professor @sapwood for the class and for providing knowledge that helped me to carry out this task.
(2) What is the difference between PoS & DPoS? Advantages & Disadvantages? Name a few Blockchain projects which use the DPoS consensus mechanism and indicate the scaling capacity?
| DPoS | PoS |
|---|---|
| Each delegate has a turn within the to generate a block and receive the rewards. | In PoS the 51% attack is totally avoided, so no miner can get 100% of the coins |
| The delegates are selected through a vote and once elected they form a group to be able to implement the BFT | It is one of the consensus protocols most used in the blockchain. |
| It has high levels of security in public blockchains and its type of operation ensures high scalability | The decision of the node that will validate the block is made randomly, but they give more probability to those who meet more criteria. |
| Improves the use of network resources, such as, for example, the use of the Internet, computer equipment, CPU, among others. | Verifications are executed quickly, which influences the scalability and speed of the network. |
| If delegates behave incorrectly, they can be expelled from the group and lose all benefits. | Incentivize network participants to always have a specified number of coins |
| Block creators can be quickly chosen each turn. The result of this is an improvement in scalability. | PoS diversifies and democratizes access to users in the different tasks of the network, so that users will always have something to do |
| Advantages | Disadvantages |
|---|---|
| • Users get coins for participating in the network | • The more coins you have, the more power PoS will have, causing an accumulation of coins |
| • Users participate by inserting coins into their wallet | • There is the possibility that a user will obtain 51% of the system's coins and generate an attack against it, although there are ways to combat this attack, the possibility is always present |
| • It is not necessary for users to operate en masse, they can participate and win by betting with a single coin | |
| • PoS is simpler and more energy efficient than PoW |
| Advantages | Disadvantages |
|---|---|
| • DPoS your transactions are faster than PoS | • If few people are in charge of validation, delegates can make the blockchain unsafe and attack it |
| • It has a voting system where they elect delegates | • The holders of the coins must participate in the voting, if they do not do so, the system does not work correctly and a group of people could make the decisions above all. |
| • Voting is safe, each voter can detect if the delegates are not trustworthy and eliminate them | |
| • DPoS is more energy efficient than PoS. |
Cardano (ADA): The ADA token belongs to a very high scalability blockchain and is characterized as a third generation cryptocurrency. When a transfer in Cardano is executed, an algorithm called Ouroboros Praos is used, this protocol is responsible for dividing the time in which the transfers will be made into a period called epochs, in that period 432,000 openings are created for the creators of blocks can verify the operations and claim their reward. ADA has a speed of approximately 1000 transactions per second and is usually confirmed in less than 5 minutes.
Solana (SOL): Solana is one of the most scalable blockchains in the world, for this they use a technology called CloudBreak that manages to organize a database that can read and write transactions at the same time. Solana has the capacity to support 50,000 transactions per second, which makes it one of the fastest and most efficient networks of the moment.
Nano (NANO): Nano seeks to improve the scalability network of cryptocurrencies that are created to be used as a means of payment, presenting a very easy-to-use cryptocurrency with no transfer cost. In theory Nano has infinite scalability, so if developers make this feature a reality, Nano can change the cryptocurrency ecosystem. Nano has the capacity to perform 1200 transactions per second.
The consensus algorithms developed above are some of the most popular that exist, as new bets emerge, there will be others that join an important cryptocurrency and join this list.
Established consensus algorithms are identified by their scalability as they become more centralized. Taking into account that scalability influences cryptocurrencies to become an international payment system. Technology will create new algorithms that are safer, faster, with more scalability so that programmers and cryptocurrency do it more efficiently in the future.
Hello @maralop16 , I’m glad you participated in the 4th Task of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:
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Thank you for submitting your homework task 4. We hope to see the rest of your submissions.
Thank Professor!
good afternoon professor, I am writing to you to know if you could re-post this assignment as it was corrected but never voted on. I hope you can give me an answer. @steemcurator02 @reminiscence01
@steemcurador02 @reminiscence01
Good morning, my homework was corrected last week but it was not cured, I would like you to verify.
Great job, Quality of your analysis is very good, I learned a lot from your post..