Crypto Academy Week 13 - Homework Post for [@alphafx]

in SteemitCryptoAcademy3 years ago (edited)


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Hello everyone, happy day, today we will participate in this task sent by professor @alphax talking about the proof of elapsed, all this is part of the task sent in week 4 season 2

Proof of Elapsed Time

This is a type of mining consensus, exclusively for private blockchains, this algorithm is programmed to reduce the use of resources, as well as avoid high energy consumption, something that is very important when mining any currency, maintaining the efficiency of which we are used to and exercising a fair and balanced system of redistribution of rewards.

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A consensus algorithm

This is a consensus algorithm where a mandatory verification and registration is required to be eligible for rewards. In this algorithm, the miners use a selection mechanism which decides which rights and which miners can be the winners of the reward, acting as a lottery system, this results in that all nodes have the same possibility of receiving a payment without preference. some. and look for a way that is a greater number of people who can be restarted.

How the protocol works.

Basically a closed group of trusted people is created where all are coordinated by a control protocol that controls this group. This controller has the function of bringing everyone in the group together and checking that everything is working correctly.

It does this by creating a timer where each member of this group will be distributed cryptographic tasks that will be distributed in a single random way, this gives everyone the opportunity to participate in the creation of blocks within the blockchain chain.

To understand this, let's imagine that we have a group of miners and everyone is participating in order to create a block, remembering that whoever creates a block receives a reward just like that, what happens with this group of miners, the master controller of the blockchain provides a counter to each miner with times.

The first miner whose counter reaches zero has the possibility of creating a block in the chain of blocks, and thus collect the respective reward, exactly what happens with each of the miners, and all participate equally with the same timer and the same random time, the difference is the time since a new counter of one miner starts with another.

Penalties the waiting time has expired, the miner will receive his reward, the consensus also works to verify that no miner can modify this time in order to receive a reward before the stipulated time, thus achieving a balance where everyone earns the same amount of money for the same mining time.

This random selection process is generated by a controller that is programmed by means of inter, and gives this consensus transparency, where there is no favorite miner that takes all the rewards since the system is completely random.


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The HASH generator

This hash is generated like any other Hash of any blockchain since it has the same generation function as all of them, first the participant or randomly selected miner takes all the previous transactions and integrates them into the new block, this in turn generates the hash of this block that can be sent over the network waiting to be accepted by all nodes

Advantages and disadvantages of PoET

advantage

-It is a scalable system since as its capabilities and utility become known, they increase more and more.

  • The selection system is random, which means that everyone has the same chance of being rewarded and of creating a block, something very important in today's decentralized systems.

  • All this mechanics could be implemented in most of the existing projects.

  • It is a 100% decentralized system since no one controls who gets the restarts.

  • It is a secure network from attacks.

Disadvantages
  • It depends on a technology alien to its creators, such as Intel since this technology is in charge of randomly generating the time for each miner as well as selecting them.

  • Being intel technology, it is said that it may have vulnerabilities exclusive to intel processors, something that leaves the security of this system somewhat compromised.

  • Few people know it, and if they are new to the world of cryptocurrencies more, since ordinary people only know that you need mining power to get cryptocurrencies but few know that there are a large number of options to mine a currency.

  • Few projects use this technology, this is something that reinforces the previous point since when few people know it, it becomes an unattractive technology.

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HyperLedger

This is a blockchain project to bring this technology to companies. This is a project that was born with Linux and Intel looking to create a private and centralized collaboration platform but relying on blockchain technology and this project is what gave birth to PoET, all this runs under a framework with all the basic Hyperledger functionalities.
This is a collaborative business project that seeks to create business operability tools that makes it possible to introduce companies to the world of blockchain and also with the possibility of integrating technologies such as ethereum and bitcoin, making possible the creation of smart contracts, and manage payments and invoices.

Conclusion

This consensus test, although it is created for private and business networks, represents an advance and one more approach from the world of blockchain to centralized systems, giving all the transparency that these companies need since this consensus in particular offers the opportunity to give random rewards that they are determined by a time that is also random, all this protocol and technology has been designed by intel is something to take into account but I am sure that without working on the security issue many more projects could implement this time trial, and I am sure that many solutions and large capacity projects can be developed and of course offering their random rewards would be magnificent.

CC: @alphafx


All texts were translated from Spanish to English, my native language is Spanish, the translator used was Google's. google](https://translate.google.com/)

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Well done, well explained in own words and well arranged.

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Thanks for participating

Exelente profesor me gusto la conferencia de esta semana no conocia estos consensos de verificación.

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