Steemit Crypto Academy, Season 3: Week 6 BLOCKCHAIN EOS, by @pelon53

Over some decades ago the centralized financial system was seen as the best means of making seamless transactions among users in different regions although there were multiple flaws in the centralized system like the use of intermediate parties before making any transaction full autonomy from the centralized system over a user fund this flaws and other makes give birth the decentralized blockchain system where an anonymous programmer introduced a system that will make the centralized financial system old fashioned with the integration of blockchain that allows users to manage their funds send and receive payment without any third party interfering makes it more flexible for users to control their fund also we saw in the decentralized system how proof of work PoW consensus was used which is energy consuming and slow this gave birth to a new system known as delegated proof of stake DPoS that eliminates the need of miners and large energy usage.

DPoS

DPoS is a consensus developed to secure blockchain transactions it ensures all transactions executed within the blockchain are secure and safe from external threats using technology-based implementation base on democracy where voting and election using ( validators ) are chosen to process payments base on transparency in other to make the blockchain network more secure.

The DPoS consensus was developed as an alternative for proof of work PoW and proof of stake PoS consensus inefficiency of energy consumption and use of stakeholders holding larger amount to token to make validation is countered using the DPoS system of payment.

How DPoS works

Unlike the PoW blockchain where miners validate users transactions the DPoS are maintained through an election process.

Just like steemit/hive blockchain that uses DPoS method based on voting active users choose witnesses and delegators by placing their token on the name of any witnesses they are convinced with these witnesses and delegators are task with transparently validating users transaction. in return, these delegators are rewarded for every transaction they complete.

If a delegator by chance misses any transaction or his system went offline this transaction will be shifted to another active delegator who will immediately complete the transaction process.

Advantages of DPoS

• DPoS has protection from double-spend attacks; a double-spend attack is when malicious users duplicate a cryptocurrency and spend the fake one with the help of witnesses and delegates this problem will be double check before any transaction can be confirmed.

• Energy Efficient and environmentally friendly; the absence of use of fossil energy for mining makes DPoS very efficient.

• Is considered more decentralized; in DPoS both small and large users can participate in voting and making decisions

• DPoS coin is more scalable as it requires less energy to process the transaction.

Disadvantages of DPoS

• Number of witnesses and delegates are limited in the DPoS consensus

• User with small votes can feel their place in the system matters a little as holders with larger coins get more attention.

It has been observed when two parties come into making any agreement or signing a new contract sometimes legal officials like the lawyer will be invited to simplify the terms and conditions of the contact to the two parties sometimes due to improper understanding of some legal terms require an expert to clarify these terms to both parties.

The use of blockchain technology eliminates such rigorous process with the help of Ricardian contracts there is no need for an external expert to simplify such an agreement contract to any party it provides users with easy to understand readable term that needs no further clarification.

In contrast, the Ricardian contract is a legal blockchain contract in the form of digital documents acting as an agreement between two parties base on terms and conditions of interaction between two parties.

It is a unique machine-readable program that is cryptographically signed with human-readable text making it easier for humans and machines to read simple contract terms and conditions. The Ricardian contracts integrate legal contracts with blockchain technology

Differences between Ricardian contracts and smart contract

Ricardian contracts	Smart contracts
The Ricardian contracts are human-readable digital documents binding legal laws	Smart contracts are machines readable instruction program

Ricardian contracts	Smart contracts
They are human-readable	they are machine codes

Ricardian contracts	Smart contracts
It outlines agreement base on future legal purposes	it outlines agreement base on a written action for executing a transaction

Ricardian contracts on EOS blockchain

With Ricardian contracts on the EOS blockchain, users can be able to read smart contract read transactions making it very easy for users to understand what they are agreeing on when performing a transaction.

It also displays the human-readable version of the smart contract application base on the EOSIO blockchain.

With Ricardian contracts on the EOS blockchain, users can interact and authenticate digital agreements with the help of Ricardian contracts these digital transactions are presented to users in a well understandable manner making it easy for users to consent with the transaction agreements.

In general, what Ricardian contracts does in the EOS blockchain is to pair transaction using blockchain smart contract and make it readable for users performing such transaction to understand what they are signing up for before proceeding to execute such transaction.

To explore the EOSREX official website I need to have access to the webpage through my web browser.

Below are screenshots of the website interface.

By clicking the menu from the left top corner user will be redirected to the below page where he can have access to various tools provided on the Website such as wallet event tools with other important tools like power up votes creating account

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The above menu contains important tools one can use to navigate the website creating an account tab can also be accessed from the menu, in general, the menu entails important detail of the website.

The graph below on the website represents daily transaction details perform daily it gives users information on how the market is moving base on daily volume price movement.

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Below is a long list of top high-ranking sites, exchanges, and eos based projects display on the website with the number of voters, bidders, daily rewards generated by those projects all available for users to track current transaction activities on each project.

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Below is also a list of partner support/sponsoring the website

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• First step I will be downloading the Sqrl wallet from the google play store.

• I could not find the Sqrl wallet for mobile devices on the google play store I will be using other eos base wallets to perform this task if it is okay with the professors.

• I have eos base wallet wombat it supports all eos based tokens and it can also be used to obtain CPU, RAM.

• In other to purchase RAM I will need Tlos with the token I can perform such task below is a screenshot of my Tlos token balance which I can use to buy RAM.

• I will be clicking on view all which will redirect me to toles. block website

• below is the screenshot of my account username on the toles website.

• Next I will click on wallet

• By clicking on the menu I will be shown the below navigation key where I will click on buy/sell RAM

• Clicking on Buy/sell RAM I will be shown the below space where I will input the amount of RAM I want to buy using my Tlos token I input 1 which also shows the number of RAM 1 Tlos will be buying

• I will click on buy to complete my transaction below shows the transaction was successful.

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Above is a screenshot showing the price of the #REX token

What it is used for

Staking has been an active-passive income-generating means where users can be able to stake their token in return earn a good amount of interest from their staked token with REX token this is made possible as the REX token can be staked for a couple of days or year and generate income for holders

Also, the token serves as security for the blockchain like all blockchain holding or processing transactions are means of securing a blockchain network against threats

Using the Rex token as a pair for making a transaction in exchange increase the token use case and value also.

Conclusion

DPoS consensus is designed to make blockchain networks more decentralized by allowing users to vote and make decisions on the network it also provides efficient means of making transactions by eliminating mining processes that require high energy consumption.

With the Ricardian contracts on the EOS blockchain, users can make readable transactions using smart contracts Dapps.

Cc; @pelon53