Crypto Academy/ Season 3/ Week 6 / Homework Post For Professor @pelon53 : Blockchain EOS

It is a new week again in the Crypto Academy. It is my pleasure to be part of the lecture "Blockchain EOS" taught by Professor @pelon53. Thank you Prof for taking the course in a very simple way which everyone can understand. Prof asked five (5) questions which every student is expected to answer all. These are:

1. Explain the Delegated Proof of Stake, DPoS algorithm.
2. Explain What are Ricardian contracts on the EOS Blockchain?
3. Explore the official EOSREX interface (eosauthority.com). Show screenshots.
4. Download the Sqrl wallet, explore and explain how to obtain CPU, RAM and Network. Show screenshot.
5. Show the price of the REX token. And explain what it is used for.

So I will be attending to these questions one after the other.

QUESTION 1

• Explain the Delegated Proof of Stake, DPoS algorithm.

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In blockchain, there's what is called consensus mechanism or algorithm or protocol. This term is one of the most important things in blockchain. Consensus algorithm is a process by which agreement is reached on blockchain. It is by the help of consensus protocol that all the distributed networks in blockchain are kept together. The validation of each transaction on the network and the nodes (Devices connected to a network is known as nodes) coming and agreeing to get are made possible by the help of consensus mechanism.

Consensus mechanism are of different types. Some of the consensus mechanism adopted by blockchains are: proof of work (PoW), proof of stake (PoS), delegated proof of stake (DPoS) and proof of burn (PoB). So, in this section, I will be explaining DPoS algorithm.

Detailed Explanation of Delegated Proof of Stake (DPoS) algorithm

Delegated Proof of Stake (DPoS) is a type of consensus algorithm used in blockchain. It is a modified version of proof of stake (PoS) consensus algorithm. Unlike proof of stake where validators are selected to validate the transactions based on nature of their stake, in delegated proof of stake, block producers, who validate the transactions, are selected by the users by voting them by their tokens. Delegated Proof of Stake, DPoS is a type of algorithm which is democratic in nature. And it is democratic because everyone has equal rights to participate in choosing the delegates or witnesses who validate the transactions. The participants or users do this by voting with their tokens, however the more your token or the influence you have in the participation. It is pertinent to know that a delegate can be voted out by users who voted them if they find out that he misbehaves or does anything that against the rules of the network. So this makes the delegates to caution themselves because the know their reputation is at stake.

One of the major advantages of DPoS which makes it more better than PoS and PoW is its high scalability and speed. DPos unlike PoW and PoS has ability to support loads of transaction and it is very fast in processing them.
Also, DPoS doesn't consume high energy and doesn't require many hardware to perform the task on the network.
Some of the examples of cryptocurrencies which use delegated proof of stake (DPoS) as their consensus algorithm are:
• Steem
• Cardano
• EOS
• Bitshares
• Ark
• Tezos

QUESTION 2

• Explain What are Ricardian contracts on the EOS Blockchain?

To start with, let's look first at how Richardian contract came to be.
Richardian contract is a type of legal contract. The person who introduced the contract was Ian Grigg, who was skilled in programming language, and he introduced it in 1995. Richard contract is a document, (a digital one) which two parties use to form agreement between each other. The document is always used as agreement terms and conditions between these parties. They agree upon this document and it is converted to machine readable contract.

One of the things that makes Richardian Contract unique is because of its security. It is very secure. Also the binding is legal. This means that if there is a kind of misunderstanding between the parties involved, they can go to go court and settle the matter.

^{IMAGE SOURCE} _{Richardian Contract}

EOS uses Richardian contracts on it's blockchain. Let's discuss this on the EOS blockchain. EOS uses smart contract together with Richardian Contract on its blockchain.
The information of physical agreement between two parties and that of blockchain are recorded by richardian contract.
Richardian contracts on EOS shows the terms and conditions between users and this contract is now combined with smart contract to give a human readable version of the smart contracts. So, it is by the help of Richardian contracts EOS employed into the blockchain that participants can read the some things like activities of transactions.

QUESTION 3

• Explore the official EOSREX interface (eosauthority.com). Show screenshots.

To explore the official EOSREX interface, used search engine, Google and type"EOSREX interface", and it brought result. I clicked on the first result with the website name https://eosauthority.com. see the screenshot below.

_{Google Searching EOSREX Interface Page}

Then, clicking on it, it loaded the official EOSREX interface. See the screenshot of the home page of EOS.

_{EOS Home Page}

In the home page of EOS, at the top left corner is the drop down box. The area is boxed in rectangle In the screenshot below. So I clicked on it to see the features which this blockchain has.

_{Drop Down Menu in the Home Page}

Then some features will be displayed. This place is where we can actually see the details of these features. Let's see these some of these features in the screenshot below.

_{Features In the Drop Down Menu}

We can see explore, tool, event, dashboard, create account etc. in the screenshot. So, let's see the explorer first and see some of the details we can access in this section. To do this,we click on the explore. See the screenshot below

_{Explorer In the Drop Down Menu}

By clicking on it, it will display a page where all information on EOS, such as block producers, transaction, price, Market cap, top account etc. can viewed. In the the below screenshots, you will see some of these details.

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_{Features in 'Explore' Section of the Drop Down Menu}

So, that being said. Let's look at another feature. In the drop down menu section we clicked to explore the details in the "explore" section, there are other two features there, "event and tools". The event section is where to see the upcoming, outgoing and ongoing events. The tools section shows various tools available on the blockchain, ranging from account, voting, voting analysis, BP information etc. It is about 29. Let's see the screenshot below.

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_{Features in 'Tools' Section of the Drop Down Menu}

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Clicking on the 'create account', it will display the account creation page. User or partipant who is interested in creating account is expected to provide his account name. Then he must copy and safe his active/owner and private key. Let's see the screenshot below

_{Account Creation Page}

The next feature we will look at is REX. In this section, there are some information which is very useful. Let's click on the "REX" to see these information. The screenshot below showing a pointer to REX.

_{REX feature in the Drop Down Menu}

Clicking on "REX" it displays some features such as REX Statistics, Lend to Rex, REX calculator. In the REX Statistics section, some information are important that we know. This will let us know some of the things which we ought to know about REX. In the screenshot below, you will see some of REX Statistics such as power up, total Rex in supply,Rex holders etc.

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_{REX Statistics Section}

QUESTION 4

• Download the Sqrl wallet, explore and explain how to obtain CPU, RAM and Network. Show screenshot.

I will be using sqrl main website to download the sqrl wallet. Visit sqrl Website. On getting to the main page, choose the option you will like to use. For me, I'm choosing "window"

_{Sqrl Home page}

Click on window and the wallet will start downloading. After the it finished downloading, click on "install" in order to install the wallet app.

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_{Downloading and Installation Tab for sqrl}

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Then the Installation is done. The next to do is to connect to server. Click on "connect to server"

_{Connect to Server Tab}

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Next thing to do is to either create new account or import an existing account into sqrl. Here, I will like to "import an existing account".

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_{sqrl Account Creation Tab}

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Since I am interested in exporting an existing account. Let me show how I registered for an account on telos.

Registering For an Account on Telos

Now the first thing to do after downloading the sqrl wallet is to go to telos and create account. This account will be used on the sqrl wallet as an existing account.
The screenshot below shows the home page of the telos.

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_{Telos Home page}

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Now to create account, click on "start now" as seen in the image above. A page will be loaded. On this page, click "create account"

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_{Account Creation Box}

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The next to do on the page that will be loaded is to choose account name, copy the public and private keys and safe them. Then do the captha by clicking on it and click "I have copied the keys".

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_{Account Creation Page}

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You will then see a page open right in your front with a congratulatory message. Then your account has been created successfully. See the screenshot below.

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_{Page Showing that Account has been created}

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And I'm done with creating an account with telos. Now the next thing to do is to go back to the downloaded sqrl wallet. You remember we stopped at the tab to create account or importing an existing account. Now let's now go back to that tab. Click on "import an existing account" See the screenshot below.

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_{Account Creation Tab}

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Then, the next thing to do is to enter your public key or account name. My account name is "msquaretk111". So I'm entering that. Then click "lockup account"

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_{Lockup Account Tab}

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Then, after this, the next thing is to enter the private active key (This key is from the telos account we created) and click on "compare key"

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_{Compare Key Tab}

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The next thing is to enter the"local wallet password". Enter this and click "save account". Remember that the local wallet password is the password from telos.

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_{"Save Account" Tab}

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Then a page will be loaded where terms and conditions will be written. Click on "l accept" after reading this.

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_{Terms and Condition Tab}

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After saving account, your will then see the wallet, sqrl wallet open in front of you like "exam- booklet". We have successfully created sqrl wallet. Let's see this wallet in the screenshot below.

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_{Sqrl Wallet Homepage}

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Now as seen in the image above. That is the Sqrl Wallet. At the top of the page, there are some features that are very important. It shows wallet, governance, T-Rex and tools.

• Wallet : The homepage which is the wallet section shows the user profile and account balance and summary such current price, EOS value, balance etc.

• Governance : This feature shows the activities of block. It shows block producers, proximity, total votes in percentage

• T-REX : This is a feature that shows T-REX account and summary such as TLOS deposit, TLOS lent, TLOS earning, Total loans, Total lent etc.

• Tools : This section contains several tools which are very useful in the wallet. The tools such as wallet tools, utilities etc.

_{Tool Feature}

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Now, having talked about those features, let's now see how to obtain CPU, RAM, and Network.

How to Obtain CPU and Network

To obtain CPU and Network, click the wallet tab of the sqrl. Then at the left side of the page, navigate to where "send . receive . stake" is.

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_{"Send . Receive . Stake " in the wallet}

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Click on this. That's the "send . receive . stake". As soon as you click on it, a pop up notification will appear. Click on "manage staked"

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_{Pop Up Features in "Send . Receive . Stake "}

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Then you will be directed to a page where you you will enter the amount of CPU and NETWORK you want to stake. See the screenshot below

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_{CPU and NET staking page "}

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Having seen how to obtain CPU and NET, let's now look at how to obtain RAM

How to Obtain RAM

To obtain RAM, click on "send . receive . stake" at the left side of the wallet page. But, this time around, you either click on buy or sell RAM depending on what you are willing to do.

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_{Pop up Features in " send . receive . stake "}

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The next thing is to enter the amount of RAM you want to buy or sell. The screenshot below shows the page where to enter the amount of RAM you want to buy

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_{RAM Feature Page}

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That's how to obtain CPU RAM and Network.

QUESTION 5

• Show the price of the REX token. And explain what it is used for.

Rex token price can be gotten from the official website of EOS. click here to visit the website.
Below is the screenshot of the official website of EOS.

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_{EOS Home Page}

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Then next thing is to click on the drop down menu at the top left side. Then the pop features will appear. Click on "REX".

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_{REX in the Drop Down Menu}

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Then, on the page that will be loaded for you, click on "REC statistics".

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_{REX Statistics Box}

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On clicking Rex statistics, a page will be loaded where the statistics will be displayed. The price or value of Rex token is displayed there. See the screenshot below.

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_{REX Price}

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In the screenshot above, the price of Rex token as at the time of writing this post, 7th August 2021, 3:15am (WAT) is 0.00010108129627000509 EOS

What REX token is used for

REX token that's known because of EOS Resource Exchange. The main aim behind the formation of Resource Exchange, REX is to allow the users owho have enough coins, EOS to lend them out to people in order to grant them access to the community.
Rex token is a token which is used on EOS. The holders of coins on this platform if they stake their coins have their return on investment in form of Rex token.

CONCLUSION

EOS is a blochain built which improve on some old blockchains. EOS blockchain is very popular because of some uniqueness built in the blockchain.

What makes EOS unique is the main reason behind its invention which is to solve the problem of speed and scalability. This blockchain adopted delegated proof of stake (DPoS) consensus mechanism or protocol which can handle thousand of transactions within a very short period of time.

Thanks to Professor @pelon53 fo taking this course. I have not only learnt about EOS blockchain but I have also been made familiar to sqrl wallet and know the features there. Thank you, Prof.

CC:pelon53

Written by @msquaretk