Steemit Crypto Academy | Season 3: Week 6 | BLOCKCHAIN ​​EOS | For Professor @pelon53

Question 1
Explain the Delegated Proof of Stake, DPoS algorithm.

Delegated Proof of Stake (DPoS) is a consensus algorithm created to protect a blockchain by verifying description of transactions within it. DPoS is developed as an execution of technology-based democracy, using voting and election process to secure blockchain from been centralization and harmful usage.

The first application of DPoS was carried out in cryptocurrency called BitShares. DPoS was also designed to be a more accessible alternative to classic consensus algorithms. As every block is validated by turning away the need to use a lot of energy, progressing amount of computing power, and other means, all transactions can be carried out relatively fast on every degree of network’s development. The popular illustration of digital currency that make use DPoS are Lisk, Steem, Waykichain, EOS, and BitShares.

Delegated Proof of Stake is usually preserved through the election process. Active users of DPoS-based blockchain are voting for “witnesses” and “delegates” by placing their tokens on the name of their candidate (those tokens are not spent this way, they are just showing the position of stakeholder and remain his/her asset). The position of witnesses and delegates are different in several digital currency and one role can act in another role’s functions or even cancel it.

Question 2
Explain What are Ricardian contracts on the EOS Blockchain?

Ricardian contracts on EOS records all the data that is available in the consensus document that can be seen, on the blockchain as well. This implies that Blockchain’s underlying cryptographic algorithms make sure that the contract is original and verified.

Ricardian contracts are very safe as the agreement that as to do with the Blockchain can be hashed, encrypted, and stored safely. Any weird activity by any of the parties can be immediately spotted out by the unique hash addresses generated by Blockchain hashing.

It is cryptographically signed and verified EOS blockchain. Even when it is a digital camera, it is available in a way that humans can be able to read it.

It is a unique legal agreement or document that can be read for computer programs as well as humans at the same time.

In other words, it has two parts or works for two purposes. First, it is an easy-to-read legal contract between the parties involved. Even an ordinary individual can easily understand it and can read it and understand the major terms of the Contract.

With EOS blockchain platforms, these contracts can be easily hashed, signed, and can be stored on the blockchain.

Question 3
Explore the official EOSREX interface (eosauthority.com). Show screenshots.

Visit eosauthority

We have on the interface the menu bar, wallet, event, tools, chart, search bar, and the details of the price.

The menu bar comprises of Dashboard, create account, powerup, manage cpu and ram, manage key, vote, create account, bid names and alert.

Question 4
Download the Sqrl wallet, explore and explain how to obtain CPU, RAM and Network. Show screenshot.

• Visit sqrlwallet.io or telosfoundation.io to download wallet

• Installation and creation of wallet

• CPU

Is used to execute transaction. As eos is free to use this only come into play when the other features want to use their space.

• RAM

Permanent storage data that need to be retrieved quickly and often like keys and balance in your storage space.

• Network

The amount of data that can be sent from 1 point to another.

As a token holder, staking coin engines you to a corresponding amount of CPU and NETWORK, collectively known as bandwidth.

Visit eostools.io
Click on manage account and then click on manage stake.

To add Ram.
Step 1: click on manage account
Step 2: Click on manage Ram
Step 3: Click on purchase

Question 5
Show the price of the REX token. And explain what it is used for.

source

The price of REX is
0.0107988 USD

REX is a digital currency developed for the storage and transmission of values, with a desegregated staking function – another digital currency that is similar to it is HEX. It gives a higher rate of result than the normal traditional Certificates of Deposit and immense flexibility by ushering in a plethora of new functions.

Users can label their stakes to keep track of their use – a stake can be for instance named “vacation plan” so the user knows the assets are kept for some time off. In case investors need money, they can remove interest from unfinished stakes to avoid penalties.

Its flexibility goes even further, permitting stakers to separate a certain stake into two in case they need to or even to move their stakes to a different address. IF a stake purpose is for a gift, it can actually be transferred to the receiver.

Conclusion

It is a wonderful lecture by Professor @pelon53. It is an eye open the importance of DPoS, Ricadian contract and Sqrl wallet. We can also loan out our REX to earn passive income. That's other opportunity to earn while sleep.

Thank you