Crypto Academy Season 3 Beginners' course - Task 4: Different types of Consensus Mechanisms by @ruggedangel for @sapwood

in SteemitCryptoAcademy • 3 years ago (edited)
Hello my fellow steemains, I'm here to talk about Different types of Consensus Mechanisms which was lectured by professor @sapwood. I'm taking the first questions.

QUESTION NO.1

  • What is the difference between PoW & PoS?
  • Advantages & Disadvantages?
  • Which one is better in scaling Capacity? Examples?

60785bc0c656dccda763f1fe_proof+of+work+vs+proof+of+stake-p-500.jpeg
image source

What is the difference between PoW and PoS?

  • Proof-of-work [PoW]÷
Proof of work was created to configure / construct digital transactions that will be guarded without acquiring or obtaining any believe in intermediary. PoW consensus mechanism imposes lots of calculus efforts in other to get the solution of complex mathematical puzzle. PoW have the bounds or limitation on copious amounts of new blocks of data can be produced, for instance, miner would be able to create bitcoin (BTC) blocks only in every 10minutes.
In PoW, the choosing or assortment of miners are is changed / inadvertent. It guarantees a high quality degree of decentralization, though it constraints scaling capacity. PoW does not depend on any private third party transactor. PoW determines large amout of strength. PoW is a protocol that was created to stop/obviate and deter cyber-attacks on interconnection.
  • Proof-of-stake (PoS)÷
Proof of stake is a method for confirming transactions, the aim is similar to PoW, but the outcome or resultant is acquired in a dissimilar way. The block originator is been choosen derived from the described stake and also corresponding to the stake, that is, thr greater the stake the greater the chance to be an originator to mint a Block. PoS is accomplished by miners who place a number of their coin to blocks to confirm or survey transaction blocks. Proof of stake method does not motivates or encourage excessive volume of strength waste / exploitation.
PoWPoS
Proof of work determines a large amount of energy with miners who wants to sell their coin to eventually foot the bill.proof of stake grants authority depending on the proportion of coins a miner holds.
Prize are being giving to initial miner to unravel cryptographic puzzle per block.the originator don't get any prize, rather, they collect net charges or fee as their prizes.
  • Advantages & Disadvantages?

PoW advantages and disadvantages÷

Advantage.

  • Large security terminates the methods specifies a tremendous cost, due to the posibility of getting the exact hash is instanly equivalent to the power. Is safe, because no one can defraud if you don't have up to 51% of the power.

  • Proof of work prototype gives miners prizes with both block prize and a pirtion of transaction charges/fee.

Disadvantage.

  • It will result to waste of wealth / funds, which is bad in the environment. Why? Mining needs plenty if hashing. It need power/ strenght and different calculus assets.

PoS advantages and disadvantages÷

Advantage.

  • One of thd advantages of PoS is that, there is no necessity to waste or devour large volume of power to protect blockchain

  • In PoS, it is not mandatory that you will have a dominant computer apparatus / baggage, the charges are been reduced and there is no pressure on the price.

Disadvantages.

  • Proof of stake does not accomplish or execute consensus, disastrously. Thos who are staking their coins, can be able to vote for the two florks of blockchain.

  • In PoS task, users have equal inducement/incentive, regardless of the savings they made.

  • Which one is better in scaling capacity? Examples?
In this case, the inferior load on the blockchain, also causes energy loss/waste to reduces remarkbly. Acquiring a lower energy consumption and quicker transaction period, PoS operation already tackles/ undertake the major scalability issues that PoW faces. Proof of stake is much better in scaling capacity than Proof of Work.

Examples

  • DASH
  • NEO
  • TEZOS

IN CONCLUSION

proof of stake method, randomly pick the winners depending on the they staked, while in proof of work, It demands all miners to unravel or find solution to a comple sum, the winner is decided by the person who has the greatest or highest power of hardware tools.

Thanks you all
Special regards to professor @sapwood for the wonderful lecture.

#academy-intro04 #cryptoacademy #nigeria #steemit #steemitblog #steemexclusive
3 years ago in SteemitCryptoAcademy by
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     3 years ago (edited)

    Hello @ruggedangel,
    Thank you for taking interest in the 4th Task of the Beginners’ class. Your grades are as follows:

    CriteriaCalculation
    Presentation/Use of Markdowns1.2/2
    Compliance with Topic1.5/2
    Quality of Analysis0.8/2
    Clarity of Language1/2
    Originality1/2
    Total5.5/10
    Feedback and Suggestions

    • You really need to try and understand concepts before you edit.

    • Please use simple language to express yourself. It would show that you actually understand the topic. Most of what you wrote about was confusing and difficult to understand.

    • Under the disadvantages of POS, you really did not make a point. It just looks like you gave some more advantages.

    • You didn’t mention any examples of POW blockchains.

    Thanks again as we anticipate your participation in the next class.

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