Introduction to Agreed Algorithm and PoB by @azeemtariq 10 beneficiary to tron-fan-club

First of all, I'm going to introduce a consensus algorithm. So let's get started.

Introduction to Agreed Algorithm:

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As we all know, in this age blockchain technology is spreading widely. In fact, this is the future of the technological world, and it is basically based on and controlled by some important and unique aspects called Consensus Algorithms. The method or process by which the system is controlled and regulated by certain authorities is the agreed algorithm. As we know, in the central financial system, the overall system is managed by a single central authority. In centralized blockchains, the sole central authority manages the system according to its own wishes and desires.

On the other hand, in decentralized blockchains, the overall system is not under the control of any one authority. In fact, it is controlled and monitored by all users who are in fact important parts of the decentralized system. Therefore, in cryptocurrency, all user information is stored in the database, Blockchain. Both developers and users must keep copies of this information. In blockchain technologies, users who want to set up certain blocks will have to make some bets first. Gambling is very important because blockchain providers are encouraged if they are doing a good job and if they are acting dishonestly and want to cheat the system in some way then they are discouraged. ۔ Following the development of their blocks, they are awarded a special prize in recognition of their work on the block. The latest is the detection of fraud and theft material on the blockchain. All of these things are collectively called Consensus Algorithms.

There are several agreed algorithms on blockchain. Here are some of them:

• Work testing
• Burn test
• Proof of participation
• Ability test
• Time lapse test
• Stellar Consensus Protocol

As the professor requests a detailed note on one of them, I am going to talk about the ** proof of burn ** consensus algorithm**

Burn in test

Advantages and disadvantages of PoB:

As we know, nothing in the universe is perfect. There are advantages as well as disadvantages. So now we come to the part where we talk about the middle ground.

Benefits:

• PoB consensus algorithm is more durable and long lasting and more durable than other consensus algorithms.

• In POB, hardware mining plants are not required. Instead, there are virtual platforms available for mining coins.

• Coin burning reduces the market share of related blockchains.

• In PoB, coin distribution is less centralized in case of coin burning as there is no central authority intervention in the transaction.

Disadvantages

• The process of burning coins in the PoB Consensus algorithm is not easy, and is sometimes not easily verified by the authorities.

• PoB process is a long and slow process.

• Burning coins on a large scale is not a very efficient and fast process.

• It is said that the coins burned through the process of burning coins in PoB are mainly made using the PoW consensus algorithm, which consumes a lot of resources.

Results

Each blockchain runs on some important and important managers called consensus algorithms. There are many consensus algorithms and different blockchains work on different consensus algorithms. Burns Proof (PoB) is also a consensus algorithm related to PoW (proof of work) and PoS (proof of stake) consensus algorithms. Burning proof works on the process of burning coins called burning of coins.

Cc

@engrsayful

Reward

@azeemtariq