Homework Task of Tron Fan Club Tutorial | Understanding Blockchain, Mining, & Cryptocurrency | 10% Beneficiary to @tron-fan-club

Hello Tron Fan Club Friends

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Back again with me @chairulrizalx in our proud community with Tron Fan Club. In this post, I took an exam mentored by @engrsayful that discussed the basics of Blockchain and Mining system with the aim that beginners can know the basic knowledge about Blockchain and understand the mechanism in it so that we know that Blockchain is a different technology and has its own systems.

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1). Explain the security feature of Blockchain

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Blockchain is a technology that provides features for digitally storing data that are interconnected with one device to another, in recent years, Blockchain technology has increasingly familiar to society because many large technology companies have used it, besides that this technology is considered a technology that will bring humanity towards a future where the security data will be safe because of the open-source, transparancy, and decentralization built by Blockchain.

^source One of the security features created by Blockchain technology is that new blocks are always stored linearly, every block that's has inserted will be very difficult to go back and change the block because every block has an encryption code that converts digital information into a code of numbers and letters. Therefore it will be difficult to edit or hack because every block edited will change the existing code, and duplicating all existing blocks will take a long time and expensive resources.

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2). What do you mean by mining in Blockchain?

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The mining process means adding transactions to the Blockchain network so that everyone in part of the group can agree on the same set of transactions. By verifying transactions in the blockchain network, after verification, transactions will be entered into the blockchain to earn mining or Bitcoin rewards. Before being declared a valid transaction, all transactions executed at the same time will be collected into a computed block, and the process is called Mining.

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3). What do you mean by DPos system of mining? Differentiate Proof of Stake and Proof of Work

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^source Delegated-Proof-of-Stake is an improvisation of the Proof-of-Stake consensus mechanism were to validate transaction blocks on the blockchain network, which is dependent on a group of Delegators who provide delegates to execute the activity. Witness plays a crucial part to be able in producing blocks, they are selected by Stakeholders by voting per share per Witness. The DPos concept has been implemented by the Steemit platform where each user can choose several Witnesses they believe in by voting for the Witness.

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Differentiate Proof of Stake and Proof of Work

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Proof-of-Stake (PoS)	Proof-of-Work (PoW)
The process can be done using standard computer equipment.	The process requires complex and expensive equipment.
Save costs and energy, because can be done according to the budget.	Requires substantial resources and energy for the process.
Environmentally friendly because it does not require a lot of resources	Not environmentally friendly
Investments are made according to the budget.	A big investment to use PoW, but the reward will be considerable.

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With the existence of a Proof-of-Stake consensus mechanism, validators do not need to use expensive computer equipment, and then Proof-of-Work is very costly to implement, and the resources spent are not good in the long run. The point is that Proof-of-Stake is a solution for mining without the need for a high amount of resources and can be done according to the budget we have.

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4). Why boundaryless trading is important?

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With the development of Blockchain technology and cryptocurrencies, many aspects have changed and now society increasingly believes that the future is a decentralized one where there is no single authority that regulates and provides policies for every cryptocurrency user.

Even from a financial point of view, using blockchain technology and cryptocurrencies will not experience significant obstacles and get the same rights as other users, unlike the policies implemented by national financial authorities where there are provisions from them that will burden customers to make transactions such as borrowing, it will not be prioritized if we do not match their requirement

^source With no policies applied to trading and cryptocurrencies, it becomes freedom for all people to have the same rights and desires as everyone around the world to do for their economy at their own risk without being afraid of certain rules from certain governments or authorities.

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5). Differentiate Cryptocurrency & Blockchain

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Blockchain is a database technology that works to store data or information into its network, including transactions in cryptocurrencies. While cryptocurrency is an implementation of blockchain technology that is built in the form of digital currency, all transaction processes carried out by this cryptocurrency will be stored in the blockchain network.

Blockchain aims to create a peer-to-peer network by carrying out the concept of decentralization where every transaction made on the Blockchain is open and visible to all users because all code or projects built using the blockchain network will be safer from hacking.

^source Meanwhile, Cryptocurrencies are intended as a digital medium of exchange where every transaction is fast and to carry out transactions using it does not require intermediaries or approval of certain authorities as is done by conventional banks. From this explanation, the difference between the two is clear; this cryptocurrency is a product of Blockchain technology, such as Steem or SBD are cryptocurrencies, both coins are under the Steem Blockchain.

Blockchain technology is not only applied to cryptocurrencies, but many other sectors have also implemented Blockchain technology in the process such as in the health, sports, entertainment industries and even the one that is currently being discussed, namely NFT, and rare digital collections are one of the projects that use Blockchain in its app.

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Conclusion

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From the explanation this time I can conclude that it is important for beginners to learn about Blockchain, mining, and also cryptocurrencies as basic information so that we understand that Blockchain technology is a technology that is now widely used by people around the world and even governments in every country are overwhelmed by the emergence of Bitcoin and other cryptocurrencies.

The point is that we must always update information for ourselves so that we can adapt to all technological changes and not be left behind.

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I'd like to thank @engrsayful for providing very valuable lessons for Tron Fan Club members, especially those who are new to the blockchain world, in terms of understanding the fundamentals of the Blockchain, Mining & Cryptocurrencies.

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Discord

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