Home Work Task of Tron Fan Club Tutorial || Cryptocurrency and Blockchain Technology By @moneyster
Background Image Source- Canva.com/Location
Assalam-o-Alaikum Steemians !
As per the guidance of @engrsayful who is working as a Moderator in this Tron Fan Club community, I decided to write a Homework Task by using my Cryptocurrency related knowledge. Let me go through all the questions given by @engrsayful.
.gif)
Explain the security feature of Blockchain.
Image Source- www.pixelplex.io/Location
The main security feature of Blockchain is the Cryptography Technology which is working as a high-security data transferring method in the Blockchain. Thanks to Cryptography Technology, we are able to transfer data from one location to another location in such a way that no other party can identify it.
Another important security feature of Blockchain is the decentralized working process which is the information may be exchanged in such a way that no other parties can change or delete any data by force.
What do you mean by mining in Blockchain?
Image Source- www.cudominer.com/Location
According to my knowledge, mining is the basic process of validating every transaction in the decentralized network. Other than that, mining is an important part of many blockchains to record every transaction in a relevant distributed public ledger and generate hash code using electricity and computing power.
Bitcoin is the best example of a cryptocurrency that can be mined and is also known as the world's first cryptocurrency created and created by mining.
What do you mean by DPoS system of mining? Differentiate Proof of Stake and Proof of Work.
Image Source- www.medium.com/Location
DPoS system of mining is a newly invented working process in Cryptocurrency and blockchain technology which is also knowns as Delegated Proof of Stake Technology.
Here the relevant delegators are working as miners by voting on a specific delegate to the validation process of the next block.
This is an equivalent process of our Steem blockchain and the more coins stacked, the higher the value of the votes received and the more likely the agent is to be nominated based on the number of votes the agent receives based on that fact.
Differentiate Proof of Stake and Proof of Work
| Transaction Validating will be accomplished by an eco-friendly technology | Transaction Validating will be accomplished by power-consuming technology |
| Proof-of-stake systems are working like highly efficient systems to accomplish every transaction within a few seconds. | Proof of Work systems are quite non-efficient systems as compared to Proof-of-stake systems as it takes more time to accomplish transactions |
| Proof of Stake systems is based on the coin or token stake technology | Proof of Work systems is based on mining technology using computing power |
| Rewards will be distributed among users who have staked coins or tokens in the platform and the portion of rewards will be determined by the factor of the staked amount. | Rewards will be distributed among users who are using computing power (Mining) and the portion of rewards will be determined in terms of energy |
Why boundaryless trading is important?
Boundaryless trading is common nowadays as we all are involved with Cryptocurrencies like Bitcoin and Steem. Thanks to this Boundaryless trading, we don't have any limitations like traditional banking systems. And so on we don't need to pay extra taxes and any other fees to accomplish our transactions.
Attractively, we now have the ability to trade on any pair of coins anywhere in every country. All this has happened as a result of this boundaryless trading system
Differentiate Cryptocurrency and Blockchain
| Cryptocurrency is a digital currency that is created on a blockchain | Blockchain is the distributed system of this Cryptocurrency working process |
| What appears on the surface as a digital currency can be called cryptocurrency. | The process by which digital currencies operate and those transactions take place internally is called the blockchain. |
| We can use every Cryptocurrency as a unit to accomplish our Transactions. | blockchain is a decentralized technology that goes beyond the simple transaction process |
| One cryptocurrency can be created on several blockchains and traded such as USDT on ETH, BSC and Tron blockchain | It is possible to create and distribute a large number of cryptocurrencies in a single blockchain such as ETH and BSC |
I have studied all the explanations given by @engrsayful to create this article and below sources to further study on these topics and I have explained all the above facts in my own words.
10% benificiary set for @tron-fan-club
Thank you