Home Work Task of Tron Fan Club Tutorial || Contest Post To The Home Work Task Title - Major Understanding of Cryptocurrency and Blockchain By @solexybaba

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Greetings to everyone here in Tron Fan Club community. It is a nice weekend and a wonderful tutorial contest so far. Today I will like to discuss the contest topic titled blockchain and its related features to each other. before I proceed I will like to appreciate @engrsayful for helping out by giving us some insight into this wonderful contest. based on my view the purpose of this contest is not based on the reward but the knowledge we will gain from it. so sit tight while I summit my entry, wish you all happy reading.

EXPLAIN THE SECURITY FEATURES OF BLOCKCHAIN?

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The word blockchain is said to be a particular network that combines and stores data inside a block, It is a powerful system that maintains a record of transactions that are bitcoin or other cryptocurrencies across several computers that are generally linked in a peer-peer network.

In a general term it is said to be a system that records information in such a way that makes it hard or impossible to be changed, jeopardize, tempered with, or even compromised the system. it is mainly a digital ledger of transactions that is duplicated and also distributed to all the networks of a computer blockchain system.

WHAT DO YOU MEAN BY MINING IN BLOCKCHAIN?

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When we talk about mining in blockchain we are referring to the process in addition of transactions to a great deal of distributed public ledger of transactions that are already in existence which is known as the blockchain. and this point line is particularly known for its relation with bitcoin, even though several technologies make use of chains to employ mining.

It is also a particular way in which Bitcoin and other digital currencies use in generating new coins and also verifying new transactions. it includes large, decentralized networks of computers all over the world which verify and safeguard blockchains and also the virtual ledgers that document digital currency transactions. and to pay back this effort to these computers because of the processing power which has been used the computers on the said network are rewarded with fresh new coins and these coins provide incentives for miners in other for the blockchain to be maintained.

WHAT DO YOU MEAN BY DPOS SYSTEM OF MINING?

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The DPoS as we all know is the short pronunciation of the word Delegated Proof of Stake. it is said to be a basic type of blockchain consensus code of conduct that enables users to spend their various coins in other to vote for certain delegates. and as soon as these delegates are chosen, critical decisions can be made by them and that decision stands, and when the decisions are made it applies to all the networks.

It is also seen as the process where various users of the said network vote and select delegates in other to validate the subsequent block and these certain delegates are also called witnesses or block producers.

DIFFERENTIATE PROOF OF STAKE AND PROOF OF WORK?

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The difference between proof of stake and proof of work is clear and I will be highlighting them in a tabular form.

PROOF OF STAKE	PROOF OF WORK
- In proof of stake, the staked crypto funds of the validator serve as an economic reward or bonus to act in the network's best interest	- In proof of stake, the penalty that miners do face on the account of submitting non-valid information or blocks result to the sunk cost of computing energy, time and power.
- In proof of stake, the algorithms give encouragement to users for the confirmation of network data and make sure of maximum security by the process of collateral staking	- Proof of work is very secure and it consumes more energy, it is also slow..
- Proof of stake has a more small environmental impact	- Proof of work operating network is much more open and it is decentralized in nature.

WHY IS BOUNDARYLESS TRADING IMPORTANT?

The word boundary-less trading is said to be a word that was crafted out or derived from the boundary organization. and this in a nutshell means an organization with no boundaries. it implies that the structure enables individuals to interface with other individuals throughout the organization regardless of the need to await a hierarchy to regulate that particular interface.

Almost every organization possesses a various set of hierarchies but talking about a boundary-less organization, the word hierarchy is deleted.

So boundary-less trading allows the digital currency market with a fine non-rigid working time, that is to say, trading can be on at one's convenience.

A boundary trading is very bad as such it is part away from the traders and equally drives an organization far from its suppliers and also its consumers. so with boundary-less trading, there won't be any obstacle that bridged the organization and its respective customers and suppliers but rather an avenue is created whereby traders and cryptocurrency market can work hand in hand in a normal manner without any odds or barricades.

DIFFERENTIATE BETWEEN CRYPTOCURRENCY AND BLOCKCHAIN?

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Before I move straight to the differentiation, it is better if I define the two words starting with Cryptocurrency.

• Cryptocurrency - Is said to be a digital currency in which various transactions are verified and its records are maintained by a decentralized system with the help of a basic security encoding known as cryptography rather than by a centralized system of authority. while

• Blockchain - is said to be a shared and immutable ledger that enhances the process of tracking assets as well as recording transactions in a business network.

Just the definitions alone have differentiated them already but I will still note some differences. now that we are familiar with the meaning of these words, to the differentiation in proper.

CRYPTOCURRENCY	BLOCKCHAIN
- It is just like a medium of exchange for instance the United State dollar.	- It is a storage technology that is used to save data on the decentralized network systems
- All cryptocurrencies possess monetary value importance	- It is used to store several types of information greater than cryptocurrency transaction records.
- The technology of blockchain is decentralized and distributed around the world	- Cryptocurrencies can be accessed through mobile wallets even though it is held in blockchains.

CONCLUSION

Truth be told blockchain has changed the world's low point of view and as such the good deed that this new technology is doing for mankind is quite amazing and swift all this time since it arrived. as well as cryptocurrencies are now taking over the world's banking systems and a lot more. I hope to see the level at which cryptocurrency will take over entirely.

I will have to conclude by saying a big thank you to @engrsayful for this great and well-organized contest, it is indeed educational and informative enough.