[ SEASON 3 | Week 6 ] Steemit Crypto Academy Homework Post for @pelon53 | BLOCKCHAIN EOS |
Hello friends .... !!!
Meet again with me Ichsan Angga P on this Steemit Crypto Academy Homework Season 3 Week 6.
Today I will finish my homework About BLOCKCHAIN EOS given by professor @pelon53.
Delegated Proof-of-Stake (DPoS) is a consensus algorithm created as a result of the development of the Proof-of-Stake (POS) consensus algorithm, which aims to further improve the deficiencies found in the Proof-of-Stake (POS) consensus algorithm such as less effective and if we look at it as a whole it works in a way that requires the support of a group of communities to delegate in order to validate each block on the network.
Due to the lack of the Proof-of-Stake (POS) consensus Algorithm, someone named Daniel Larimer in 2014 created a Consensus Algorithm called Delegated Proof-of-Stake (DPoS), which was the first to use this algorithm was Bitshares, then a Other well-known blockchains, namely TRON, STEEM, EOS, Lisk and others, which are better in their working system, because this consensus works more effectively and it adheres to a democratic system which works by voting to secure the network. As the name suggests, a delegate is called a witness, in which a delegate has more responsibility for achieving a consensus in the process of creating and validating the new blocks created.
In Delegated Proof-of-Stake (DPoS) they also vote which of the votes are given from one project to another, broadly speaking, that is where the delegates make a proposal in submitting voting to people, in other words every the voter is entitled to receive from the results that have been collected by the delegates and the reward will be distributed by the nutmeg delegates equally according to the votes given.
So so that it is easy for you to understand, I will give an example through a Blockchain that we are currently using, namely STEEMIT. So this way, a witness will work by creating a new block in exchange for what we give in the form of a token in the blockchain, when a witness has created a new block, then his task has been completed and then he will return to look for another block which is in the block. The next one is that the new witness is not the same as the previous witness, so it is easier, namely where this cycle will experience continuous rotation and be carried out repeatedly without any certain limitations in making the new block.
I will provide a picture and evidence where you can check the witness that the witness will not be repeated with the same thing, in other words one witness only produces one block, there will be no where one witness can create more than one block , here is an example
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You can see above that each witness will only make one new block, as you can see in the picture I provided above, and other evidence is that when each magician makes a new block, it will continue to rotate and be repeated continuously.
So in the following I will give a description of the advantages and disadvantages contained in Delegated Proof of Stake (DPOS), as follows :
Advantages of the DPoS consensus algorithm
- Delegated Proof of Stake (DPOS) has a good level of security and work effectiveness.
- Delegated Proof of Stake (DPOS) adopts a more democratic system because the system works by voting
- Delegated Proof of Stake (DPOS) saves energy because of the minimal use of electrical power used to run the system on the network.
- Delegated Proof of Stake (DPOS) performs on its consensus that it is more stable in its network.
- Delegated Proof of Stake (DPOS) does not require high-level computing devices, because it can run by adapting and more scalable work systems in its network.
Disadvantages of the DPoS consensus algorithm
- Still underestimated and less known by people around the world regarding the DPoS consensus.
- Voting is viewed by the number of asset holdings, so only people who have large assets can have a stronger vote.
- Requires support from the delegation so that the running network has a good performance regarding information and transparency.
2. Explain What are Ricardian contracts on the EOS Blockchain?
As we know that in the world of Blockchain smart contracts as well as Ricardian Contracts are not something foreign anymore. This Ricardian contract was created by an Inventor named Ian Grigg, he created a smart contract in the digital world that has the concept of a physical or tangible document, which means that the document has been officially bound by Law in the real world.
The EOS Ricardian Contract which has been recorded in the Blockchain world and also in the real world. This EOS Ricardian Contract has legal documents that have been officially signed by certain parties who took part in the EOS Blockchain, and also this EOS Ricardian Contract has been officially Legalized in the document that has been legally signed.
As we know that in every Contract it has a Document containing regulations, requirements, information and also provisions that have been legally agreed upon, as well as the Ricardian Contract in its document it has included regulations, information, provisions and also applicable requirements, so that This Ricardian contract can be directly read by humans in the real world and in digital Ricardian contracts can also be read by working machines, because it is included in the Ricardian Contract which is also digital.
So the purpose of the Ricardian Contract to create a system like this is to create a level of confidence in the world community towards the project they are working on, because the Ricardian Contract Document has been physically signed by certain parties so that the documents entered in the Blockchain can be ascertained their authenticity and this proves that they are really transparent in running the project.
As we know in the EOS Blockchain they have fully supported this Ricardian Contract, and they also confidently planted the Ricardian Contract in their device called EOSIO.
And in making the Ricardian Contract who is responsible for the process from design, manufacture to embedding it into the EOS Blockchain is Block.One. They created it not without a definite purpose, but they created it with a big goal, namely to maximize the level of security in the Blockchain and they also changed the programming language that has been embedded in the blockchain into a human language, so that Ricardian contracts will be easily read by all people in the world, and this will also increase the confidence of everyone in the world regarding EOS.
So broadly speaking, with the Ricardian Contract in the EOS blockchain, it aims to help people around the world to participate in safe transactions on the EOS Blockchain, as I explained earlier above, the Ricardian Contract is embedded in the EOS Blockchain to further increase people's trust. worldwide because of the high level of security, has a very fast transaction process and all information, terms and conditions have been explained easily in documents that have been legally approved, so that all people in the world can understand it easily.
3. Explore the official EOSREX interface (eosauthority.com). Show screenshot.
So in this third task, I will try to explore and provide screenshots regarding the features available on the EOSREX website, as follows:
- The first step that must be done is, you enter the official website page by clicking on the following link EOSREX, the website homepage will appear as below:
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So after you enter the official website, we will now see some of the features provided on the Eos Authority website, including the following:
Eos Explorer
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Eos Explorer is a feature provided to provide convenience in searching for Account Names, blocks, transactions and also ETH addresses, explanations are also listed in the EOS Explorer box as shown above
Information Regarding EOS Pricing
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In the second feature, Information Regarding EOS Pricing, in this feature they provide information about EOS, starting price at the moment, market rating, yesterday's high/low, yesterday's changes and yesterday's volume.
As noted above, the EOS price at the time I captured the screen was $4,010 USD, Rank #33, Yesterday's High/Low $4,160/$3,980 USD, Yesterday's Change $0.016 USD (0.40%) and Yesterday's Volume $971,707,082 USD. This information will change according to market activities every day.
Graph of EOS Transaction Amount
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So in the third feature, when you scroll down it will be displayed with a wave graph where they provide activity information and also about the number of transactions that occur on EOS.
Other Information About EOS
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In this Fourth feature you will be provided with information regarding Total EOS Wallet, EOS Bet/Not staked, Voters, RAM, and also CPU Usage.
Information on Wallet EOS 2,777,861, Staked as much as 447,080,177 EOS and Unstaking now as much as 423,621 EOS, Voters have as many as 86,968 voters with a total of 367,177,776 EOS (36% of supply), RAM usage 77.1 GB / 247.8 GB with RAM price per KB: 0.0319 EOS / kb ($0.13/kb), and 100% CPU Usage.
Block Producers
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This feature displays Rank, account, total vote, voters, percent, daily reward and also location, as shown above.
Chain Alerts
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In the Chain Alert Feature, as the name implies, here you are given information regarding the Action and also the time of the warning on the chain.
Trading Alert
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In the Trading Alert feature you will be given information regarding several things, as I have marked in red in the image above.
Proxies
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In the Proxies Feature you will be given information related to Proxies that are working, you can see as shown above
Transaction
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In the Transaction Feature you will be presented with information related to the transaction that is taking place, for details you can see as in the picture above
Menu
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As the name suggests, it has other features such as Dashboard, Wallet, REX, PowerUp, Manage CPU/RAM, Manage keys, Vote, Create Account, Bid Name, Alerts, and Trade Your Tokens.
Dashboard
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on the Dashboard it will display information such as your Total Assets, Price Chart, Account Security, Airdrop, REX, and Recent Activity, you can see like the two pictures above.
Wallet
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In Wallet, as in general, you will be presented with features such as adding a wallet, and making transfers to other accounts, as in the picture above
REX
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In the REX feature there are several other supporting features such as Lend to REX, Borrow CPU/Net (DApps), REX Calculator, and REX Statistics, for a simple view I have taken the screen in the 4 pictures above, if you want to know more, please explore it with details.
Power UP
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In the REX feature there are several other supporting features such as Get Power, Power UP Calculator and Power Up Statistics
Manage Keys
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In the Manage Keys feature you can make changes to the keys you have
Create Account
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In the Create Account feature you can use the features to create an account (simple), create an account, recover accounts - Lost key, and also recover accounts - unregistered, as shown above
Trade Your Tokens
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In the Trade Your Tokens feature you can do trading activities on EOS Tokens, and here you have also been given options in your trading, such as NEWDEX, YOLO and DEFIS, as in the picture above.
Events
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In the vents feature they provide information to you regarding Top Online Event Creators, Top Offline Event Creators, and also Discover 30 events where you can also participate in these events.
Tools
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In the Tools Feature there are 29 other tools where these tools also aim to make it easier for you to manage your account and view other important information, you can see as shown above
EOS Credit
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In the EOS Credit feature itself, it has a site called Nexo, where you can carry out activities such as Buy, Earn, Borrow, Exchange, Card, Token, Company, Security and Help, as shown in the image above.
Partner
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In the Partner Feature, we can see that there are several partners, including Get Scatter, EOSBIXIN, EOSRIO, HYPERION, Dfuse and EOS Amsterdam, as shown above
Social Media
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They also have verified social media such as Twitter, Telegram and also Facebook
4. The Sqrl Wallet, Exploration And How To Obtain CPU, RAM and Network.
In this fourth task, I will try to provide steps starting from how you can download the sqrl wallet, as follows :
- The first step you have to do is enter the sqrl wallet website so you can download it, here's the link sqrl wallet
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- The next step is that you have to choose where you want to download this sqrl wallet, because I use a Windows-based device so I chose windows, as shown below
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- After you click on one of your choices, a sign like this will appear, then click save file
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- The next step is to open the file that you downloaded, after it appears as shown below, here I choose only for me, after that you click next
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- After that, before you install it, you can choose where you save the file, after that you just click install, as shown below
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- After finished installing the sqrl wallet will appear as shown below then click finish
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- After that you will enter the next stage, here you have to click Connect to server to continue, as shown below
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- The next step is that you have to click create a new account, so you can have an sqrl wallet account, as shown below
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- The next step you have to give your sqrl wallet account name, and to bring up your active key and public key click like the blue mark in the image below.
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- The next step you have to save your keys, by clicking Copy keys then save it in a safe place, after you save it to continue you click keys are in save place to proceed to the next stage.
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- The next step you have to click create an account, as shown in the image below
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- So if after you click create account, a warning appears like in the image below
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- So if at the previous stage a warning came out, calm down we will enter the Telos website where later we will create a free wallet, so click the following link Telos.Net, then you will enter the website as shown below, after that click Start Now
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- So the next stage you have to click Create New Account to enter the next stage as shown below
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- At this stage you have to fill in your account name, save the given secret key and then you can click the continue button
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- Congratulations, you have successfully created your wallet account.
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- The next step after you have successfully created a wallet on the Telos website, now we return to the Sqrl Wallet, open from the beginning again and click import existing account as shown below
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- The next step you enter your account name, after that click lookup account as shown below
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- The next step is to enter your Private Active Key, then select active, then click Compare Keys, as shown below
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- The next step you enter your Local Wallet Password and after that you just click save account, as shown below
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- The next step is to re-enter your Local Wallet Password, then click save local walle, as shown below
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- The next step you just need to agree to all the rules given by clicking accept, as shown below
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- Congratulations, you have successfully created and entered your wallet, as shown below
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Exploration Sqrl Wallet
1.Wallet
In the wallet feature you can see the amount of your balance as well as in the wallet you can see the current amount of Eos, as shown below
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Then in Staked TLOS there is information related to CPU, Network and Ram, along with information in it such as Total, Delegated, Usage, Staked, Buy.Sell.Swap, Send.Receive.Stake, and Advanced as shown below
- T-Bonds
Then on the T-Bonds you are given information regarding the pBTC address you have, the pBTC balance you have, as shown below.
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- Staked TLOS
Then in Staked TLOS there is information related to CPU, Network and Ram, along with information in it such as Total, Delegated, Usage and Staked, as shown below
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- History
Then in the History it will give or record the history of what you did, here I have no activity so he can't record it, like the picture below
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- Data
Then in Data it displays information and updates incoming data such as Block, Ram, CPU and others
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- Buy.Sell.Swap
Then in Buy.Sell.Swap there are other tools such as Swap Tokens, as shown below
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- Send.Receive.Stake
Then in Send.Receiv.Stake there are other tools such as Send Tokens, Receive Tokens, Manage Stake, Buy Ram, and Sell Ram, as shown below
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- Send.Receive.Stake
Then in Advanced there is a tool called Broadcast Signed Transaction, as shown below
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2.Governance
Enter the Governance Features where here you are provided with various other auxiliary tools, including:
- **Block Producers
In Block Producers you are given complete information about Block Producers along with their Votes, as shown below
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- **Proxies
At Proxies you can also vote for proxies by registering first, and here you are also given complete information about the proxies activities that occur, as shown below
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- **Work
At Work here you can submit a Proposal and also here you are given complete information about the Proposal Title, Proposer, Amount, Milestones, Status, and Details
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- **Amend
In the Amend, information about activities starting from the Proposal Title, Document Title, and Details is given as shown below
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2.T-Rex
On T-REX you are presented with complete and detailed information regarding TLOS, and also here you can carry out activities such as TLOS Deposit, TLOS Withdraw, Borrow, Lend and so on.
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3.Tools
In TOOLS you will be given a complete menu of the available TOOLS, like some of the pictures below
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How Obtain RAM, CPU, and Network.
1.How To Get RAM
- The first step that must be done so that you can buy RAM, first open your wallet then click Send.Receive.Stake, then click buy RAM to buy RAM, as shown below
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- So after a display like this appears, you only need to enter the amount of RAM you want to buy and then click buy RAM
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It's easy enough not to buy RAM, now let's go on how to buy a CPU
2.How To Get CPU
- The first step is to return to the Send.Receive.Stake Options, then select Manage Stake as shown below
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- Next enter the amount you want, here you want how much CPU and how much NET you want, then after that you click Update Staked Balance, as shown below
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5. Show the price of REX tokens. And explain its use.
So here we will look at the REX Token, which as we know that this REX Token has been used on the EOS platform, but this REX token is still used on the internal market of the platform, which is only used as a tool to increase computing power, starting from the power that is in RAM, CPU, and also other computing power, Because that power is very necessary for users to have maximum performance on their computing in order to solve the working blocks.
As we know, this REX token was created by someone named Dan Larimer on August 2 2018, where he created a computing rental service system where users will buy it through an EOS platform.
So now let's see the REX price, you can click the following link EOS , after entering you scroll down, then there will be a REX Value section, so as in the picture below on August 7 REX/EOS is 0.00010108139116432367
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Next we will enter Coinmarketcap to see the selling price owned by EOS itself, you can see on Coinmarketcap it has a selling price of EOS at a price of $ 4.50 as shown below
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Conclusion.
So we will conclude in this task, starting from Delegate Proof of Stake (DPoS) it is a consensus algorithm that was created or the result of the development of POS consensus, which aims to fix any shortcomings that are in the POS consensus, with DPOS it has all the advantages ranging from maximum performance, a voting system that has a good method, also the speed in the transaction process is faster, and it has more transparency.
In the Ricardian Contract contained in the EOS blockchain, it also aims to make it easier for users to better understand the contract and to reduce the level of fraud that often occurs in the Blockchain world, the contract shows in detail and complete all other important documents that can be read digitally. and also by human language.
Last word
That's the task that I have completed from professor @pelon53 regarding BLOCKCHAIN EOS In completing my assignment, I realize that there are still many meanings that are far from perfect, therefore I apologize to friends if there are still many mistakes, and hopefully friends will be happy to give good suggestions or input on my posts.
Thank you all, I hope this post can help you all to understand more about BLOCKCHAIN EOS.
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