STEEMKIDS CRYPTO ACADEMY S2W1/BLOCKCHAIN CONSENSUS MECHANISM / PART 1 ASSIGNMENT ANSWERED BY @bossj23 / #club5050 / 10% Payout to steemkidss submitted to @benton3

in Steem Kids & Parents • 3 years ago (edited)

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Good evening everyone, I'm @bossj23 and I'm glad to be part of this wonderful community. I still give God thanks for keeping me alive to see this new day. I courageously told nature I'm alive today. I won't fail to commend @benton3 for creating such awareness in this community. It has heightened my knowledge stalk and I appreciate him for giving us this assignment to test how we can interpret or how we understand what he taught. In communication, this process is called feedback where the encoder sends information to the decoder and waits for feedback from the decoder to see how well he can interpret the message.

The assignment is centered on Blockchain consensus mechanism.
Assignment questions are as follows

Question one

What is blockchain consensus mechanism?

The keywords in this question are; blockchain and concensus mechanism.
We'll first start by defining the terms individually before defining the main term.

Blockchain: is a decentralized public ledger that records information and It encrypt it in a way that is difficult to hack.

Consensus mechanism: refers to the process by which various nodes found in the blockchain adopt to reach an agreement or consensus for any transaction in the decentralized blockchain.
Blockchain is dependent on consensus mechanism.

Blockchain Consensus Mechanism

This is a process by which nodes in a computer network reach an agreement in a blockchain before transactions are made, thereby guaranting its legitimacy. it is also a mechanism applied or used to secure or guarantee security pertaining to transactions or information in the information system.

Question Two

Define proof of Work and Proof of Stake

Proof of Work( POW): it was created as a proposed solution to Spam emails. This is a type of decentralized consensus mechanism used for transaction validation,i.e the process of determining if a transaction conforms to certain rules which makes it valid. It is centered mostly on securing the system, preventing people from gaming or hacking the system, sending Spam emails and even launching denial of service attacks. This kind of system ensures security and enables trust concerning transactions.
Proof of Stake (POS): This is a type of consensus mechanism used in validating and selecting validators based on their quantity of cryptocurrency. It involves committing one's crypto assets to support a blockchain network. @benton3 explained that it is a type of consensus mechanism in which the validator is chosen based on the number of a cryptocurrency that he is holding which he staked, usually the native token of the blockchain.

Question Three

List at least two blockchain that uses each of the consensus mechanism

POW: Examples of blockchains in proof of Work(POW) are: bitcoin, litecoin and dodgecoin according to @benton3

POS: Examples of blockchains in proof of stake (POS) are; Ethereum and Terzos according to @benton3

Question Four

Differences between proof of work and proof of stake

1: In proof of work (POW), many expensive equipment are required, while in proof of stake (POS), it does not require so many expensive equipment which reduces the amount of energy needed for the validation.

2: In proof of work validators are selected at random but they require sufficient amount of computing power to carry out the validation, while validators in proof of stake are selected based on the number of a cryptocurrency that he is holding which he staked. According to @benton3

3: Proof of work mining requires large amounts of energy consumption to fuel computational power, while proof of stake gives mining power based on the percentage of coins held by a miner.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.investopedia.com/terms/p/proof-stake-pos.asp&ved=2ahUKEwju9PrisKX0AhWK-qQKHWHlCwkQFnoECCUQBQ&usg=AOvVaw2dQYFYN02CvkkwIVUY-bN5

Conclusion

This is what I've drafted so far. I still owe my special thanks to @benton3 for the enlightenment.

Greetings to
@ngoenyi
@rich9090
@semmy09
and @benton3

#steemkidscryptoacademys2 #steemexclusive #nigeria #steemkids #benton3
3 years ago in Steem Kids & Parents by
$Na
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    • [-]
     3 years ago 

    U are really doing well, I appreciate you participating in this assignment @bossj23

    $Na
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      [-]
       3 years ago 

      Thank you for taking part in the crypto academy for kids. We are glad you are staying active in this community. We advised you to read the new rules for kids

      https://steemit.com/hive-139765/@steemkidss/important-update-age-eligibility-limitations-on-kids-accounts-in-steemkids-community

      Also ensure to always power up at least 50% of your earnings.

      $Na
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        [-]
         3 years ago 

        Thanks for sharing I'm the crypto lesson, you are sure to become a crypto kid one day. Thanks for sharing

        $Na
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          [-]
           3 years ago 

          Keep up the good work

          $Na
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            [-]
             3 years ago 

            Thank you at bossj23 for participating in this weeks steemit crypto academy. I believe that is the first time of doing so. Your effort is well appreciated.

            However, I would like you to know that plagiarism was spotted in your work. So please, next time kindly check for plagiarism and ensure it does not occur again.

            I also noticed that you don't know how to cite sources properly. That is why you should speed up in your achievement task or as the person who signed you up to do so.

            Make sure you join club5050 to enhance your chances of getting upvote.

            $Na
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              [-]
               3 years ago 

              Hi, @bossj23,

              Your post has been supported by @ngoenyi from the Steem Greeter Team.

              $Na
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                [-]
                 3 years ago 

                Hello @bossj23, a catch up vote for your Introduction post has been given to this post.

                Greeter: @ngoenyi

                $Na
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