Bitcoins's Trajectory|| Crypto Academy S4W5: Homework post for @imagen

cinnymartins (64)Beginner[1,2,3,4,5,6,7,8,9,10]in SteemitCryptoAcademy • 4 years ago

HOW MANY TIMES HAS BITCOIN BEEN “HALVED”? WHEN IS THE NEXT EXPECTED? HOW MUCH DO BITCOIN MINERS RECEIVE TODAY? NAME AT LEAST 2 CRYPTOCURRENCIES THAT ARE OR HAVE BEEN "HALVED".

Halving means the reduction in the original amount of a thing. so, Bitcoin halving is a process of dividing the rewards of successful mined Bitcoin into two. It is a repetitive event that occurs every four years or after 210,000 block have been mined and the aim is to ensure that the amount of the existing Bitcoins reaches the stipulated time. The halving event normally comes with a strong influence on the price of Bitcoin as demand increases as a result of decreasing liquidity.

The first Bitcoin halving took place in November 2012 prior to which a reward for a block mining was 50 BTC and after the halving, the reward was halve to 25BTC.

The second halving took place in 2016 and the reward was halved to 12.5BTC per block.

The last Bitcoin halving took place in may 2020, the reward was halved 6.25BTC.

The fact still remains that Bitcoin halving will keep rotating every four years and the implication of this is that the reward for mining will keep dropping until bitcoin reaches 21,000 000 total supply which is estimated to occur in 2140.

When is the next expected?

Remember I made mention of Bitcoin halving occuring every four years and the last halving to have taken place in 2020. Now, the next expected halving will take place in 2024 and the reward will be 3.125 BTC per block.

How much do bitcoin miners currently receive?

After the last halving in 2020, miners currently receive the reward of 6.25 BTC per block.

Cryptocurrencies that are or have been halved

ELCASH

Source

Electric cash (ELCASH): It's halving occuring once every year and it first first took place in 2020. The last halving is scheduled to take place in 2030.

Zcash (ZEC)

Source

Zcash (ZEC): had its first halving in November 2020 and just like Bitcoin, It is halved every four years. After its first halving , the reward for each block mined was halved from 6.25 ZEC to 3.125ZEC.

WHAT IS A CONSENSUS MECHANISM? HOW ARE PROOF-OF-WORK AND PROOF-OF-STAKE DIFFERENT?

Consensus mechanism

The consensus mechanism is a very crucial element in the blockchain technology and its essence is to verify and as well validate every transaction entered into the blockchain system. This mechanism operate in a way that it connects all nodes on blockchain together to validate transaction and all these nodes work in agreement to do the transaction validation.

There are different types of consensus mechanism which includes but is not limited to:
Proof of stake (POS)
Proof of work (POW)
Proof of Brain (POB)
and I will be detailing the first 2.

PROOF-OF-WORK

This is a decentralized type of consensus mechanism used in validating old coins specifically as it was first used by the crptocurrecy prototype which is bitcoin and the creation of block in blockchain system.
This is a consensus machanism that exerts energy to put away harmful use of computing powers and the essence is to ensure an undisrupted network in the blockchain.
Under this type of consensus machanism miners solve computational puzzle get reward and the Miner who gets to solve these puzzles get rewarded.

PROOF OF STAKE

Also a type of consensus mechanism but quiet different from proof of work in that it does not require miners solving computational puzzles. In a proof of stake consensus mechanism, the influence of a Miner is dependent on the number of coins or assets he has. In otherwords, miners who have larger amount of assets get highest rewards.

PROOF OF WORK AND PROOF OF STAKE

Proof of work invest in buying hardware and those hardware are not cost effective and for this reason some persons don't get to participate in the mining while Proof of stake is more interested in building reputation.
Proof of work is more of a decentralized system than Proof of stake and the reason is because Proof of stake run a centralized system with only those who have higher reputation in the system and for this reason decentralization which is the main objective of crypto currency is defeated in Proof of stake.
Moreso,computing power is a limited resources in Proof of work Blockchain as its consensus consumes more mining energy as the environment is a very competitive one and everyone wants to increase their hash rate but this is quiet different from what occurs in a proof of stake.

ENTER THE BITCOIN EXPLORER AND SHOW THE HASH CORRESPONDING TO THE LAST TRANSACTION. SHOW SCREENSHOT.

Here, I visited the website and below is an image showing showing the hash corresponding to the last Bitcoin transaction.

From the said image, we could see the transaction hash of Bitcoin to be 310c80073270f343d1005ea3ccedbbe3c31509ea16bbb748cf4c8d9b21f4dac7

WHAT IS ALTCOINS SEASON? ARE WE IN ALTCOINS SEASON? WHEN WAS THE LAST ALTCOINS SEASON? NAME AND SHOW 2 ALTCOINS CHARTS FOLLOWED BY THEIR GROWTH IN THE LATEST SEASON. Give reasons for your answer.

WHAT IS THE ALTCOIN SEASON?

Altcoin season is simply alternative coins season. It is a season in which 75% or more of the top 50 altcoin within coinmarketcap range rises the most percentage above bitcoin within a period of 90 days. These are seasons when altcoin compete with top coins like bitcoin.

ARE WE IN ALTCOIN SEASON?

As at the day of writing, there are only but 43% of the top 50 altcoins doing better than bitcoin in the last 90days and this we can't refer as an altcoin season because the percentage wasn't up to 75%.

WHEN WAS THE LAST ALTCOIN SEASON?

The last altcoin season began on 26 March 2021 and ended on 20th June 2021. This was a season where 50 altcoin did better that Bitcoin up to 80% within a period of 90days.

NAME AND SHOW 2 ALTCOINS CHARTS FOLLOWED BY THEIR GROWTH IN THE LATEST SEASON

Axie Infinity

Source

According to blockchaincenter website, Axie infinity (AXS) was the best performing coin in the last 90days with the growth record of over 720.3% . This was a coin launched at $0.15 in the year 2020 but has lately hit $150 .78 and is currently at $127.01 as at the day of writing.

Shiba Inu

Source

This is another coin with excellent performance according to blockchaincenter for the past 90days with the growth record of 285.7%. In the past few months, the coin has experienced a steady fluctuation in price mainly towards the bearish end but currently, it is doing very great and now at the rate of $0.00003137. This was a coin launched at a very minut rate and quite affordable for all and it has recently turned 30 many investor into Billionaires.

MAKE PURCHASES FROM YOUR VERIFIED ACCOUNT OF YOUR PREFERRED EXCHANGE OF AT LEAST 15 USD IN A CURRENCY THAT IS NOT IN COINMARKET's TOP 25 (SBD, TRON , OR STEEM ARE NOT ALLOWED). WHY DID YOU CHOOSE THIS COIN? WHAT IS THE GOAL OR PURPOSE BEHIND THIS PROJECT? WHO IS THE FOUNDER/DEVELOPER? SHOW ATH CURRENCY AND CURRENT PRICE. THE REASON FOR YOUR ANSWER. SHOW SCREENSHOT.

For this question, I purchased bittorent from my BINANCE exchange and below is the details of the transaction.

It currently ranking 56 on the coinmarketcap exchange.

WHY DID YOU CHOOSE THIS COIN?

Launched in the year 2019 at the rate of $0.000547 and was quite affordable as at then and has reached it all time high at the rate of $0.14250. For this periods, bittorent has experienced a rapid growth

WHAT IS THE GOAL BEHIND THIS PROJECT?

The aim of this project is to disrupt the legacy of entertainment industries who are slow in obtaining customer's content as well as bypass rigorous processes and enhance distribution of contents amongst internet users directly and also to organize a permanent file storage.

WHO IS THE FOUNDER/DEVELOPER?

Bittorent is a token built on the Tron Blockchain and launched in 2019. It was developed by Bram Cohen and the bittorent foundation. It got popularized through the ICO process.
According to Cohen, bittorent was designed to overthrow entertainment industries who has on countless occasions proven to be incapacitated in facilitating speedy network.