Crypto Academy Week 12 - Homework Post for @alphafx

faisee (60)Beginner[4]in SteemitCryptoAcademy • 3 years ago

Hello steemit

How are you all? I hope every is fine and doing good. Like the season 1, I like the season 2 of this community but this time with some strict rules to ensure quality. To add input, today I’m going to do the homework of @alphafx so lets it by first mentioning the homework.

Write on any of these consensus algorithms extensively
• Stellar Consensus Protocol
• Proof of Capacity
• Proof of Burn
• Proof of Elapsed Time

The consensus algorithm on which I’m going to write is proof of capacity.

pic source

Basically it is a consensus algorithm which is used in blockchain to see the the capacity available of the hard drives Which then determine its mining rights and validate transactions. The employing of the available hard drive space solve the hashing problem. That is some basic explanation of proof of capacity.

There is a problem in other algorithms like high energy consumption in proof of work and in proof of stake there is a problem of cryptocurrency hoarding but this algorithm POC is solution to these problems. Hard drives which are also known as nodes are allowed to use their empty space to to mine the cryptocurrencies.

The number of chances for the miner to win the mining reward depends on the size of the hard drive, the larger the size, the more values can be stored in it, the more chances for the miner to match the value from the list if the winner is to be chose from the list by matching it. It increase its chances.
The coins that use this algorithm are:

Chia
SpaceMint
Storj
Burstcoin

How does it work?

It works in two process which are:
• plotting
• mining

Plotting

In the process of plotting, as it names “plotting”, it plots the hard drive. After plotting, the list is created which includes all possible nonce values through repeated hashing of data. Now we see the each included nonce value contain 8192 hashes. Now these hashes, they join with adjacent hashes to form a pair, they joined with adjacent hashes which are numbered from 0 to 8192. Those pairing is called scoops.

Mining

In the process mining, the miner first calculate the scoop then it calculates the deadline ounce of the hard drive. It will repeat the process of calculating the deadline for every ounce. After calculating all, the miner will choose the ounce with minimum deadline. A deadline simply means the time allowed for the last block before the miner can forge a new block.

Advantages

• Any hard drive can be used and can be reused by wiping the previous data for it.
• Its more energy efficient that ASIC based mining.
• No need of dedicated hardware or any upgrades.

Disadvantages

• used by less developers.
• malware can affect mining activities.

Conclusion

Form the lecture and homework, I learnt that proof of concept is one of the most important algorithm. I learnt that this algorithm is energy efficient and solve the problem faced by other mining algorithms. I learnt that its hard drive can be reused but there is minus point that not many developers uses it.