Crypto Academy Season3 Beginners Course-Task 4 Different types of consensus mechanisms
INTRODUCTION
Hello Steemian members it’s a great pleasure to be among the qualified students to participate in this homework task and this is my own understanding about the topic below.
Homework Task
(1) What is the difference between PoW & PoS? Advantages & Disadvantages? Which one is better in scaling Capacity? Examples?
What is PoW and POS?
- proof of work has a main goal of discouraging cyber attacks who exhaust the resources of a computer system by sending fake requests WhileProof of stake are validators who lock up some of their crypto as stake in the ecosystem.
Differences between PoW and PoS
In proof of work, the miners solve hard puzzles by using their computational resources While proof of stake , the miners there are validators who lock up some of their ether as stake in the ecosystem .
proof of work, chain miners must compete to solve a difficult puzzle using their computers to be added a blockWhile in proof of stake , there is no competition the block creator is chosen by an algorithm based on the stake the user is holding at that particular time
In proof of work, the miner to solve the puzzle first is rewarded with blocks for his or her work While in proof of stake, there is no reward for making a block or solving a math puzzle.
In proof of work to add a block one needs to have a computer more powerful than 51%of the network before he or she adds the other block, one must more network of above this percentageWhile in proof of stake , to add a block one has to own 51% of all the currency so that he can add as many blocks as possible .
proof of work requires one to be energetic While proof of stake doesn’t require energy.
Proof of work are miners are referred to as digital chains of block while proof of stake are validators who are responsible for verifying transactions .
Proof of work everyone is allowed to mine in order to solve the math problems Whileproof of stake only a few people are allowed to mine that’s to say not all people can participate in solving the computational math puzzles.
proof of work, transactions are not based on the amount of coins a miner holds therefore transactions can be made with any coins a miner is holding While in proof of stake, block transactions are based on the amount of the coins a miner holds therefore miners are required to have more coins to transact.
Advantages of proof of work
1 .proof of work is a decentralized network where there is no mechanism for pushing bad actors or discouraging them from trying
2 .proof of work makes blockchain networks difficult to attack and costly.
- Proof of work rewards miners with both a block reward and a share of transactions fee.
it rewards miners by funding various mining sectors .
4 .proof of work is very secure therefore it’s difficult for hackers to hack into there transactions.
5 . Proof of work gives chances to miners to create the next block because of the computing power they have .
Disadvantages of proof of work
proof of work is very expensive and you need large amounts of money to mine.
Miners in proof of work may own none of the digital currency he or she is trying to mine.
Miners need a lot of energy in proof of work hence its tiresome.
Proof of work only favors those with more capital to perform its tasks hence making it expensive for people with small capital to participate in there transactions.
There is massive competition in proof of work since miners are rewarded with blocks for the work done.
Advantages of proof of stake
proof of stake saves energy and discourages bad actions.
proof of stake is very cheap.
Proof of stake does not require a lot of energy consumption.
proof of stake rewards only validators that’s to say the more your stake is high , the more chances of being rewarded.
proof of stake is more faster and secure from hackers and bad actions.
Disadvantages of proof of stake
proof of stake is a complicated system to secure for-example if the algorithm is not written correctly, there will be a security weakness.
In proof of stake, the more you stake the more your chances favors those with more or large sums of capital .
Which one is better in scaling Capacity? Examples?
According to me proof of stake is better in scaling capacity because it’s safer and faster than proof of work .
In proof of stake , the computer system is free from attacks by hackers more so if services are related to money transactions. The proof of stake validators do not have to use their computing power because they influence there own coins.
Examples of proof of stake
- Tron(TRX)
- Algorand
- Cardano
Thanks @asapwood for this contest
CONCLUSION
In conclusion , I would say proof of stake is the best one can engage him or herself in because it’s safe and secure from bad actions or hackers.
It’s very first and quick and doe not require a lot of energy.
This is my research about the mentioned above topic
Hello @peace127, I’m glad you participated in the 4th Task of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:
Observations:
Actually, the equipments are very expensive and also the running cost is high due to high excessive consumption of energym
Recommendation / Feedback:
Thank you for submitting your homework task 4. We hope to see the rest of your submissions.
Thank you for your appreciation am also looking to scoring 10 out of 10 in my next tasks
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