Home Work Task of Tron Fan Club Tutorial || Contest Entry To The Home Work Task By @suglo100
Hi everyone.
I’m glad to submit my entery to this task. It is always good to share the few knowledge we have about blockchain and it’s related features to each other. I think this is a nice contest and will be glad to take part.
To begin with, I have gone through all the necessary posts provided by @engrsayful to assist us in carrying this homework task. And I will be tackling every question in my own understanding.
Blockchain is simply a network that gathers and store data in blocks. These blocks has a limit to which it can store data. The name Blockchain comes from the continues chaining of blocks.
When a block get to its limit of data storage it is chained to the previous full block, hence the name Blockchain.
With blockchain security, I can say it is simply a risk management system for blockchain systems to do away with fraud and cyber attacks.
Mining in blockchain is the process of adding transactions to an already existing blockchain ledger of transactions shared to all clients of the blockchain.
Most crypto lovers know mining to be with only Bitcoin but there are other blockchain networks that deal with mining as well.
Moreover, mining has to do with the developing of hash of groups (blocks) of transactions which can’t be easily forged and also protect the name of the blockchain without involving any third party.
mining? Differentiate Proof of Stake and Proof of Work
DPoS is the abbreviated form of Delegated Proof of Stake. It is a form of consensus algorithm that is developed to be more efficient and representative version of PoS.
With the mining style of DPoS it is based on voting. In DPoS miners are picked as a result of the votes they get from other miners. For a miner to be on top of a list, he/she needs to get more votes. Meaning the higher your votes the higher the possibility that you will be selected at top.
The various miners with top votes will stand a chance to mine. Meaning the value of a vote has to do with stake by clients. If a client want to have a higher voting power then he/she will have to be staking more.
To get more understanding of how this DPoS works you need to understand the basics of Proof of Work and Proof of Stake.
• The Proof of work blockchain network confirm transactions through a consensus algorithm that needs miners to solve a cryptographic equation by the trial and error way while Proof of stake is a consensus algorithm that needs miners to stake part of their assets in order to confirm transactions.
• Proof of work protects its clients from attacks by making miners expend their resources to compete with one another to solve cryptographic equations quickly to validate each blockchain block but proof of stake only enables its users to validate blocks if they have given a stake, this gives attackers the chance to confirm legitimate transactions and prevent forking the blockchain.
• With proof of work, miners compete against each other to solving a complex problem with the help of high-powered computers whereas Proof of Stake miners only have to stake some portion of their assets or all before they can validate a transaction.
Boundaryless trading comes from boundary organizations. And they implies organizations with no boundaries. As we are all aware most organizations has a set of hierarchies but a boundaryless organization has no hierarchies.
It is important because, it separates traders and sent an organization away from its suppliers and customers. With this, they create an atmosphere in which traders can work together with the crypto market without any inconvenience.
Another reason why it’s important is that, traders of the crypto market have flexible working periods. They can trade at the most convenient periods for them. That is to say, traders can get a work life balance in their own way and with regards to their needs.
People use these two words interchangeably thinking , they are the same. However, there are a lot difference between these two terms that we think they are the same.
Cryptocurremcies as we are already aware are digital currencies that uses the blockchain system as a ledger for keeping data of crypto transactions but blockchain on the other hand, stores and access data, supplies continues and logistics data, keeping of financial records and many other uses.
Would have love to given more satisfying differences between these two terms but the question has limited me to only 60 words.
My sincere gratitude goes @engrsayful for conducting this nice and educative contest. Although I wish I had enough time to take my time and explain every question well but I’m loaded with academic work at school which has engaged me and cause my lesser time on being on this platform.
Blockchain has really impacted the world in every aspect of life, be it the financial sector, health sector, educational institutions etc and cryptocurremcies are now getting stands in the economic aspect of the world. Some countries have started accepting cryptocurremcies as a medium of exchange and I wish this go viral for it is secure and has no time wasting.
Thank You All!!