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Steemit Crypto Academy Contest / S1W3 – Blockchain through the concepts by @badmus-official

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badmus-official
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2 years agoSteemit8 min read

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Hello everyone, how are you all doing, welcome to the Contest week 3 of the crypto academy season, we have been asked to engage with other users to discuss individually our favorite concepts of a blockchain.

The concept I will be discussing with you is the Proof Of Stake concept, and as well I get to explain its importance to the blockchain, and also how it can be improved for better efficiency.



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Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion


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My favorite concept in the blockchain term is the Proof of Stake, The Proof Of stake is a consensus mechanism on the blockchain network, it's the mechanism that determines the validity of new blocks in the blockchain, and also determines how secured the platform is.

There is a three concept that comprises a Blockchain, they are decentralization, scalability and security.decentralization determines how the blockchain concept is to be run, I,e the activity on the blockchain, and scalability determines how fast a blockchain is, while the securities are the consensus mechanism that determines how blocks are mined, and how platforms are secured.

The Proof Of Stake is a consensus mechanism that gives the validity of new blocks to the highest stakes of nodes, in this case, miners compete to win consensus, but the miner that stakes the highest coin of the particular blockchains wins the new blocks, and as well get rewards for staking the highest coin.

We know mining of blockchain using proof of work requires miners to solve complex mathematical algorithms, but in proof of stake, miners only need to make use of their money by staking the highest number of coins, which makes mining easier and comes with less stress, its basically for the individuals with lots of assets.

The stakes on PoS are being tasked with one mission, which is to keep the blockchain secure by staking the highest, where in this case, miners fight to secure the platform by staking coins and earning rewards, this thus makes it immune to attacks, as more miners are fighting to win nodes each minute, it is almost impossible for attackers with a little amount of money to participate in staking a huge amount of coin just to win a little reward.

Proof of Stake is easier and lots more difficult to hack as the complexity of staking the highest makes it difficult to hack, and also makes it immune to attackers, the PoS is secured and less complex.



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Why do you think it is important in the blockchain?


Proof of stake is important in the blockchain network as it tends to bring more security and less complexity for miners.

  • Security - proof of stake tends to be more secure as there get to be few attacks, since there are a bunch of miners fighting to win the nodes, so it's not a game for small earners as it requires a platform with a huge amount of money before participate or winning nodes.

  • PoS Consensus platforms tend to be faster, and easier to relate with, for example, the Cardano network and Solana network use the Proof of stake consensus, whereby it is very interoperable when making transactions and also has a faster number of transactions per second.

  • Non-Complex - Proof of stake makes mining easier and comes with little stress, as there is not much work done, and no need of hiring a heavy machine as the task only involves miners to stake the highest coin and win nodes.

  • Lower fees - The PoS comes with a lower fee as they make transactions easy since the mining only requires Staking, i.e no work needed to be done, it's easier which thus makes lots of miners with enough cash flow to want to participate, so since there is competition, and also there get to be low transaction fees being charged on the network that uses the PoS consensus.



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Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?


Nope, the blockchain network would still have existed without the Proof of stake consensus mechanism, the blockchain founders do not use PoS, meaning there has been an existence of blockchain before Proof Of Stake came into light, so it is inappropriate to say blockchains wouldn't have existed without proof of stake.

Proof of stake only came into the light to ease the fees and the cost being charged on blockchain that uses Proof of work as proof of work requires lots of energy consumption when validating and securing a network, it's also costlier to maintain, so the PoS came to existence to ease the consumption rate of power on the PoW.

There are several alternatives to Proof Of Stakes which are;

Proof Of Work(PoW) - The proof of work is used by the Bitcoin, Ethereum blockchain, and others, this requires users to contest in mining by being the first to solve the mathematical complexity of nodes.

Leased Proof Of Stakes(LPoS) - This could be found on blockchains such as the waves blockchain, as they require miners to validate new block by staking the highest, but in this case, other individuals leased ou their coin to a miner, the miners with the highest lease of coin win the consensus and validates new block.

Proof Of Brain(PoB) - An example of a blockchain that uses PoB is the steem blockchain, whereby the authors are the miners, and new blocks are being validated on each reward pool after miners earn using the PoB mechanism. others are;

  • Delegated Proof of Stake (DPOS)
  • Ripple Protocol Consensus Algorithm (RPCA)
  • Byzantine Fault Tolerance (BFT)
  • Proof of Capacity
  • Proof of Identity
  • Proof of Authority and others...


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Do you think it is possible to improve this term in some way? Explain to us how


Yes, I do believe there are other ways to improve the term of Proof Stakes, terms such as delegated proof of stake have been helpful, as in this case, several users can delegate to a user with small coins, with small investment, whereby he gets to ask other individuals on the platform to delegate to him, to win the rewards after being the one with the highest delegation coin, then he gets to win consensus first by staking the highest, and share the rewards amongst its delegators.

Proof Of identity - Another way to improve the blockchain security is to use the proof of identity, as in this case, the blockchain gets to be at lower risk of hacks, in a way that all users who want to participate in mining and block validity get to provide their identity first, and also prove the KYC details before they could be allowed to participate in the consensus mechanism.

I believe proof of stake can also be improved in a way that, the blockchain gets to have the highest number of stake limit, whereby, in this case, the miner that stake to the highest bid first gets to win the consensus, and also get to be rewarded for validating a block, as in such way, the rich don't always get to win consensus every time since they can always overstake.



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Conclusion


The proof of stake consensus mechanism is the way of securing a blockchain platform, as users with the highest number of stakes get to win new block validity and also keep the chain safe for the time being.

Proof of stake is not an investment for small investors as it requires whales with lots of assets, to participate. in proof of stake itself, users need to have a certain amount of coins before being considered as a validator, the proof of stake is prone to hacks as it is secured, and as well costs for hackers to maintain the ability to bypass the rich investors.

there are several alternatives to the proof of stakes such as proof of identity, whereby, in this case, members' identities are at stake, and this also tends to be more secure as members' identities are verified and required before getting to participate in blocks validity.

Thank you all for following through, see you on the next blog.

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