SteemitCryptoAcademy: Consensus Algorithms@ alphafx

Hi everyone, after reading through the wonderful lesson .by professor @alphafx presented, I was able to get this weekly homework task done and now submit it.

Proof of Burn
First, let us understand the Proof System.

The Blockchain is the main or key of the database of cryptocurrency and all the transaction-related information holed on blocks,(A block is like a link in a chain of the transaction record, each time a block is completed it gives way to the next block in crypto Blockchain, A block is written once it means it cannot be removed or altered in Blockchain block data is permanently stored as records)this block is the data storage unit of Blockchain.

What is a Proof Burn?

Proof of Burn is one of the consensus algorithms but my a Blockchain network to make certain that all the participating of Nodes( A Nodes is a data structure that links like tree structure data)come to an acceptance about the true valid state of the Blockchain network, Proof of Burn algorithm is making sure to avoid the coin double-spending.

POB is often called a POW system without energy waste (POW is an algorithm that requires miners to use lots of computers and computer hardware like GPU, CPU, which solves the puzzles to validate a transaction created by a new block .for solving puzzles in fist miners will get rewards.) It operates on the principle of allowing miners to BURN virtual currency tokens.

Iain Stewart, the inventor of the POB algorithm, said that as a miner mines their coins to buy a virtual mining rig that gives them the power to mine a transaction block. The more coins burned by the miners by mining coin using computer hardware, the bigger their mining "rig" will be mining more.

To prevent the adopters to take advantage of making double-spending the Proof of Burn algorithm or system is placed mechanism to maintain the mining power of cryptocurrency miners also need to invest in better hardware as technology advance so they can mine more

Cryptocurrency use different methods of data validation on their blockchain including a method called da PROOF-OF-BURN and proof of Burn is the 3rd at the creating a system or mechanism to defined fraudulent activity on a blockchain and it also functions as a tool for Blockchain transaction

Thank you @alphafx

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