Algorand and the blockchain trilemma - Steemit Crypto Academy - S5W4 - Homework Post for @ nane15

in hive-108451 •  3 years ago 

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INTRODUCTION

It's another amazing week again. Thanks to professor@nane15 for this wonderful class. Once again welcome to my blog.
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QUESTION 1

What is Algorand Blockchain?

Algorand is a decentralized community created to solve the blockchain trilemma of negotiation speed, security, and decentralization at the same time. Launched in June 2019 via way of means of pc scientist and MIT professor Silvio Micali, Algorand is a permissionless and open- force blockchain community upon which everyone can make.

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Source

Talking about the Algorand blockchain, let’s first look at its history. This Algorand blockchain was discovered in 2017 by a professor at the University of Massachusetts Institute of Technology (MIT) jointly with Algorand Inc, but it was not until April 2019 that this Algorand blockchain network was opened to the general public. It was. Then her mother. The network was launched for 3 months. This Algorand blockchain is designed to manage the means of decentralizing and deploying networks and serves as the first research institution in both computer science and cryotherapy.

The Algorand blockchain consensus algorithm typically has a player rotation characteristic that changes from time to time in phases, which helps protect and protect users from cyberattacks as attackers may not know the exact users who will participate in the committee. There are three types of smart contracts on this Algorand blockchain: stateless, stateful and algorithmic smart contracts.

In the Algorand network, this consensus algorithm usually has fewer privileges, so this blockchain is designed for a consensus algorithm so that any user with a balance in the algorithm can participate. One of the nice things about this blockchain algorithm is that it is a block proposal because the consensus algorithm works sequentially, each of these sequences usually consists of two steps, and the first step using the Proof of Stake (PoS) principle is a block proposal. They are usually provided as new. The block, followed by the second phase (Byzantine Consensus Protocol), which marks the completion of the block, is the last phase in which voting usually takes place when a block is proposed.

Because the consensus algorithm of the blockchain algorithm has a player exchangeability characteristic that usually changes from time to time as long as the phase is running, the attacker may not know the exact user. A committee that helps protect users from cyberattacks, this Algorithm has three types of smart contracts: stateless, stateful, and algorithmic smart contracts.

Algorand is designed to make payments faster and more efficient so that you can spend less time waiting for your transaction to go through.

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QUESTION 2

What is PPoS?

One of the benefits of this Algorand PPoS is that it is highly secure, especially when most of its budget is in safe hands, because the safety of the entire ecosystem is in the hands of most honest people. This is usually different from other ecosystems, where only a few users can determine the safety of the entire ecosystem. We see here that only a few users with power can prevent most users from making transactions, which is very bad.

PPoS is built on Byzantine consensus, because each user affects each new block, which is proportional to the total number of tokens found on the system. Under this system, block proposals are voted on by randomly selected users. All these are randomly selected users, the votes for the proposed blocks are directly proportional to his rate.

PPoS stands for Proof of Stake. It is a consensus algorithm used in algorithms and blockchain technology to solve the trilemma blockchain problem that is connected with other blockchains. This type of algorithm here allows non-blockchain owners to perform any operation available on the blockchain without restrictions. This is not the same as a blockchain using a PoS algorithm. Due to some level of restrictions, only large blockchain token holders participate in token validation.

In the case of Algorand, the project operators decided to implement their own block validator selection rules, which they use to prevent bets using POS terminals. Despite Algorand's insistence on a highly transparent marketing strategy, it is causing some confusion among cryptocurrency enthusiasts. This means that Blokhin is unmanageable, resilient, and will continue to work as long as more than two-thirds of cryptocurrencies are protected. When a new block is placed on Blockshine, voting participants are formed to vote on the scheduled block. If an honest user gets more than two-thirds of the votes, the block is considered valid and verified. Committee members are selected based on the number of algorithms they own. Participants are formed based on a vote randomly selected according to the current percentage.
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QUESTION 3

Explain the advantages and disadvantages of PPoS.

ADVANTAGES

Thе рrоtосоl еԛuitаblу compensates blосk рrоduсеrѕ ассоrding tо predefined rules.

The Algorand Blockchain have performed all of the 3 issues to begin with possessed through the Blockchain Trilemma with it`s use of this PPoS consensus.

Thе Algоrаnd protocol iѕ еxсерtiоnаllу secure аgаinѕt аttасkеrѕ whо саn аttасk аnу uѕеr аt аnу second and with incredible ѕuссеѕѕ. Furthеrmоrе, tо сhаngе thе blockchain, an аttасkеr muѕt keep оnе-0.33 оf thе nеtwоrk соin.

The PPoS makes true use of the the Algorand community with the aid of using ensuring it`s particularly decentralized with the aid of using keep away from conditions in which the wealthy get richer even as the terrible get poorer as withinside the case of the PoW. But here, customers are typically decided on at random to make preference and proposed a block earlier than validating it. This makes it hard for the wealthy to get richer even as the terrible poorer.

Thе ѕсаlаbilitу of рurе рrооf-оf-ѕtаkе iѕ асhiеvеd with the aid of using a layered аррrоасh. Thiѕ iѕ соnfirmеd with the aid of using thе рrоtосоl`ѕ аbilitу tо рrосеѕѕ 1,000 transactions реr ѕесоnd.

DISADVANTAGES

The рrоtосоl'ѕ reward for block рrоduсеrѕ iѕ bаѕеd on рrinсiрlеѕ, which mау nоt bе vеrу арреаling to a validator with a littlе ѕtаkе.

It still have time to adopt and solve Minor problems since it's still a new technology and we know it can't be 100% accurate right now since it's still undergoing development

Inсrеаѕing thе numbеr оf trаnѕасtiоnѕ per second that саn bе рrосеѕѕеd оn thе bаѕе, lауеr-оnе blockchain аlѕо rаiѕеѕ thе еxреnѕе оf running a node. Aѕ a result, thе ѕуѕtеm'ѕ perception оf centralization may bе heightened.

Inсrеаѕing thе numbеr оf trаnѕасtiоnѕ per second that саn bе рrосеѕѕеd оn thе bаѕе, lауеr-оnе blockchain аlѕо rаiѕеѕ thе еxреnѕе оf running a node. Aѕ a result, thе ѕуѕtеm'ѕ perception оf centralization may bе heightened.

Inсrеаѕing thе numbеr оf trаnѕасtiоnѕ per second that саn bе рrосеѕѕеd оn thе bаѕе, lауеr-оnе blockchain аlѕо rаiѕеѕ thе еxреnѕе оf running a node. Aѕ a result, thе ѕуѕtеm'ѕ perception оf centralization may bе heightened.

Inсrеаѕing thе numbеr оf trаnѕасtiоnѕ per second that саn bе рrосеѕѕеd оn thе bаѕе, lауеr-оnе blockchain аlѕо rаiѕеѕ thе еxреnѕе оf running a node. Aѕ a result, thе ѕуѕtеm'ѕ perception оf centralization may bе heightened.

It still have time to adopt and solve Minor problems since it's still a new technology and we know it can't be 100% accurate right now since it's still undergoing development.
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Question 4

Do you think Algorand really solved the blockchain trilemma? Explain your answer.

The trilemma is multifaceted. The fact that more than 2,000 previous Bloskhain initiatives failed to provide scalability and decentralization at some point does not rule out the possibility of achieving all three. Algorand was founded to solve this problem and has driven a huge amount of blogging with technical features like stepping algorithm cost.

After talking a lot about this blockchain algorithm, we can conclude that it has solved the blockchain trilemma 68because it is relatively secure, very decentralized and very fast. And for the first time in history, we solved three fundamental problems. Blockchain trilemmas like scalability, decentralization and security without consensus or computation. This is because at first the blockchain trilemma had the problem of losing one of three blockchain goals during implementation. Another reason this algorithm solves the blockchain trilemma problem is that it is very decentralized, fast and reliable because all users are fully engaged in the network system.

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Question 5

Do you think PPoS is better than PoW? Explain your answer

PPoS is better than PoW because:

1: As earlier explicit higher than, PPoS is very excellent and higher as a result of it's very not possible for folks that own simply alittle portion of the budget to cause hurt to entire system whereas in prisoner, majority of users are often prevented from completing transactions simply by the few users in powers that is extremely dangerous.

2: PoW is extremely expensive and it needs plenty of energy like putting in place refined elements with a really high demand of electricity in alternative to stay effective and run computers. this suggests that solely users that have plenty of cash will succeed here as a result of he/she are able to acquire the pricey elements however PPoS, ciao as a user of the Blockchain is on-line, he/she will planned and vote a block into it's network system since this PPoS does not would like that pricey instrumentality in putting in place before block validation

  1. In PPoS, 2 miners will solve a puzzle then mine it by confirmative a block into the networking system at intervals a similar interval that is extremely useful however this cannot happen in prisoner of war as a result of 2 miners will ne'er solve a puzzle then validate a block into it's network at thesame interval

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Question 6

Do you think PPoS is better than PoS? Explain your answer

Proof various Stake emerged аѕ аn various various various оf various (PоW), rеmоving thе PоW'ѕ drawbacks оf high еnеrgу соnѕumрtiоn, оbtаining a high соmрuting system, and inсrеаѕing bеttеr turnout. Dеѕрitе all оf these ԛuаlitiеѕ givеn bу thе PоS formula, there wеrе instances оf nеtwоrk manipulation in whiсh higher stakeholders mау become monopolists. Thiѕ, in turn, can can can impact on the decentralization ѕtаndаrd of thе blосkсhаin. Purе proof оf stake аddrеѕѕеd this bу intrоduсing a good a good a good a good winnеrѕ. though though power оf every every every every every to their ѕtаkе within the ѕуѕtеm. The protocol is exclusive is exclusive it chooses users willy-nilly, regardless оf thеir stake. Aѕ a rеѕult, the blockchain сrеаtеѕ a fаir dесеntrаlizеd ѕtruсturе whilе аlѕо increasing the ѕуѕtеm'ѕ ѕесuritу.

There is no concentration of power by few people in PPoS just because anyone will contribute to the system. Since anyone may contribute here, informations ar unfold across to several individuals whom act as informational nodes. This informational nodes is typically accessible to all or any it's users not like PoS that a amount of power is possessed by few people World Health Organization will at any time stop majority of individuals from block transactions that is just too dangerous.

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Question 7

Explore and explain an ALGO transaction using algoexplorer.io ( Screenshots required)

we will visit algoexplorer

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From the screenshot above, you notice the circulating supply, latest block etc display.

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The latest blocks are display clearly screenshot above.

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The latest transaction has been captured and screenshot as above.

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The rank of Algo and other details are well captured in the screenshot above.
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Question 8

Carry out an analysis of the price of ALGO from the beginning of the year to the present. Via graphics (screenshots required.

Log in to coingecko.com to check prices of Algo from january to December.

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The values are clearly captured from the screenshot above.

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This also explains the Algo on the coingecko site

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Conclusion

Algorand is a blockchain platform designed to work with banks and other financial institutions. The goal of the project is to use it in the real world. The birth of Algorand promises to develop technologies for the future financial markets that combine traditional and sophisticated solutions. At the same time, Blackhain maintains the scalability trilemma.

I learned about Algorand Blockchain and I discovered that the Blockchain makes very good use of a PPoS. Making good use of this PPoS, I discovered the network is able to achieve the Three Main technology of the Blockchain Trilemma without facing any difficulties.

I went through algoexplorer.io and give detail explanations of how to carry out an ALGO transactions.

Special thanks to you Professor @nane15 for this beautiful lectures.
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Warm Regards From
@charis20

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