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1). Explain the Delegated Proof of Stake, DPoS algorithm.
Blockchain are saved by differently type of consensus such as Pow Pos,DPOS etc. Today we are going to be talking the DPOS Consensus.The DPOS Consensus is a Consensus that secured blockchain through ones token which equals to his voting power. The DPOS Consensus was created in 2014 by Daniel Larimer which he applied in his project bitshares .
The aim of creating this Consensus was to eliminate the biggest problem of proof of work,it was very costly to handle while consuming lots of energy and in POS to eliminate the situation where very individual wish yo take over a blockchain and end up buying a large chunk of the tokens thereby giving them a certain amount of control over the blockchain .
The DPOS Consensus is unique in the sense that here people in the blockchain who own tokens are known as stakers and among these stakers an electron is done where witnesses are elected and these witness are charged with creation and validation of blocks in the blockchain. Some high ranked witness are awarded with rewards for each validated blocks.The DPOS has been used in more than one blockchain other than bitshares which include:steemit,Eos,Cardano,sol,Ark,Lisk,oracle chain.
Advantages of DPOS
1).it is cost-effective unlike the pow system : the DPOS doesn’t require use of super computers that the pow uses which consume energy and money. Using only ones token, one is able to contribute to blockchain.
2). It is highly scalable: Due to the fact we are not having devices correcting left and right slowing down network but rather tokens represent this computers thereby making transaction on DPOS relatively very fast.
3). It creates a nice democratic setting where everyone contribute to nominate people who are witnesses without any determination
Disadvantages
1). There is a small nudge away from decentralization for which a blockchain is known the cause here we have people actually chosen to be validating blocks without it being as random and free as POW
2). The community has to either be one or we see a crash of the blockchain where witnesses are not checked on or there is apathy in choosing witnesses apathy affects the blockchain.
2. Explain What are Ricardian contracts on the EOS Blockchain?
Contracts represent a signed agreement between more than one party. A Ricardian contract is actually a legal contract that came into existence in 1955 and was a contract signed between two parties on what must be in place for an action to take place between them.
Ricardian contract in blockchain came into existence in 1996 and was created by Ian Grigg, The unique thing is the conditions must be in place before something can happen. The actual first usage of the contract was in the OPEN BAZAAR platform, a trading platform where people could sell and buy stuff from each other.
The Ricardian contract has since moved into the blockchain world. In the blockchain worldly the signature is not physical rather digital and the terms are seen. The terms or conditions in this situation is comprehended by humans and computer. The Ricardian contract, unlike smart contracts, can actually be taken to contracts when there are issues between parties making it a legally binding contract.
The digital contracts are signed using private keys. After the signing, for this to be recognized by the system, it needs to be hashed first. As much as the Ricardian contract is actually a smart contract, it can be edited after a while I there is a need to. The ricardian contract was introduced into the EOS as a means o signing agreements between users o the EOS blockchain so as to make sure any issue can be settled amicably outside court legally while actions o the smart contracts are taken automatically by the blockchain it runs on
UNIQUE FEATURES O RICARDIAN CONTRACTS
1.They are legally binding agreements
2.Can be understood by both humans and computers
3.- Explore the official EOSREX interface (eosauthority.com). Show screenshots.
To explore this interface, we need to, first of all, locate the site at eos authority website and from there we go. The site is actually the EOS blockchain main page where we sell about eos blocks. since EOS uses DPOS we will be able to see witnesses there too
1.open the site eos authority website we see the home page
2.We can see on the homepage that the details about eos which include:
.current price
.market rank
.yesterday high and low
.yesterday change
.yesterday volume
It is quite noting that on the day I was writing this, the current market price of EOS was $4.530 and it was ranked 33
3.We click on the tool section and then we see that the site has 29 different tools which are grouped under the following:
.Accounts
.BP information
.Voting
.Voting analysis
.Development tools
.Participate
.Other initiatives
Screenshot taken from eos authority website
4.We click on the event and see a list of events for the blockchain grouped into online and offline events. currently, we have 18 online and 11 offline events for EOS nation and many others
5.When we scroll down on the home page we actually see lots of information which include:
Total Eos wallet -2,782,702
Staked/ unstaked-446,683437 EOS
voters-90115 votes
total usage -77.1Gb/248.2Gb
Cpu usage -100%
If we move lower, we would see more information actually and they are -
Block Producers
Chain alerts
Trading alerts (in case of a very large number of tokens)
Proxies
Recent Blocks
TOP Accounts
Market Cap
Name Bids
MultiSigs.
Transaction
6.Scrolling down we see how witnesses are ranked with the current top witness being new dex with 34,317 votes in his favor
4.- Download the Sqrl wallet, explore and explain how to obtain CPU, RAM and Network. Show screenshot.
1.To download the app we go to the site https://sqrlwallet.io/ and then choose the type of device you wish to download, I will be picking windows cause I will be using my laptop
2.I downloaded the app on my laptop by clicking the download button and then ran the installation process and the app was successfully installed
3.Launching the new app we got a page as seen below
- in the next step we would be clicking on connect the wallet
5.I clicked on create a new account and was taken to a page where I was asked some details I didn't have
I learned from friends on steemit that I needed to use the site telos main site for account creation. So we follow the following steps:
1.click on the site telos main site and click on start now at the top right corner
- I would click on create a new wallet
3.I was taken to a page where I choose my user name and then given my keys both public and private which I copied out and kept somewhere safe
4.The account was successfully created as we can see below
Then we move back to the desktop wallet app. We continue the process from here
1.We click on import wallet
2.Then I was taken to a page where I put in my login details. i was asked to choose between public key or username and I put in my user name and then click lookup account
3.I was now asked to present my private key and then I clicked on compare key
4.I was now asked to setup a password for the local wallet which I did and wallet importation was successful
5.My wallet opened and then we have this
How to get CPU, RAM and Network?
Firstly we will find the ram and we follow the following step
1.In the opened wallet and then click on Send.Receive.State and then click between buy or sell ram. I will be choosing buy ram
2.We are taken to a place for buying ram
WE CAN ALSO SELL RAM
For the network and CPU we follow the following step
1.In the opened wallet and then click on Send.Receive.State and then click Manage staked
2.I am taken to a page where I see network and CPU values.
5.- Show the price of the REX token. And explain what it is used for.
We are going to be using eosauthority to check for rex price by clicking on the 4 lines at the top left corner and then a drop-down box appears and then we click on rex
We can now see the value of rex which we can see by pointing on that chart
USES OF REX TOKEN
This is one of the two native token to the eos block explorer site and it serves as a reward on the blockchain. Eos holders who wish to earn rex would lend their EOS out to get rex token. on the explorer, rex token is equal to eos ie 1rex=1eos
CONCLUSION
Dpos is actually a very good consensus for the blockchain which helps to remove a lot of flaws that both POS and POW had and its influence cannot be over emphasized. The use of ricardian contract is good for blockchain too so that scammers on the blockchain can be legally brought to justice. The eosauthority site gives quite a lot of information about eos too and rex token is very good reward token
Cc:
@steemitblog
@pelon53