Steemit Crypto Academy Season 2 week 5:Homework Post For @alphafx

Hi Steemian
This is my another week of learning with professor @alphafx. This is my assignment's solution

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Consensus Algorithms

Before getting to discuss the kinds of Consensus Algorithm, we'd like to understand about what's consensus algorithm. The word consensus is deducting from lattin Language, it generally means Feel Together. On the opposite side Algorithms are well defined computer programs that are filled with instructions are use to unravel the actual problem.

Simply we will say that Consensus Algorithms are well developed and well-defined computer codes that are wont to maintain the integrity of knowledge and security of network on the Blockchain. These algorithms allow users to form transactions. It allows user to form blocks and also mark check on the blocks.

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Proof of Capacity

Proof of Capacity PoC may be a consensus algorithm utilized in blockchains where the available disk drive capacity of mining devices is employed to work out mining rights and ensure transactions. It stores solutions to a cryptocurrency’s hashing problem by employing the available space on a device’s disk drive . this is often somewhat in contrast and more efficient as compared to Proof of labor algorithm and Proof of stake algorithm.It is an answer to the issues related to other algorithms like high energy consumption in Proof of labor Pow and cryptocurrency hoarding in Proof of Stake PoS systems. It also allows nodes that are mining devices on the blockchain network to form use of their available space to drive mine available cryptocurrencies, it works by storing an inventory of possible solutions on the disk drive before the mining begins.

The solution values vary with the most important of the disk drive and provides the miner better opportunities which invariably results in winning mining reward. Take, as an example , if winning a contest is predicated on matching numbers on the winning ticket, there's a high tendency that the player with a extended list of numbers will possibly win.

How proof of Capacity work

This consensus algorithm uses a two step model which involves plotting and minning,there is first a requirement to plot the disk drive during which an inventory of all possible nonce values are gotten through contionous hashing of knowledge including the miners data. A nonce contains 8192 consistent with research and these hashes are paired into scoops in such how that once they are paired they constitute an hash.

After the plotting process, you progress to the minning process,here the miner using scoops for his transactions and also generates his deadline value,it is also important to notice that a miner opt certain a minimum deadline. This consensus algorithm works by keeping or storing records of possible solutions on mining device disk drive even before commencing minning activities. it's also important to notice that the larger the disk drive ,the more the answer which will be stored on the disk drive and therefore the more the probabilities of matching required hash value and mining rewards.

What is that the difference between Proof of Capacity PoC and Proof of Burn PoB

• The risk involved in PoC is far lesser and bearable than PoB’s risk.

• The mining rate in PoC is quicker than the mining rate in PoB.

• PoC encourages short term investment projects while future investment projects are encouraged by PoB.

• There may be a very low cost of mining in PoC as compared to cost of mining in PoB.

Benefits of Proof of Capacity

• Information stockpiling can be reused on the grounds that it is not difficult to arrange mining information.

• Verification of Capacity can utilize any equipment for capacity incorporating those with Android based framework.

• There is no should be continually overhauling hard drive or devoting equipment.

Disadvantages of Proof of Capacity

• There is opportunities for malfare to influence mining exercises and the principle contrast will be that, you may see a portion of your hard drive space as being taken.

• POC which is Proof of Capacity as not been embraced by numerous designer.

Conclusion

• Out of all that has be said about Proof of Capacity, it is true that PoC is a reliable platform that uses less energy consumption as compared to other consensus mechanism algorithms like Proof of Work. Thanks again @alphafx for the wonderful lecture

Thank You
@alphafx
@steemitblog