I greet you all my fellow steemians, here is the third week in steemit Engagement Challenge and I want to drop my entry on the above topic "Blockchain through the concept". Today I want to talk about proof of Stake in blockchain technology.

Question 1

Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion. (For example: Decentralized, Genesis Block, Hard Fork, Proof of Stake.)

Before i proceed to answer the above question, let's first understand what blockchain is:

What's a Blockchain?

A blockchain is a allotted database that is shared among the nodes of a laptop community. As a database, a blockchain shops statistics electronically in digital format. Blockchain are nice recognised for its important role in cryptocurrency structures, including Bitcoin, for keeping a at ease and decentralized file of transactions.

One of the essential perks of blockchain technology is its potential to maintain an unchangeable record of transactions. It does this through what's referred to as a 'consensus mechanism algorithm' - a manner of accomplishing settlement on a single nation of a community, inspite of that network being disbursed among many users.

if you've spent any amount of time getting to know about cryptocurrencies, you have likely heard of proof of Stake this is one of the most popular consensus mechanisms obtainable and help energy important players inside the crypto area, like Bitcoin, Ethereum, and Solana.

Proof-of-stake is a cryptocurrency consensus mechanism for processing transactions and growing new blocks in a blockchain. A consensus mechanism is a technique for validating entries into a dispensed database and retaining the database at ease. within the case of cryptocurrency, the database is referred to as a blockchain so the consensus mechanism secures the blockchain.

From this we can see that Proof-of-stake reduces the quantity of computational work had to verify blocks and transactions that hold the blockchain, and hence a cryptocurrency, at ease. Proof-of-stake also changes the way blocks are validated using the machines of coin proprietors.

The proprietors provide their cash as collateral for the chance to validate blocks. Coin proprietors with staked cash emerge as "validators."

Why do you think it is important in the block chain

One of the important of proof of stake is that its objectives is to offer a more democratic method to block introduction than its instant predecessor. some examples of PoS blockchains are Cardano, TRON, and EOS.

In PoS, as opposed to at once staking tokens to validate a block, network users vote and 'delegate' the validation of a block to 'witnesses,' additionally called delegates or block manufacturers. Elected delegates are voted on by way of pooling tokens together in a 'staking pool' this is connected to a particular delegate.

Proof-of-stake rewards both delegates and a more diverse group of regular customers equitably. Elected delegates get the transaction costs of the community as the rewards for block validation, and these rewards are allotted a number of the customers of the staking pool.

Can the Blockchain exist without this concept? Is there an alternative or similar term?

The prove of stake system has attracted a whole lot of attention in latest days

Proof of stake is an alternative procedure for transaction verification on a blockchain. it's far growing in reputation and being followed by using numerous cryptocurrencies. I might say if Proof -of-stake consensus mechanism is removed, blockchain will not exist, despite the fact that it'll exist it'll now not be decentralized but it'll be centralized considering the fact that no settlement between stake holders are met.

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

To me i would say that it's possible if addition of ‘weighting’ to votes, which facilitates to quantify the value of each contribution, and also using statistics derived from a validator’s previous contributions and different behaviours, and design an algorithm that sorts contributions by means of well worth, thereby making sure the fairest ensuing consensus.

Conclusion

With proof of stake, members called “validators” lock up set quantities of cryptocurrency or crypto tokens—their stake, as it have been—in a clever agreement at the blockchain. In change, they get a risk to validate new transactions and earn a reward. however if they improperly validate bad or fraudulent records, they will lose some or all of their stake as a penalty.

@mesola @obrisgold @mac-5 @hamzayousafzai @humairaarshad to take part in the contest