SteemitCryptoAcademy: Consensus Algorithms || Proof of Capacity

Introduction

Hello, it is good to have you here again, and today, I will be making a post on Proof of Capacity which is an assignment from @alphafx. I will be explaining this consensus algorithm. Just like there is another consensus such as the Proof of Work (BTC), Proof of Stake (LTC), Proof of Burn, Delegated proof of work (STEEM, BTS), and so on.

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• Proof of Work
  A decentralized consensus algorithm which was the first consensus mechanism on the blockchain is the mining algorithm for Bitcoin. It requires the use of sophisticated GPUs and ASIC machines to solve complex arithmetic problems.

• Proof of Stake
  A consensus mechanism that requires staking or committing coins to verify ledgers on the blockchain. This consensus algorithm is used by cryptocurrency projects such as Litecoin (LTC), and so on. Validators validate transactions according to how many tokens staked.

Proof of capacity well explained

Proof of capacity is a part of consensus mechanism that uses algorithms in the blockchain network giving the mining tools and equipment the availability to decide how to manage its actual space without the use of an external hard disc when deciding its mining rights in other to render its transaction valid.

Proof of capacity gives an average user the ability to mine cryptocurrency on their mobile device in as much as it has a hard drive that has enough space for the amount of mining been able to mine within a period of time letting the miners perform on a secure and accessible platform on their mobile devices making it possible to validate each block per seconds.

This involves using centralized hardware to transact and this also reduces high noise heat and electricity consumption but must be capable to handle the usage of ASICs or GPUs in other to mine faster. Proof of capacity finds a solution to hashing problems by creating an additional and spare space for mining on the proposed mining hard drive such as mobile phones or mining devices and this happens with the proof of capacity system of authenticity.

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How well to understand your proof of the capacity

Nodes are giving the opportunity to mine their said cryptocurrency making use of their devices free and useless space which gives room for easier mining without tampering. More possible values are added for people with larger space on their mining devices giving them the opportunity to earn bigger mining rewards.

Proof of capacity made sure it approached a global adoption for blockchain making use of the cryptocurrencies which also makes it easier to access for all and sundry at any given point in time.

Hard drive users have the chance to make use of its drive-in other to be self-efficient and before any mining processing occurs then hardware’s are not advised to be upgraded regularly due to the damages that may come with it and may not be liable to reuse the drive as he or she thinks.

Algorithms

1. Plotting: Blocks are forged in a block and this can only happen when there is a generation of data or plot
2. Mining: Before a block is forged, mining software reads thoroughly through the plots making sure everything is in order.
3. Reward giving: before a reward is awarded to a miner, he must first find a block and after this, he is then qualified for a mining reward.

Project that uses Proof of Capacity

Permacoin: here on Permacoin the role of whom to be chosen as a mining leader of a particular network has the deal with who has the highest space for mining on his or her hard drive and also the ability to store even segmented large files too. It must consist of robust useful task space.

Burst coin: this doesn’t need the usage of energy-hungry CPUs but instead makes use of the actual free space a miner has on its hard drive. The larger the space on the hard disc, the more possible solution values which can be implemented on such a drive.
Due to the availability of hard disks that are gotten easily, it's accessible to all and sundry to mine with almost the same chance.

Spacemint: an individual is attracted to a unique usage of pebble graph which are hard to come by, a non-interactive protocol is put into place called proof of space which gives miner the ability to follow the consensus laid down protocol.

How the Proof of Capacity works

Plotting and mining
The drive has to go through plotting which means values are created mostly by going through a process of constant hashing thereby all hashed numbers can be shared into different groups called scoops where different hashes are combined together to form one or two pairs.

When doing mining, a total sum of miners hard drive goes through a calculating process which involves for the headline which happened on such hard drive. The only active miner have the right to claim its mining rewards if there is no functional forge within a block at the particular moment.

Pros and cons

Pros

1. You dint need to upgrade the hard drive because it doesn’t require online access to the hard drive.
2. The hard drive can be formatted and use over again mainly when the data stored on itnhas been wiped off
3. An android based system is implemented because it can make use of any available hard drive
4. There is energy efficiency other than the ASIC-based mining that occurs in the crypto blockchain network.

Cons

1. Mining activities have high probability of getting affected due to malware infection
2. Many developer may find it hard to adopt with the system based.
3. Too much of this protocol adoption can lead to a speed in higher hard drives production and capacity.