Is my pleasure to be part of the week, for the assessment on the Algorand and the blockchain trlema, which exposes us to a lot of facts. thanks to my professor @nane15 who came up with this.
Am @kingworldline
Hence before I explaining what the question is all about, for this Algorand blockchain to be in existent was due to the that problem behind the scene that lead to the born and existence of this project and other, therefore the problem which are the issue of decentralization, security and scalability has come to be bone of contention which is the trilema, hence some project has been put in place to address this issue encountered by the blockchain.
Therefore the Algorand as blockchain that was created was to solve and and as well overcome the issues trilema, which are the security,decentralized,and scalability which are the major challenge of the blockchain, hence with this three basic challenge lead to the born of Algorand on June 2019 by Silvio Micali, an italia mathematics professor who brought time to initiate out this in other to put the problem to rest.
Hence the first projects which have solved problems are the pure proof of stake (PPoS), this protocol has done justice over the amendment of the problem from the proof of work, thereby making a clear difference in the decentralization, security and as well scalability.
Meanwhile this program Algorand supports the use of the smart contracts in managing and controlling the smart contract on smart contract without states, smart contract with status, smart contract of algogene.
Algorand has some applications on Defi or startup, hence here in the screenshot are some projects built on Algorand.
The pure proof of stake with the acronym (PPoS),this is algorithm of the ALGORAND blockchain, hence this allow those who has Algorand token to have a say over the development of a new block, meanwhile the user has an influence the system by participation via voting meanwhile the more token in possession, the more say and influential you are.
The Algorand Blockchain is used to perform transactions, create blocks, and as well to keep the system lively. The user in the block provides the leverage in order to participate in block creations and other basic activities which also take place in the blockchain.
Therefore the creation and manufacture of new blocks are achieved by consensus which tends to be the
•proposal phase or the block proposal phase.
•Also by voting and certification of the block or the block finalization phase.
Meanwhile the proposal phase is for the users with ALGO token do not mind the mount of token in their possession in order to be eligible to create a block by through the help of the pure proof of stake (PPoS), hence this operates based on the probability that one can see selected to create a block regardless the amount of Algo token the person has in his possession. Therefore this selection process is known as the "Cryptographic Sorting" meaning the absence of centralized authority/body, meaning that no one is having control over the selection thereby eliminating the central and intermediary authority or body.
Based on the voting and certification phases has to group of people which are selected as a body or community to take proper care in block validation, hence this is carried out by selection of 1000 token meanwhile any user selected will have a enough voting strength or power which equivalent number of 1000 token.
•This prevents the whale which is the big stake holder from taking over the validation of the block and as the verification on the system, since it is programmed to choose node at random without any special consideration.
•Hence these enhanced the strength of the system security by the division of the system security into two different operation phases.
•Since the security wall is strong, this shows a serious vulnerability to external attack by hacking and others, since the validator cannot be spotted by the hackers.
•Due to the efficiency of the system based on security and it's strong decentralized nature can help in accommodating more transactions at durable timing.
•On this protocol a user can utilize his or her Algo token without restriction as is being found in other protocols whereby their token is blocked for a period of time.
•Since the blockchain is found to be well decentralized, equal rights are given in the block validation and verification.
Meanwhile, based on this, it does not have much disadvantage, since it is expected in time to come the lapses will be found meanwhile here is a point I have over it disadvantages.
•Based on the PPoS, there is a condition whereby the developer has the largest stake and as well a long period for vesting.
Based on my own analysis over the three basic problems as regards to the blockchain trilema, I can say YES indeed the Algorand has really settled and as well solve the blockchain TRILEMMA?.
Hence the following are the point of view over the agreement that the issues of the Blockchain trilema, has been solved.
DECENTRALIZATION
Hence since the PPoS is programmed to choose and select users for the block validation without any atom of specialization on the amount of Algo token in possession in order of validating the block, hence this has shown a strong hold on decentralization, which is transparent and as well flexible.
SECURITY
Bases on the security of the PPoS, I found out they more decentralized the protocol become the more secure it become as well, hence this is more special over other protocol based on it security due to the fact the validators cannot be figure out due the nature and division of new mode of production of new block, which makes it more difficult to be attacked.
SCALABILITY
Based in this, this is basically on the general affairs of each unit of the system, therefore this system is more decentralized, more over the the transactions are processed within a short period of time which has hence the buying status of BTC and the rest, as it stands now the the protocol is efficient, but more lapses as I said on the previous section are yet to be discovered on scalability.
Reference to the question, I personally believe that the PPoS have done more justice over the problems encountered in blockchain than PoW to surpass it with individual differences.
Based on their individual differences the pure proof of stake (PPoS) has achieved a lot by making the system more decentralized, meanwhile happened to be that, you don't actually need to be qualified based on accumulation of token before you validate and verify a block, hence this is done by random picking.
Hence on the side of the Proof of Work (PoW) needs a lot of energy to complete a single mining and others, hence this requires the full strength of each member to participate in solving the mathematical problem related to consensus algorithm, hence is time consuming.
Meanwhile in pure proof of stake, you just have to stake the amount you have and relaxing and earn while the days goes by, therefore I can strongly say that the pure proof of stake (PPoS) is more less risky and more accommodating than the proof of work (PoW)
With reference with the question I can say that The pure proof of stake (PPoS) is more better than the proof of stake (PoS) hence, on this case the Proof of stake (PoS) require a lot of token in possession in other to be part of the activities in the blockchain meanwhile the reverse is the case in part of pure proof of stake which actually allow user regardless of your amount of token in possession to be part of the activities on blockchain without being restricted.
Therefore with the little amount in possession can still serve in terms of voting, and block creation and validation on pure proof of stake (PPoS), hence the validation of the blocks in this protocol is by the validators which are selected randomly without a special specification or order, hence the the selection is known as cryptographic sortition shows that the intermediary body are not required in it
Therefore, with these points of my, I strongly agree and believe that the pure proof of stake (PPoS) is quite better than the Proof of stake (PoS) which requires a huge amount of tokens to participate in the creation and validation on blockchain.
EXPLORING AND EXPLANATION USING ALGOEXPLORER.IO
Hence exploring algoexploer the we have to visit the web address first algoexploer below is the screenshot of the main page of the site
On the second screenshot at the down side are the set of latest transactions being processed as shown on the screenshot below.
After selecting one latest transaction, here is the information on the transactions ID, Timestamp, Block number,and as well the sender and sender details as shown on the below screenshot.
As of the analysis asbof the time of I took the below screen I actually spotted the price of argo at $1.50 with 1.49% decrease in price, having the market cap of 9,469,136,190 with a circulation supply of 6.31B ALGO, with other minority shown on the below screenshot below.
Based on the price since january till date I discovered from the chart that it started deep of $0.31 as price as of january 2021 and move high to $1.70 as of february and still pull down to the middle of it initial progression, it continue it fluctuations still beginning of August when thwy was a lowest point as of $0.60 as price, mean while since August it started retracing to the peak at a high point of $2.40 before a pull down as of October, from October it have been fluctuating on a specified range of $1.60 to $2.20, meanwhile as of the time of this screenshot it was at $1.50 as of 12 December 2021 9:43 Nigeria time.
Algorand as a blockchain has brought a solution and revolution to the entire consensus protocol, there by solving the problems the consensus protocol ls encountering since the existence of the the consensus protocol known as the proof of work (PoW), hence the blockchain trilemma has been put to rest by pure proof of stake (PPoS).
Since there are series of changes and migration from the first consensus protocol shows a great advancement in technology which tends to improve as the days goes by.
Thanks to the initiator of pure proof of stake (PPoS) which has done justice to this problem by keeping all users involved, and as well solved the three basic problems of the consensus protocol, also thanks to my dear professor @nane15 who has exposed me to the topic.
Am @kingworldline
Thanks for going through my work.
#nane15-s5week4 #cryptoacademy #club5050 #algorand #blockchain #nigeria