HSteemit Crypto Academy, Season 3: Week 6 || BLOCKCHAIN EOS || by @kingworldline

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GOOD DAY
I welcome every one on my homework for this week which was assigned by my professor @pelon53, which he thought us on EOS Blockchain Network.

I believe you will enjoy this my writeup.
Am @kingworldline.

welcome to my homework

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QUESTION ONE
1.- Explain the Delegated Proof of Stake, DPoS algorithm.

Delegated proof of stake (DPoS) was actually designed by a guru in crytocurrency by name Daniel Larimer back then in 2014. then with the unsatisfied prove of stake in place with the method of reward which was only made for those with large account and trading platforms, Larima now developed a democratic system where by the bigest miner is seen to have a fewer cards.

Daniel Larima as well he is an initiator of of steemit blog, back then in 2014 the same consensus algorithm still runs in steemit blog, a problem was discovered by Larima based on proof of work and proof of stake based on the inefficient energy and safty issues.

Although the issue of security has been a serious challeges facing cryptocurrencies also. However securing the blockchain can now be accomplished through multiple methods of which some of it were not envisioned by the initiator of bitcoin Satoshi Nakamoto when he developed the original proof of work (PoW) back then in 2009.

For this reasons lead to the creation of (DPoS) which is known as Delegated proof of stake in place to solve the the problems with (PoW) and (PoS) and its scalability.

DPoS is actually is one of the security alternatives in place which are known as consensus algorithm which are used by the digital currencies like Cardano or EOS. Consensus algorithm is actually has core to cryptocurrency transactions. With thorough consensus algorithms, a trust in system is developed which now implies that the transactions are well cataloged in the blockchain, is an improvement on (PoS) system.

Delegated proof of stake (DPoS) as a protocol works based on series of delegate members selected or choosen from the member of the blockchain, of which each of them can produce a block to claim rewards.

Delegated proof of stake actually entittle delegates which maintain the security and as well mine new block on the chain based on a simple vote, of which coin holder can in order to boast the reputa tion rewards of the community. By staking there assest (coin), the member of the community determine by voting who controls network and validate the new blocks.

When ever an elected delegate performed poorly or attempt fraud, the coin holder have the right and authority to remove his or their stake from delegate which implies that they are essentially voted out from their deligated assignment.
Thus it actually shows and ensures full compliance and seriousness among the delegates, because the voting is said to be frequent as the competition is for the spot can be fierce.

An Example of Delegated prove of stake

Some many currency are still under and operating on the old version know as proof of work algorithm, but few coin operating on Deligated proof of stake are now available in the market of which one of them is the EOS, which is 2.2 billion value in the market cap.

Three Step in involved in the development

Selection Of Delegate

This is based on the delegation of the delegates from the members in chain by the member of the network, meanwhile the delegate will all have voting power in their account, which mean the more token gotten the more, therefore the more votes the more they gets.

Block Validation

Here the choosen or the selected delegates works by creating a block within the chain, validating, denying transactions. Here each delegate can create a block, by so doing this will manufacture power which is passsed through the group of blocks each obtaining its rewards until it gets to the end where by a new election takes place.

Qualification Of The Delegate

The consensus algorithm in decetralized commitment has it that the network user monitors the activity performed by the delegates, which implies that if there is any part that they are not playing well mean that they stand to be fire or sacked from there post.

Advantage Diadvantages Of Dpos

•The election process is real and fast.
• It solved the scalability problem.
• Including the hash of the generation. staminate or minimize the double spending.
• It give security to the blockchain.
• It reduces the energy consumption and as well optimize the use of resources.

Disadvntages Of Dpos

•The manufacturing of blocks lies on the hand of the group of there reducing
the nature of decentralisation.
• The full interest of people are needed for it to function well.

QUESTION TWO
2.- Explain What Are Ricardian Contracts On The Eos Blockchain?

In 1995 Ricardian was legalized and and introduce by a programmer Ian Gringg.

This is in form of digital documents which represent an agreement between two or more side of different parties which based on the terms and condition for interaction applied and as well agreement between the two parties.

Characteristics Of These Contract

•It is readable to human and software
• it is printable
• All documents are encrypted both physical, virtual and as well encrypted which are equivallet. which are
•They are signed by all parties.
•They can be identified.

It is readable to human and software
in the sense that is cryptograph which is signed and varified, which is actually readable in text formate, and as well legalized documents on agreement.

The contract is readable contract, the contract can actually be hashed and as well be signed which is saved in that of the blockchain.

Ricardo contracts merge the legalised contracts technologically, the block chain technology actually bind the parties into a legalised agreement before any kind any execution on the blockchain.

Ricardo Contract At EOSIO

Blockchain operates under the effuence of the smart contract, however the work is underway to include Ricardian contracts in the transaction of this network. the main objective is actually to convert the complexity of the code which is observed within blockchain technology into simple languages so that any body can unerstand it.

Ricardian Contracts Versus Smart Contracts

•Rucardian contract are used in the any field mean while the smart contract are useful in trasaction only.

•Smart Contract are software codes mean while Rucardian contract readable and understable by humans.

•Ricardian contracts are legalized and valid meanwhile the smart contract are not.

• Ricardian contract serves as an agreement for two parties nean while
the smart contract are preprogrammed
without the consultation of any party.

QUESTION THREE
3.- Explore the official EOSREX interface (eosauthority.com). Show blockchains.

"EOS" is an acronym for Resources Exchange which was the first DeFi platform of the EoS network, This plateform allow people to rent their CPU and the RAM to their fellow member in the network as my professor also said in his lesson.

By going through this web address Link you can now eplore the home page of the EoS through it address

QUESTION FOUR
4.- Download The Sqrl Wallet, Explore And Explain How To Obtain Cpu, Ram And Network. Show Screenshot.
The first thing do in order on this particular work is to get the app downloaded as the question demands. Below is the screenshot of installation of the sqrl wallet application .

Part One

Part Two

In this part am concern on how on how to generate the private and the public key externally from out from the sqrl app which was generated and imported in as existing account in sqrl application.

Part Three

Here is where the main question lays on how to obtain the cpu and ram network below is althe screenshot.

At this point the, this where the cpc can be gotten. By inputing the value needed.

The Ram is brought at this poin in the screen shot once the number needed is imputed here.

NUMBER FIVE
5.- Show The Price Of The Rex Token. And Explain What It Is Used For.

Uses Of Trex Token
Trex token is a digital asset which is made for exchange which uses strong crptography in order to secure the financial transactions, it also controls the creation of additional units and it also main to verify transfer of assets.

At the screenshot is the price of Rex at coinmarket cap.

Uses Of Trex Token

•It have a low cost money transafer
•A censorship-resistant alternative store of wealth
•It have a low cost money transafer
•A censorship-resistant alternative store of wealth

•Low-cost money transfers
•A censorship-resistant alternative store of vwealth
• Invest in innovative early-stage startups
• Make private transactions
• Send non-cash remittances

CONCLUSION

The creation of the delegated proof of stake have proof advancement and as well gave birth to alot of solution to problem on the PoW and the PoS is having, mean while in their scalability and there security DPoS have done a good job against insecurity.

Mean while as regards to the caption on Blockchain EoS on this writeup i was able to cover the Delegated Proof of Stake, DPoS algorithm, Ricardian contracts on the EoS, the official EOSREX interface (eosauthority.com)and as well showing there blockchains, download the Sqrl Wallet, exploring it and explain how to Obtain Cpu, Ram and network. and as well showing it screen screenshot and Lastly Showing the price of the Rex Token and show hiw to utilize it
With all this proved and advanced together, have keep the system in a progressive advancement.