Happy new week sir, @alphafx and thank you for this lecture.
Introduction
Concensus alogaritm is a system that helps or assist users to mobilize and cordinate distributed settings. As the name implies (Concensus), means all the users in the system must agree on a singular source or Origin.
Proof of Burn
Basically, the proof of work compared and could be considered to be almost the same as the Proof of Work but with a very slight difference which we would come to see as we progress. Very profound idea about Proof of Burn is that it's principle allow miners to burn virtual currencies thereby reducing the already existing circulating token supply. POB is described to function just like the Proof of Work but with the ability to save energy.
POB was discovered, invented and instituted by lain Stewart who described burnt as mining rigs which allow miners to burn coins in order to acquire a mining rig when empowers them, the miners mine blocks effectively.
How is this Possible
As already started above miners are given privileges to burn their coin, this is possible by sending these coins to an address which are randomly generated that becomes inaccessible to holders and useless. Now, the main idea in coin burning (POB) is to reduce the available supply of such coins thereby making it become scarse in the market, however, during coin burning security of the such network is been guaranteed.
The few differences between the POW and the POB is that for POW you need to invest so much resources in other to invest in the network and more work is done in order for miners to profit from the process, whereas POB save energy as it does not requires must resource to carry out its activities in which regards are given within a specific time.
Advantages of POB
1)It has proved to be sustainable
2)Requires less resource
3)Saves energy
4)The burnt coins reduces the available supply of such coins or tokens
Disadvantages of POB
1)Burning process are not usually transparent
2)Research address POB as eco-friendly.
3)It has less speed when compared with POW
Project utilizing POB
POB concencuse a logarithm has been adopted by Slimcoin as a profitable alogaritm and as an alternative mining method.
Participants with full Slimcoin nodes are able to earn coins by finding proof of Burn blocks which is usually determined by the effective burnt coin score source
Comparing POB to POW
POB as stated in the advantages requires less resource when compared to POW which requires more equipment for effective mining. POB provides miners with long and short term investments, so therefore they reward long term investments. POW requires more energy and Power when compared with POB, there we can say POB saves energy. These are afew reasons why POB could be preferred to POW.
Conclusion
Although POB help reduces waste of resources, proof of work still stand out in the Concensus alogaritm and its being accepted by many miners.
Thank you sir.
unfortunately, you are currently powering down, and therefore not eligible to participate in the academy at the moment.
Thank you and see you next time.
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@alphafx, I had paused my power down activities
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At the time of this reply, the wallets are not loading, and this is the information gotten from steemworld
I will review again if you can prove the power down was cancelled before the entry was submitted.
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@alphafx, thank you for your kind consideration.
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Well I just checked again after you message, I didn't know it was still on, I thought I had canceled it. But you can still help a student as I have already canceles now.
Thanks
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