Hello steemian....
This is my new post in the Steemit Crypto Academy community, on this season 3 week 6, I will be working on a homework from professor @pelon53 with the theme "Blockchain EOS”.
we will discuss it through the homework below:
1. Explain the Delegated Proof of Stake, DPoS algorithm.
he delegated proof of stake (DPoS) algorithm is an algorithm developed in 2014 by Daniel Larimer. Before discussing the Delegated Proof of Stake algorithm, those of you who have been in the crypto field for a long time must have known about the PoS or Proof-of-Stake algorithm, namely consensus in crypto assets where users can mine and validate transactions themselves based on the number of coins they have.
If you already know it then you will also find it easy to know what the Delegated Proof of Stake algorithm is because DPoS is an innovation from PoS, which is to validate the block on each transaction node in the network, DPoS requires delegation. The delegates are chosen by the stakeholders based on the number of coins, meaning that becoming a delegate is highly dependent on the number of coins owned. The delegation can secure their blockchain network. Delegates are also referred to as witnesses and have responsibility for each mining and validation of new blocks.
how DPoS works
In DPoS several roles have their respective duties, namely:
Witness
The number of Witness is very limited, as I said before that witnesses and has responsibility in every mining and validation of new blocks. Witness does not have access to change every transaction information, but they can select transactions to enter the block, if the transaction is suspicious they can prevent it. They will be rewarded for this work.
because of the reward, now many people who have a reputation are running as witnesses, so the competition to become a witness is very tight. For that to be a witness, you must truly and must not commit mistakes and crimes, if you do so you will be immediately removed from the witness and replaced by someone else.Delegation
Delegates have the role of supervising the blockchain management system. They have the role of advising on changing the block size and determining the number of compensation witnesses must pay as wages for the work of validating blocks. the proposal will be agreed upon or not based on the choice of blockchain users.Block Validator
The block validator has a role in verifying the block created by the witness, whether the block is following the consensus rules or not. Any user can be a block validator.
DPoS based cryptocurrencies and the number of each witness
Currently, several cryptocurrencies already use the DPoS consensus algorithm, and each of these cryptocurrencies already has its witness:
- Oxycoin (OXY) – 51 witnesses
- Bitshares (BTS) – 101 witnesses
- EOS – 21 witnesses
- Steemit (STEEM) – 51 witnesses
- ARK (ARK) – 51 witnesses
- Lisk – 101 witness
- Cardano (ADA)
- Tezos (XTZ)
2. Explain What is Ricardian contract on EOS Blockchain?
The history of Ricardian contracts was first popularized by Ian Grigg, a programmer and one of the cryptocurrency developers. Ian Grigg explains the definition of a Ricardian contract, which is a signed and encrypted digital contract that establishes the terms of interaction between two or more partners. Most importantly, it is human and machine-readable, and digitally signed.
In EOS, they adhere to the concept of Ricardian contract blockchain, used to get all data in the blockchain consensus algorithm, EOS Ricardian contracts can be used more easily because they are detected in all human languages and also programming languages that can be run with all the features contained in smart contracts.
Comes with convenience, Ricardian contracts have other most important features, namely:
- Security, by applying two layers of security to contracts, each contract having a unique identifier in the form of a hash code is used in conjunction with a digital crypto signature
- Automation, with basic applications similar to smart contracts, Ricardian contracts become easier to operate,
- Flexible, not all smart contract features are the same as Ricardian contract features but all Ricardian contract features can match smart contracts.
- Readability, Ricardian contracts can be used more easily because they are detected in all human languages as well as programming languages.
- Legality, documents on Ricardian contracts are legally binding.
- Documentation, recording of all aspects of the agreement, including the terms and conditions of the agreement between the two parties.
3. Explore the official interface of EOSREX (eosauthority.com). Show screenshot.
- I will explore EOSREX https://eosauthority.com/ The first thing that appears is the main display of this website:
- you can see the main features, namely EOS Authority, namely wallet, events, Tools, and EOS credit:
- on the display you can also see the price development of EOS, today August 7 at 10:36, EOS is for 4,440 USD, market rank #33.
- then if we scroll down we will find out about the development and formation of each block, for example when I opened it the block was being produced by zb eos with the number of blocks at that time was 198303256 blocks and will continue to grow every second. Then underneath there is also information about the total EOS wallets, EOS at stake, the number of voters, RAM usage, and CPU usage.
- then if you scroll down again you will find submenus such as block producer, chain alert, trading alert, proxies, transaction, recent blocks, TOP accounts, market cap, name bid, and multiSigs. An example of such a submenu is the producer block which displays the producers by rank.
- at the bottom of the screen, you will see the partners that support EOSREX, such as EOSBIXIN, HYPERION, EOS AMSTERDAM, and others.
4. Download Sqrl wallet, explore and explain how to get CPU, RAM and Network. Show screenshot.
- the first thing we do is visit the page https://sqrlwallet.io/earn/
- when you are on the main page, look at the download menu and choose based on your computer's operating system. Here I use windows so I have to download it via the windows logo, after that the file is automatically downloaded.
- when the file has been downloaded then install the file, here is the installation process:
- when the installation is complete, then check the run column and click finish and the display of the sqrl program will be opened.
- for the first display, set the connection to network and Wallet API URL according to the image above.
- then select create a network
- then you will be taken to the create an account request screen, select account name & keys, then fill in the account name column and the column below it. In my case, I just typed 1 letter, the display immediately blank.
- if you experience something similar then you don't need to panic, just visit the official telos website, namely [telos.net] (https://www.telos.net/). And click start now.
- next screen, to create a new telos wallet, select create a new account.
- in the new account view, fill in the account name and copy the public key and private key, then check the two columns below it and press continue.
- congratulations, your account has been created.
- after that, reopen sqrl, this time select import existing account and continue based on the password obtained on telos.net.
- after going through the steps to fill in the password, we will also find the appearance of the sqrl wallet, and our sqrl wallet is already active. Then in the wallet menu, you can see the account balance summary and others.
- then besides that, you can see the governance menu, you can find about block producers and some other things related to blocks.
- On the other side, there is a T-Rex menu that informs us about prices, deposits, loans and TLOS and REX statistics.
- and at the very end is the tools menu, we can make configurations about our wallet management.
how to get ram
- To get ram, go to the wallet menu, in the send. receive. stake menu. then buy select buy ram.
- Then you just fill in the amount of ram and press buy ram.
how to get CPU and Network
- Still on the same menu as ram, go to the wallet menu, in the send. receive. stake menu. then buy select manage stake.
- Then you just need to fill in the amount of CPU and amount of NET.
5. Show the price of REX tokens. And explain its use.
Currently, according to EOS Authority, the value of rex/eos is 0.110082. meaning that rex is 1/100th of the eos value. For now, the price of EOS based on coinmarketcap is 4.53 USD, so that means REX has a value of 0.043 USD.
Conclusion
The DPOS Consensus Protocol is an innovation of PoS, which to validate the block over each transaction node in the network, DPoS requires delegation. The delegates are chosen by the stakeholders based on the number of coins, meaning that becoming a delegate is highly dependent on the number of coins owned. The delegation can secure their blockchain network. Delegates are also referred to as witnesses and have responsibility for each mining and validation of new blocks.
EOS is one of the cryptocurrencies that uses the Ricardian contract blockchain system. in EOS Ricardian contracts can be used more easily because they are detected in all human languages and also a programming language that can be run with all the features contained in smart contracts.
Currently, EOS is ranked 29th for 4.53 USD.