Hello everyone!
It's been a long time when I posted on Steemit Crypto Academy. I really missed this community. Now, Let's get started.
Use your own words to define what is slashing in Crypto? And do all blockchains apply slashing?
Slashing can be defined as the punishment imposed on the users if they have done something against the blockchain.
In simple words, If users have done malicious activities or harmful activities which are against the rules in the blockchain network then, they will be punished in some manner.
And If a user is failed to meet the certain requirement of any particular blockchain, then they can also be punished.
Slashing is generally used in Proof-of-Stake mechanism blockchains and Those users who break the rules can lose some of their stakes tokens as a punishment.
Well, All blockchains do not apply slashing. There are some blockchains which apply slashing because it is based on Proof-of-stake algorithm and some blockchains with this algorithm apply slashing like Ethereum 2.0.
Explain how slashing protects the blockchain, taking an example of a blockchain that applies it.
Slashing plays an important role in protecting the blockchain if it applies it. Like, If the validators of that blockchain do something against the rulebook, then they will be punished.
Hence, Validators always do their best and don't try to harm the blockchain so that they will be safe from the punishment and It protects the blockchain.
As If they do something against the rules, then in result they will incur some loss of token and to avoid this, they will only do things as per the rules and as a result, It will protect the blockchain from any malicious and harmful activities.
Some blockchains like Ethereum 2.O and Polkadot Network applies slashing as these blockchains work on Proof-of-stake Mechanism.
Now, Let me tell you how these blockchains apply this slashing. Like, If there are validators on the blockchain. So, Validators have to validate transaction in the blockchain.
And Validators have some staked crypto currencies in that blockchain and they are also rewarded if they are doing their job but When they do something malicious or against the rules, then Slashing applies in this case and As a Result, Validators can lose some part of their staked crypto currencies.
Celo Blockchain also applies Slashing and I have read somewhere that If any Validators is caught doing malicious activities, they can lose around 9000 Celo from their staked tokens.
As a blockchain user, how can you avoid slashing?
If We are the validators of user of a blockchain where Slashing is applicable, then there are many ways to avoid slashing and We should be careful about all of these.
Like We should always validate transactions on time, If we failed to validate transaction on time, then We can get slashed.
We should not remain offline for a long time as It is also not good for the blockchain as We will be unable to validate transaction when we are offline.
We can use reliable software and hardware to make sure that We will be able to validate transactions on time.
We should always be careful about the rules of that particular blockchain and We have to keep in mind that We cannot do anything against these rules or We should not do any malicious activities on that blockchain.
Double Signing can also get you slashed as It is against the blockchain. We should always be careful about it. It is like When a Validator signs two blocks at a time, then It can be considered as double signing and you can lose a part of your staked token if you are being caught doing double signing.
Does the Steem blockchain apply this kind of punishment? If not, do you think slashing could be applicable in the first place (technically) and will it be beneficial?
No, Steem blockchain do not apply this kind of punishment or slashing. Steem blockchain is based on Delegated Proof-of-Stake (DPos) Mechanism where the users of that blockchain vote and elect other users.
Yes, Slashing can be applicable on Steem blockchain too as Steem is also based on Delegated Proof-of-Stake algorithm and I know that It will be very tough to apply on this blockchain but It can be applicable.
Slashing has some benefits but has disadvantages as well. As We all know that If any user is found to do malicious or harmful activities on this blockchain, then other users can downvote them and flag them.
And As a result, they will not be voted by anyone and their reputation will also decrease. So, It is a good process and Steem blockchain is doing good for a long time based on this process.
And Applying Slashing on this blockchain will not be a easy job for all the developers of this blockchain. So, I think Steem blockchain is good without Slashing.
What are the advantages and limitations of slashing?
Everything has some advantages and disadvantages as well. Now, We will discuss about some advantages of Slashing.
Advantages -
It encourages all the validators to do their work in a correct manner and ensures them to validate transactions on time otherwise they will be slashed.
It discourages validators to do harmful activities and It results in maintaining the security and integrity of the blockchain.
Validators who are working with their utmost honesty can get the rewards as per the work they are doing in that blockchain like validating transactions.
As Validators who are doing against the rules like Double signing or other malicious activities, then they can be slashed and It maintains the network stability of the blockchain.
Disadvantages-
- If Validators has staked some amount and they do something against the rules unintentionally like because of internet, software and hardware issue, then they will get slashed and will lose part of their staked tokens.
All the users should know the rules of the blockchain. If not so, they can be penalized just because of not knowing the rules.
Due to these strict penalties, Users can be afraid to stake their tokens or work as a validator on that particular blockchain where Slashing is applicable.
So, This is all from my side.
Thank You!
You've explained it perfectly! In simpler terms, slashing in blockchain is like a penalty system. If users engage in harmful or rule-breaking activities within the network, they can be punished. This is often used in Proof-of-Stake blockchains. If users fail to meet specific requirements or break the rules, they might lose some of their stake tokens as a form of punishment.
Thank you!
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Hi dear @sachin08 brother.
First of all, welcome back to the platform. I really missed your quality content. I'm glad to read you again. I really liked the way you have demonstrated the concept of slashing in the crypto space. Slashing is a good method to punish the validators who are involved in the wrong dealings. Security and integrity of the blockchain could be improved by the method of slashing.
Thanks a lot for sharing with us and great luck ahead.
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Hello brother. I also missed this platform a lot and especially this crypto academy.
Thanks for reading my post.
Have a good day!
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Greetings.
Your explanation of the slashing mechanism is flawless! It is expressed as a penalty to users who have done wrong or broken certain rules to protect the integrity and security of the blockchain. Hence, users have in mind they stand the chance of losing some percentage and in rare cases all of their funds, they are compelled to act accordingly.
Thank you!
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Thanks for going through my post brother.
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Slashing is a mechanism which is the way of giving punishment to validators who do something against the rules of blockchain that's why is very important to read rules and regulations and follow them for validators if they want that they made safe from slashing
If I talk about practical example then you have also shared it about a blockchain which use slashing mechanism and you have also explain that how validator scan break the rules of a blockchain and how further slashing could be implementing on them as well as you have also explain some of the ways by which as a blockchain user we can avoid slashing as well as you have also explain about advantages and disadvantages of this mechanism
Overall it was of wonderful presentation of your post in which you tried to cover all answers I wish you good luck and success in your participation and I want to see you again and again with your content so that I may acknowledged about further topics more and more and increase my knowledge
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Greetings friend ,
Your explanation is spot on! You are right friend, blockchain slashing resembles a penalty system.
Your clarity throughout is appreciated!
Warm regards .
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I agree with you and I am happy that in 2 lines you have given very deep words and from these two lines it is clear to know that blockchains that are working on proof of stake mechanism are using this penalty mechanism as well as it is not for everyone punishment is only for those who is going any suspicious or malicious activities this is detrimental for blockchain.
I totally agree with you that this mechanism is a best way to provide most honest environment at blockchain because it is a way of encouragement of all validators who are working with honesty and it is a warning for those who are just thinking to do anything malicious that if they would do that thing in reality then they will be slashed out I wish you good luck and success in your entry
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Yes, Slashing encourages all the validators to do their work properly without breaking any rules of the blockchain.
Thanks for reading my post.
Have a good day.
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Nice post thanks for sharing, I really enjoyed post because you broke it into the simplest format ever,I can proudly say I knowledgeable enough whenever slashing is raised
Yes friend we really missed you more , you still gat your finishing touch, so therefore you wrote like a professional steemian of much experience.
Thanks for sharing wishing you success please engage on my entry https://steemit.com/hive-108451/@starrchris/steemit-crypto-academy-contest-s12w5-understanding-slashing-in-crypto
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Thanks You.
I missed all the quality content of you guys. But from now, I will be regular and interact with all the steemians.
Have a good day!
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Uno de los grandes beneficios de la aplicación de slashing es depurar el proceso de transacción pues incentiva a los validadores a realizar el trabajo honesto y con eficiencia ya que son los principales interesados en no perder su inversión que depositaron como garantía de compromiso. Sin duda que mejorará el desempeño, la fiabilidad y seguridad de la red.
Te deseo mucho éxito y buena suerte en el desafío.
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Yes, It encourages them to do their work honestly.
Thanks for reading my post.
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