The Crypto Academy Season 2 - Week 13 - For @alphafx

Proof of Capacity (PoC).

This is a consensus mechanism algorithm that allows miners to use the available space to make a decision of mining rights and transactions validation.

Proof of capacity is a highly efficient system of mining authentication which involves the employment of spare space on the miner's device's hard drive so as to solve the storage problem of Cryptocurrencies hashing although the solutio is more prominent depending on the size of the space on the hard drive., the problem that proof of stake has of hoarding coins and that problem of too much consumption of energy which comes with proof of work.

Miners are being rewarded for matching the most number on the winning ticket giving any miner with long list of possible solution a better chance of winning and got the chance to reuse the the ticket over and over again.

The first blockchain platform that adopt the use of proof of Capacity is burst mining burstcoin as it's crypto coin. Burstcoin team intends to explore many different potential use of proof of Capacity where they started paying smart contract solutions and crowdfunding from request and provisions of appealing concepts to developers, businesses e.t.c

BTCHD is another project platform that embrace the use of proof of Capacity system because of their main objectives of empowering users. The project mine BHD as It token. It is very similar to burstcoin because BTCHD platform allowed the mining of both BHD and burstcoin at the same time

BXTB allows the use of proof of Capacity by miners to mine BXTB token and other stablecoin like USDT for yBXTB and CHIP tokens exchange.

Other Blockchains Cryptocurrencies platforms like spaceMint, Storj, Chia and Burst run their mining on proof of Capacity system

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Proof of Capacity system have of course started gaining attention to the real world even though it is still not explored by many. Few platforms that use proof of Capacity knew that it's a easier and faster way of mining Cryptocurrencies and reward miners very generously and fairly.

As time goes by With more awareness of proof of Capacity, cryptocurrencies will become available to many people because of its minimum requirements to start trading in Crypto market.

Proof of Capacity has the potential of reaching the main goal of the Cryptocurrency movement, which is to displace the older financial system by creating a decentralized financial platform that can be globally use in a secured, harmonize and fairly manner.

Proof of Capacity is a future to cryptocurrency because it has a very good potential of changing the horizon in a very good way

Proof of Capacity in simple two steps
Plotting of the miners hard drive and creating of the list of all possible nonce value through repeatedly hashing out data with even the miner's account ID. More nonce value could be stored on the hard drive depending on the available space on the drive, where a nonce will contain 8192 hashes that will later be arranged in scoop that will be given a specific number.

The mining exercise where miners calculates a scoop numbers that are usually between zero to 4K, which is then used to calculate the deadline value which is the interval time that is given to a miner (usually in seconds) before the next block forging (Note that, miner can forge a block Within the deadline value, and claim reward if there's no any miner forging block at that time)

Advantages and disadvantages of Proof of Capacity

Proof of Capacity is a very decentralized system that is open for everyone with the availability of computer and free hard drive space
In comparison of proof of Capacity other mechanisms, it will come to the reader's understanding that proof of Capacity has some good advantages over Proof of work and proof of stake as follows

(1). The use of hard drive is not limited to type as miners can use any type of hard drive even android based hard drive is allowed.

(2). Proof of Capacity is highly efficient in the consumption of energy than both proof of Capacity and stake in a 30 times efficiency.

(3). The good thing about Proof of Capacity is that it doesn't required constant hard drive upgrading.

(4). Hard drive used in proof of Capacity can be formatted and reuse for other purpose

Some of the disadvantages that is associated with proof of Capacity are as follows

(1). Proof of Capacity is very open that can be easily attack by malware

(2). Proof of Capacity is still a new platform that has not been taken by many developers and that makes it very much less popular.

(3). When the adoption of proof of Capacity become so popular, there will be a serious competition with regard to hard drive companies in producing bigger space hard drives.

@alphafx