Homework Question

• Homework Tasks

• What is Algorand blockchain?

• What is PPoS?

• Explain the advantages and disadvantages of PPoS.

• Do you think Algorand really solved the blockchain trilemma? Explain your answer.

• Do you think PPoS is better than PoW? Explain your answer.

• Do you think PPoS is better than PoS? Explain your answer.

• Explore and explain an ALGO transaction using algoexplorer.io (Screenshots required)

• Perform an analysis of the price of ALGO from the beginning of the year to the present. Via graphics (screenshots required.)

• conclusion

Introduction

Good Day Steemians , I will be responding to Home task given by professor @nane15 , Thank you for this Great explanation on ''Algorand and the blockchain trilemma'' . below is my homework.

• Question 1
• What is Algorand blockchain?
  

Algorand blockchain

Cryptocurrencies as been undergoing some evolutional changes which creation of new cryptocurrencies appear virtually all the time, and their is fluctuations in the market value of the assets, no fixed price. Creation of Algorand Network is one of evolutional changes that as happen in the crypto space and it makes use of Algo.

Algorand was built in 2017 by Silvio Micali. it was launched in June 2019. The blockchain of completely decentralized. The Algorand blockchain consensus mechanism was designed to work on Pure Proof of Stake (PpoS) consensus. The reason behind the creation of Algorand blockchain network was to tackle the issue of blockchain trilema problem. Algorand has its own currency, known as Algo.

According the last lecture by @nan15 we discovered that blockchain trillema is a major problem in blockchain networks. Blockchain trilema is made up of decentralized, secure, and scalable. Most blockchain system tends to sacrifice issue in order to solve two problem. Solving the issue of blockchain trillema is one major challenge which Algorand blockchain technology is working tireless on, the issue which is one of their principal aim.

Algorand Blockchain'as not faced real-world market issue in as much as it has been proven to solve the issue of blockchain trilemma .

• What is PPoS?

What is PPoS?

PPoS simply means pure proof-of-stake. PPoS system was designed allows user that owns the currency of Algorand blockchain's which is Algo Token to determine the fate of the new block. The amount of token an individual owns in the system determines is rank or voting power . Users are randomly and secretly picked to decided block proposals and vote. The possibility of Being selected to vote is also determined by the number of token one has, the higher the higher the chance of being selected.

Base on PPOS system is reliable and secure. One of the distinctive feature of Algorand's Proof-of-Stake system is that it depends on honesty of the full economy instead of making assumption from a selected few to ensure that the whole economy is secure. The funds is safe is in good hands and just a few number of users may be able block other users from using the transacting with alternative ways , In Algorand system those that don't have enough assets don't have the power to undermine the system, and if they misbehave their assets will to lose value.

Pure Proof of Stake (PPoS) was built by MIT professor known as Silvio Micali, PPoS was developed to tackle the issue PoS networks. Algorand is the company that built PPoS project and it was established by Micali and the first PPoS consensus technique that was used .

The issue PoS networks that the rich get richer but the PPoS protocol makes use of equal distribution of funds. Each assets holder's impact is based by its stake in the network. Users are picked randomly irrespective of their stake, it is beneficial to online users to have the opportunity of being picked by the system. The decentralized feature of the blockchain is strong, and the system's safety is ensured.

• Explain the advantages and disadvantages of PPoS.

Advantages

Transaction Speed
The speed at which Algorand system runs its transaction is comparable to that of other system because of the Consensus Mechanism which finalizes transactions in seconds. Algorand is the first ever Blockchain system that guarantee instantaneous completion of transaction and with that the possibility of transaction failure can be avoided.

Purity Proof of Stake have handle the issue of trilemma. Instead of selecting validators according the number of staked tokens rather validators are picked randomly . Decentralization and security are checkmated when blockchain users are selected a to participate in the validation process.
And those recommended will be verified which prevents assaults and other criminal activities. .

The users has full asses their asset at any point in time .

It is completely decentralized in nature.

Disadvantages

The staking bonus is not encouraging, They're not enticing.

The system accept both honest and dishonest users.

Malicious users aren't punished for their act .

• Do you think Algorand really solved the blockchain trilemma? Explain your answer.
  

The issue of blockchain trilemma is now a thing of the past. Initial it seems impossible to solve all three problems of blockchain trilemma but Algorand blockchain have solved these issue of blockchain trilemma .

Algorand blockchain network have been able provide the users wit decentralized system, transactions are very fast and the security system of Algorand technology strong. With all these feature I believe the issue of blockchain trilemma has been tackled by Algorand blockchain.

• Do you think PPoS is better than PoW? Explain your answer.
  

It as been proven beyond reasonable doubt that PPoS is better than PoW. below are my reason.

Firstly the time it takes to verify a block for for mining on the PoW network is bout 10mins Which is higher than PPoS network when compared together. The Time difference in bock verification is higher PoW Because it takes a loner time for blockto be voted on PoW network than ppos .

In PoW high power and high power computer power is needed which is very expensive to use and manage but for PPoS all these things are not needed all you need is just to obtain the assets and be online you automatically gain the right to vote for new blocks. In short PPoS is easy to afford than PoW

PoW is not completely secured because there is possibility of being attacked or block bein manipulated but for PPoS their is little or no possibility .

• Do you think PPoS is better than PoS? Explain your answer.

I can boldly say yes to the above question, PPoS is better than PoW below is the reason why I say so

On the issue of blockchain trilemma POw have not successful solve the issue of blockchain trilemma, they tend to sacrifice one in other to achieve two but in the case of PPoSit was able to solve three issue of blockchain trilemma.

PoW ecosystems is less decentralized and time consuming when compared to PPoS and have a lot dishonest person in Pow .

• Explore and explain an ALGO transaction using algoexplorer.io

Firstly I, we went to algoexplorer.io. and on the On the home page I was able to gain access to some information example:

• its price
• Circulating Supply
• Total Supply
• Online Stake etc

SOURCE :algoexplorer.io.

From the image below you can see the Latest Transactions and Latest Blocks.

SOURCE :algoexplorer.io.

When you click on one of the Transactions,you will see the detailed history. For instance, afrom te imege below you can see Transaction Id, Timestamp, Block, Type.

Below it you can see the Sender's and Receiver's Addresses and the Amount traded.

SOURCE :algoexplorer.io.

• Perform an analysis of the price of ALGO from the beginning of the year to the present. Via graphics (screenshots required.)

To Carry out my analysis on the price of ALGO from the beginning of the year to the present. I will go to this algoexplorer.io platform first and from there I will click on 1 year to see the one year price.

SOURCE :algoexplorer.io.

From the image below you can see the price movement which is bullish movement and the chart is in one year

SOURCE :algoexplorer.io.

Below is also the image the Tradable Market cap from the current time to one past one year

SOURCE :algoexplorer.io.

Conclusion

Initially I never believed the issue of blockchain trilemma can be solved ,but after my research for tis assignment it is now clear tat algorand blockchain have finally solved the problem.

Am Thankful professor @nane15 for this wonderful lecture.