Hello stemains, it's yet another week participating in the steemit engagement challenge contest and I'm so glad to take part in steemit crypto academy contest on the topic; Blockchain through the concepts. Indeed the blockchain has many concepts which are very important to the blockchain, and in this contest we are asked to select, and explain our understanding on one of the concept which is associated with the blockchain but before then, let me drawback our attention on what blockchain is.
A blockchain as we all know is a system that is used to record information in such a way that it is impossible for another person to hack or even change. The blockchain insure security and transparency that is to say each record can not be changed.the blockchain also make use of some consensus machanism in order to make sure that entries are well validated and all the distributed database are secured. For the sack of this contest I will be making more emphasis on PoS( proof-of-stake)
PROOF-OF-STAKE (POS)
Proof of stake can be seen as consensus machanism which is used to verify and validate new transection in cryptocurrency. with the proof of stake, blockchain works securely because, it only allow genuine users to add transections by selecting a participant to handle the task. This is done because any participants chosen will be rewarded with crypto if the participants accurately validate the new transection and didn't cheat the system. But when the participants finally verify or validate the transection and it is legitimate, he or she will now add it to the blockchain that is to say the participants have finally achieved the consensus.
The proof of stake is always guaranteed when it is used in particular blockchain because all the data which are saved on the network will be valid. some blockchain uses the proof of stake method because, it's make room for more people participating in the blockchain system as validators. But the validators are always selected base on the amount of token or coins they stake, for instance if a user stake larger token in the blockchain he will have the chance of becoming a validators but if a user have less token stake, then there will be no chance for him to become a validators.
Why do you think it is important in blockchain?
The proof of stake is important in a blockchain because all blockchain need to be secure, transparent and reliable when it comes to transections and storage of data. As such the proof of stake have those qualities.another thing here is that the proof of stake also reduces the amount of all computational work which is needed in verifying the transaction and the blocks that keeps the blockchain.
The proof of stake also changes the way block are being verified by using a coin owners machine. The machine owner s do offer there tokens as a collateral in other to validate blocks and such people becomes the validators.
Blockchain like Bitcoin allows all the Bitcoin minners to earn by verifying the transaction and the blocks.but in such case the minners pays there electricity and rent with the fiat currency that is to say, the minners are using exchanging energy for cryptocurrency and the amount of energy required to mine affect the market price and profitability. But the proof of stake solve these problem accurately by substituting staking for the computational power where every minings ability will be randomly selected by the network. That is to say the amount of energy consumption will drastically reduce because they no longer rely on the single purpose hardware to gain an advantage or profit.
Another important of the proof of stake is that it have extra security features which secure all the entire blockchain and aslo it help to fish out those who are not genuine and commented to the blockchain.
Can the Blockchain exist without this concept? Is there an alternative or similar term?
For sure, the blockchain can exist without the proof of stake consensus machanism concept because there are other consensus machanism which can be used like stake of work, but the difference here is that the proof of stake, is entirely different from the proof of work because the proof of work always make use of a competitive method for validation and to confirm transection before adding new block to the blockchain. But even at that the blockchain will still exists without the proof of stake because there are so many consensus machanism that the blockchain will use.
There are an alternative or similar terms which are associated with the proof of stake, which are the proof of work, proof of burn,( POB), proof of capacity (POC), Proof of fault tolerance (BFT), Proof of elapsed time(PoET) et.c. all this term have there features and how they are being used in the blockchain.
Do you think it is possible to improve this term in some way? Explain.
It is being said, everything that have advantage most surely have disadvantage as such the proof of stake has some disadvantage which is needed to be corrected in other to improve the consensus machanism which are;
- the proof of stake only favour the wealthy users, because they more token you stake the more you get chances of vote but if they will consider both the users with less token i think they will improve because more users will like to stake there token.
- The proof of stake team need to improve on the security aspect of the blockchain because hackers are likely to hack the system.
- Another weakness of the proof of stake consensus machanism is it reduction of computational work which is needed to verify transactions and blocks, and also its inability to achieve consensus thereby people staking coin can vote both forks in secret without any stress. as such, i believe its possible to improve the proof of stake consensus machanism by finding a way for the proof of stake to stop reducing computational works needed to verify a transaction and blocks. also, proof of stake can be improved by stopping people from voting both forks in secret.
In conclusion, the proof of stake consensus machanism is a very important tool in any blockchain because, it's serve as the army that prevent the blockchain from danger.Thereby, securing everything in the blockchain.In that regard, no blockchain can function well without security that can keep it safe.in addition to that, the proof of stake also help in verifying new transection and also validate the entries
You have Indeed explained the the proof of stake well, I don't actually have ideas on this but from your article I most say that I have learned alot from it. Thank you for sharing with us, and I wish you all the best.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you very important my friend, I'm glad you learned from it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You have written well on the consensus mechanism which is proof of stake. Indeed only those with very high stake in the platform have chances of been selected as the next block validators. And the DPoS is an improved version of PoS because it allows low stakers to select who the next delegator will be and that also help them to earn a reward. Thanks for article.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you for your kind words, and also taking your time to read through my article. I really appreciate.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice presentation about PoS it's a good blockchain concept
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This is indeed a wonderful feature the proof of stake has. Tight security should be be mainstay of the blockchain.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes my friend you are right..Thank you very much dear I really appreciate.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you for sharing your insight.
Good comparison to an army. I could inderstand that one 😊
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
😊😊 the army there means the security ma'am🤦🏼♀️
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Indeed! 😊
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit