MINING AND HASHING ALGORITHMS/10% to puss.coin

INTRODUCTION

Happy pleasantry to all,hope we are all in good health and soundness of mind.The case of mining and hashing are one fundamental backbone of crypto currency which has been recently overlooked,that is why I want to deliberately on it and bring it's importance to the light and all things that are related to it,such as throwing a little light on what mining is and what is involved in mining,also what is involved in hashing algorithm,diving into types, importance,concept, struggles and future developments.hashing and mining are very important because they aid in making sure of transparent,secure and decentralized operations such as transactions and in making that the virtue of the Blockchain network.

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WHAT IS MINING

When we talk about mining alot of things seems to come into our minds but in simple sense, mining is just the process by which transactions are verified on a blockchain network and after which they are added to the public ledger.in this system miners plays a vital role in the sense that they compete together to solve numerous complex puzzles, sometimes it may even involve arithmetic sequences,in essence creations of new blocks are formed and transactions are validated.

TYPES OF MINING ALGORITHM

1) Delegated proof of stake(DPOS)
this is a consensus algorithm which is applicable in some Blockchain network,and it is used for transaction security and validation.
Example of Delegate proof of stake
1) Texos(XTZ)
2) Ark(ARK)
3) EOS
4) Lisk(LSK)
5) Tron(TRX)

2) proof of stake(POS)
This is a consensus algorithm which is applicable in Blockchain networks,it enhances operations such as transactions security and validation.
Examples of POS
1) Tezos(XTZ)
2) Cosmos(ATOM)
3) Cardank(ADA)
4) Solana (SOL)

3) Leased proof of stake (LPOS)
Leased proof of stake is another alternative of proof of stake consensus algorithm,which tend to make provision for it's users to contract their token to verifier,in essence enabling their involvement in the validation sequence.
Examples of leased proof of stake
1) Neo(NEO)
2) WAVES
3) Quantum (QTUM)
4) Ontology(ONT)
5) Elastos(ELA)

4) proof of work (pow)
It is a consensus algorithm which is most applicable in Blockchain networks and is used to secure and in transactions validation.
Examples of proof of work
1) Litecoin(LTC)
2) Monero(XMR)
3) Bitcoin(BTC)
4) Bitcoin cash (BCH)
5) Ethereum (ETH)

WHAT IS HASHING?
This is a single path way arithmetic function which changes incoming data into stationary length string of characters,identified as hash.tge hashing algorithm are specifically designed to be a type of collisions resistance,in the sense that it's computationally infeasible to produce exact same type of hash from different incoming data.

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TYPES OF HASHING ALGORITHMS

1) Cryptographic hashing function
This is a arithmetic algorithm which transforms incoming data of various sizes into a stationary size string of characters, identified as hash value L.this is a single path process which implies that it's easy to generate a hash from input data,but symmetrically impossible to regenerate the original data from the hash.
2) Ethash
This is a proof of work consensus algorithm which is most applicable by the Ethereum blockchain.

3) scrypt
scrypt are simply encrypted algorithm, in the sense that it is a code word based key derivation sequence and cryptocurrencies.

4) Equihash
This a memory hard function,it is a memory hard proof of work consensus algorithm which is designed to be ASIC repellant and GPU friendly.

5) SHA-256(Secure hash Algorithm 256)
It is Cryptographic hash symmetric that produces a 256-but(32-byte)hash value.and it is popularly application in terms of data integrity verification, password storage,digital signature and Blockchain and cryptocurrency.

CHALLENGES AND LIMITATIONS

1) Energy consumption
When it come to mining,it requires a significantly high amount of energy resources,which sometimes tend to be very tiring and demanding,and tend to have a strong impact on the environment and sometimes miners tends to suffer from energy waste when they're is no clear plan for the project they are involved in.

2) Security
The issues of security in term of mining can not be 100% because of different vulnerabilities posed on site.more than 50% attacks are posed on miners on a daily,which is one of the very disturbing challenges faced in the courses of mining.

3) scalability
This is a major issues in Blockchain and cryptocurrency in the sense that this refers to the ability of a network to process and verify transaction effectively, without network congestion or high fees .

FUTURE DEVELOPMENTS
1) Quantum - resistance algorithm
2) Eco-friendly mining
3) proof of capacity (POC)

CONCLUSION

Both mining and hashing algorithm are very essential components of the Blockchain technology,and understanding their concepts, being able to identify them,their challenges and types with aid in the improvement of cryptocurrency and Blockchain system.