STEEMKIDS CRYPTO ACADEMY S2W1/BLOCKCHAIN CONSENSUS MECHANISM /PART 1/10% payout to steemkids

in Steem Kids & Parents3 years ago (edited)

IMG_20211115_101846_480.jpg

Hello steemkids, A wonderful week ahead to you all. I know you all are good and have been having some good time since the break in steemkids crypto academy.

We are resuming another round of steemkids crypto academy and we are going to make it as simple as ABC, such that every steemkids can read and understand it.

This week's lecture and subsequent ones will focus on what we call Blockchain Consensus Mechanism and its various types as its been used by various blockchains.

JvFFVmatwWHRfvmtd53nmEJ94xpKydwmbSC5H5svBACH7yWNVuchcTuW15B1cmE.jpeg

What is Blockchain consensus mechanism?

Every system have a system of control within it. For a centralized system, the authority is always coming from the top. However, in a decentralized system, the control is determined by the individuals referred to as nodes in the system. Most blockchains are decentralized in nature and thus the authority required to consummate, verify and secure the system is dependent in the various nodes that are found in the blockchain. They must be in agreement before any transaction is verified, confirmed and added to the blockchain.

So the process by which these nodes adopt to reach an agreement or consensus for any transaction carried out in the blockchain is referred to as Consensus Mechanism
This mechanism dictates what conditions is required so that new blocks can be added to the blockchain.

There are several consensus mechanism, we will be taking them one after the other.

We will just discuss two types today. They are

● Proof of Work(POW)

● Proof of Stake(POS)

JvFFVmatwWHRfvmtd53nmEJ94xpKydwmbSC5H5svBACH7yWNVuchcTuW15B1cmE.jpeg

Proof of Work(POW)

This is the first consensus protocol seen in blockchain technology. It evolved from the early days or blockchain technology. This type of consensus mechanism requires the members of the system known as nodes to solve a nonexistent mathematical puzzle to ensure no one defrauds the system.

The POW is used for crypto mining and transaction validation. When a transaction is validated, it is then recorded in a public ledger, adding them to the block. Once the block is completed it is then added to the blockchain. As the transaction is added to the block, it has a time-stamp. This time-stamp prevents that amount from being spent again on the blockchain.

Examples of blockchains that makes use of POW are

■ Bitcoin blockchain

■ Litecoin.

The validators are selected at random but they require sufficient amount pf computing power to carry out the validation.

JvFFVmatwWHRfvmtd53nmEJ94xpKydwmbSC5H5svBACH7yWNVuchcTuW15B1cmE.jpeg

Proof of Stake(POS)

Proof of Stake is a type of consensus mechanism in which the validator is chosen based on the number of a cryptocurrency that he is holding which he staked, usually the native token of the blockchain. The higher the amount of that cryptocurrency staked, the easier the person can be selected for the block validation.

The POS does not require so many expensive equipment, this reduces the amount of energy needed for the validation. This helps in stabilizing the price of the cryptocurrency since so many of it are locked up via staking. Stakers in a blockchain using POS consensus mechanism earns higher rewards from there staking. However it tends to demean the idea of decentralization since selection will always go to the highest hodler.

Examples of blockchain using POS are

● Ethereum

● Tezos

JvFFVmatwWHRfvmtd53nmEJ94xpKydwmbSC5H5svBACH7yWNVuchcTuW15B1cmE.jpeg

Assignment

  1. What is blockchain consensus mechanism

  2. Define Proof of Work and Proof of Stake.

  3. List at least two blockchains that uses each consensus mechanism.

  4. Differences between POW and POS.

JvFFVmatwWHRfvmtd53nmEJ94xpKydwmbSC5H5svBACH7yWNVuchcTuW15B1cmE.jpeg

Homework Rules

Must be a verified steemkid

Assignment should be done with your steemkids verified account

Ensure there is no plagiarism.

The post must be in steemkids community.

Kindly tag me in your post

resteem and drop your link as a comment for the post.

Use the following tags:

#steemkidscryptoacademys2 #steemexclusive #yourcountry(eg - #venezuela) #steemkids

The number of words should not be less than 201 words.

Entry will be closed at Saturday 20th November, at 11.59pm GMT.

The bests posts can be selected for quality posts of the day. The earlier the entry, the more it stands the chance of being selected.

Looking forward to having a great time with you all in Season 2 of steemkids crypto academy

Sort:  
 3 years ago 

This is wonderful! Thank you @benton3. Hope to post mine soon

 3 years ago 

Me too.

 3 years ago 

Thank you @benton3 for contributing your knowledge towards the blockchain consensus mechanism. We are very happy about your work because the children and the whole community will be learning a lot. Blessings.

 3 years ago (edited)

Hello @benton3 and @steemkidss how can I get my account verified? This is my first time on steemkidss

Cant friends join in this wonderful intiative or what can i do to get my account verified

 3 years ago 

Please no, you can join the main stream steemit crypto academy.

How can I be verified in this community to be able to partake in this contest
Thank

 3 years ago 

It is basically for kids between the ages of 8 - 18yrs. Work hard to join the mainstream steemit crypto academy.

Thanks for your responds

 3 years ago 

Hi @benton3 your post has been selected as quality post for today is Steemkids community, continue making quality post with us here and remain in club5050