Crypto Academy Week 13-Homework Post for [@alphafx]

Hello to my all steemian friends I hope you all will be happy and enjoying the good health.
Today I am here for the Homework post for my beloved and hardworking professor @alphafx .
I really like the content of the lecture of the professor.So I read all the lacture.And am ready for the answering of the questions.

Professor has made the work very easy for us.That we can select whatever we wish and describe the any topic.The as is really a good point for us for working in crypto Academy.
Here am just talking about the Proof of Staking
So first of all there is a great need of the introduction of the Consensus algorithm.

Introduction

As we Know that this is the era of the Crypto Blockchain technology.And it is most popular all around the world.There is a great need to control this large system and make sure Do all the work correctly So this aspects are called the Consensus Algorithms.
The Consensus Algorithm need the miners which mine the respective coins which is then used as a reward for the users in the blockchain like that the reward in the form of Bitcoin.Every member of this community must followe all the rules of consensus.
So its rules are very stricts and strong so that it makes the consensus system more reliable and more secure for all the users of the blockchain of this platform.Another important thing about this system is that it is not controlled by single authority.

So there are some Consensus algorithms that are following:

• Stellar Consensus Protocol
• Proof of CapacitBurn
• Proof of Elapsed Time
• Proof of Burn
• Proof of Work (PoW)
• Proof of Stake
• Proof of Brain

So here I describe the Proof of Burn Consensus.
So here we simply discuss the Proof of Burn.

Proof of Burn

Source

• First of all its abbrivation of Proof of burn is (PoB).The proof of Work and Proof of Stake consensus algorithm are widely used in the blockchain technology.Proof of Burn is new consensus algorithm in digital world.There is a number of consensus algorithm in a Blockchain to manage the system of the Blockchain and the Proof of Burn is one of them.

• In PoW the Blockchain developers develop the minors where the new coins are minted. THE crypto experts found many errors while minted the crypto currency. And tried to solve these In this system, one guy finds any error, solves it and then all the people work on his idea or concept.This man is then given a reward of this task.This system is very powerful.

• In the Proof of Stake consensus algorithm the users create the stakes of crypto assets and they are able to remove or edit the stakes according to their need. In this type of consensus algorithm the investors put in their money in tve form of coins or assets and they are free hand to sell the assets and break out the stake whenevet they want and can sell the assets in the market according to the volatile prices of the different coins.

What is PoB

Source

PoB stands for Proof of Burn and it is one of the widely used consensus algorithms in the blockchain technology. This type of consensus algorithm is greatly relted to that of the Proof of Work and Proof of Stake consensus algorithms. Some of the characteristics of this type are similar to that of the Proof of Work while some of them are likely same to that of the Proof of Stake.

This kind of consensus algorithm is working by a process known as the Burning of Coins or simply referred as the Coin Burning process in which a trader or an investor puts on the coins and supply the assets to some addresses where the coins remain unaccessible for the users of this consensus algorithm. This process is known as the Coin Burning and the coins are permanently burnt and the traders are not able to utilize or even access the coins which they invest in the PoB for the burning purposes.

Working of Proof of Burn (PoB)

Here we discuss about the working of the Proof of Burn.

• As the word burning mean to destroy or burn and the coin simply mean the crypto coin which is combine with the Cryptocurrency.
• So these are the useless and worthless coins that were send to the public users so that they are considered useless.And it decreases the availibility of the market and decreases the amount of the financial value.So that way the increas the value of this coin.

For example:

Any thing which is almost to end or in a very low quantity So there is a great need of this thing in the market and the rate is up by the cause of the shortage.

• It is the secure plateform for the invesitor who invest in order to be profitable.In this case the invested amount may be wasted.
• So the investment in Proof of Burn is better than the investment in the labour work,electricity and the power of computational
  By the burning of coins.

(Advantages and Disadvantages of PoB)

So first of all I discuss the Advantages of the PoB.

Advantages

• The Burn coin do not need of the hardware.Soit do not based upon the hardware and these Burn Coins are abstracted mining values.So they are in the digital form.
• It have the less risky of the centralization process.
• They alow to work with the minors and invesitors for longe time with them.S it is long termed process.
• By the Coin of Burn (PoB) the circulating system of the bitcoin are down.So its regulation is decreases.

Disadvantages

So here we talk about the Disadvantages of the PoB.

• It is not a fast system like the process (PoW) Proof of Work and it is also a time consuming process.So the tend of the worker or miners delayed.
• The process of the Proof of Burn (PoB) at the big scale is not correct and eccorate.
• This process is not easy to use because there is a great risk for the amount may be increase or decrease.

Conclusion

The consensus algorithm are special kind of atoms in the blockchain technology.There are many number of the consensus algorithm in which I choose the Proof of Burn.Because I found it very simple and easy.And here I described the Proof of Burn(PoB) in my own words and my own experience.

Special Mention

@alphafx

Regards

@numanfarooq7677