Crypto Academy / Season 3 / Week 6 - Homework Post for [ pelon53 ] BLOCKCHAIN EOS
Today in this post I will share with you my Homework Task (Season 3/Week-6) for Professor @pelon53 . The course that the professor @pelon53 has discussed this with us EOS Blockchain. The professor gave us a very nice well manaed lecture about EOS blockchain. EOS Blockchain is discussed in detail, EOS blockchain's features, advantages-disadvantages.
1. Explain the Delegated Proof of Stake algorithm, DPoS.
Delegated Proof of Stake (DPoS) consensus algorithm was developed by a software developer Daniel Larimer in 2014. Daniel Larimer also founder of BitShares, Steemit and EOS. Delegated Proof Of Stake (DPoS) is a consensus algorithm, which is the basic concept of proof of stake. Delegated Proof of Stake (DPoS) is a version of EOS and this version is considered to be much more effective and much more democratic than EOS. The Delegated Proof of Stake (DPoS) consensus algorithm was developed to protect blockchain technology, and this technology is used to represent transactions through members' votes. It is used to encourage decentralization.
Since Daniel Larimer developed DPoS as an alternative to the previously agreed algorithms, such as POS and POW, these two systems take a lot of time to verify transactions. But using DPoS can complete the transaction process 10 times faster than POS and POW blockchain. Although this system was the first to use bitshares, now it uses steem, EOS, Cardano, Ark consensus algorithm. TRON used PoS algorithm before but now it is using consensus algorithm.
Delegated Proof of Stake (DPoS) operates on three principles: election of witnesses, block generation and review of witnesses or validators. In this system, a person who keeps a token can take part in the mintage process, which has two levels. The first is that he gets the opportunity to select the node that makes the block more valid and the second is that he is rewarded for adding the block to the blockchain.
| Advantage | Disadvantage |
|---|---|
| Delegated Proof of Stake (DPoS) The blockchain has a very good protection against double spending. | Since it is controlled by an entity with this software it is likely to be centralized |
| Delegated Proof of Stake (DPoS) does not require much power to run the network, which makes it more durable. This is a very big advantage. | Since there are a lot of weighted votes here, anyone who has a low weight vote may feel inferior. So many times he may be discouraged to vote. |
| It is very scalable because it does not depend on the computing power required to transact here. | It is partially centralized |
| You don't need to have a fortune to be a witness on the network. Generally, successful, talented people who will add value to the network are selected as witnesses. | It is still not very popular. |
| The number of transactions per second in Delegated Proof of Stake (DPoS) is much higher than other algorithms. | |
| The Delegated Proof of Stake (DPoS) consensus algorithm is very transparent, because here users can see how the vote and the selection have been made and anyone can vote for the witness of their choice. |
2.Explain What are Ricardian contracts on the EOS Blockchain?
Ian Grigg created Recardian contracts. It was defined as a digital contract It acts as a smart contract and physical document and it is legally bound. Recordian contracts are basically a type of digital contract that can be read by both computers and humans.
The first company to support the EOS blockchain was block.one and this block.one announced that they supported the record deal, and since then the record deal has become very popular.
These Ricardian contracts have not yet become as popular as the existing smart contracts that are practiced and much more popular among us. However, day by day these Ricardian contracts are gaining a lot of popularity.
Recardian contracts signed and cryptographically verified in blockchain. When a smart contract is executed in Blockchain, the contract is signed cryptographically and verified with a hash. It is equivalent to all physical, virtual and encrypted documents. Blockchain transactions under the Smart Agreement The Recardian Agreement simply presents many complex codes to the user. And as a result, every user can easily understand. In a word, it makes a lot of hard work easier. Because of these Recardian contracts, it is becoming very popular.
The Ricardian agreement in the EOS blockchain helps users to easily understand and understand every step of the transaction and to make secure and transparent transactions. The purpose of the Recardian contracts is to present a legal contracts to the user in a very transparent manner in a digital environment.
Difference between Ricardian contracts and Smart contracts:
One of the differences between the Ricardian contract and the smart contract is that the Ricardian contract can be read by both man and machine but the smart contracts can only be read by the machine, people cannot make this contract.
The parties to the smart contract are not clear but the parties to this Recardian contracts are very clear.
The Smart contract may not be accepted as evidence in court, but the Recordian contract may be admissible in court, since it is an agreement between the parties.
Smart contract Deal is already very popular and the Ricardian contract is on the way to popularity.
3.Explore the official EOSREX interface (eosauthority.com). Show screenshots.
When we enter this eosauthority.com website we will see an interface like this, it is the homepage. On this page we will find the menu bar at the top and you will see the options of Wallet, Events, Tools. In the upper right hand side we will find the option to change the language. English will be given here by default. EOS Price, Market Rank, Yesterday's High / Low, Yesterday's Change, Yesterday's Volume You will get these options.
After clicking on the menu bar on the left, you will find many options such as: Dashboard, Wallet, Rex, Power Up, Manage CPU / RAM, manage keys, Vote, create account, Bid name, Alerts, Trade your token.
The dashboard option will show you how many coins you have in total and how many dollars they have here. Will show the price chart and account security airdrop. Recent Activity will show recent transactions.
This wallet option allows you to link your account with your various wallets and add your account with your name and personal key.
In this Rex option Lend to REX, Borrow CPU / Net (DApps), REX Calculator, REX Statistics can be found.
From here we can get Power up.
From the Manage CPU / RAM section we, Unstake Tokens, Stake Tokens, Undelegate, Delegate, Ram Market (Sell / Buy) can use these.
Here you can basically manage your key. Here you will actually find three options:
- Basic
- Advanced
- Link Auth
This option allows you to vote for Producers, Proxies, Referendums / Polls, Multisigs.
In this Create Account section you will find Create account (Simple), Create account Recover account, Lost key Recover account, Unregistered. From here you can create a new account and recover if you lose your password, to create a new account here you first enter a 12-character name and the owner and active keys and private keys will be automatically generated.
In this section you will find Bid Name, Sold Names, EOS sub accounts statictics - from short name auction. Each bid must be 10% greater than your last bid.
In this section you will find the Ad Alerts options. With this option you will basically get different types of warnings.
In this section you will find NEWDEX, YOLO, DEFIS options. You can access all these exchange sites.
4.Download the Sqrl wallet, explore and explain how to obtain CPU, RAM and Network. Show screenshot.
First you have to go to this link sqrlwallet.ioand after going to this link an interface will come up where for Windows users click on Windows and it will be downloaded. Other users have to click on The operating system of his choice. Since I am a Windows user, I am clicking on Windows.
After selecting the user, click on the Next button.
Then you have to install the software by clicking on install button.
Then this software will be installed. You need to open it after installation, after opening you need to click on Connect to Server option.
Since we will create a new account here, we have to click on Create New Account.
Then enter the account name here and click on the load button to get owner public key and active public key. After clicking the load button it will be generated and it will have to be copied. After copying, you have to click on the Next button.
click on this button copy keys / already have keys, you have to click on the button in Keys Are in a safe place.
Then click on the Create My Account button.
Warning here and I could not create my account here so I will now account on the most telos blockchain.
First I go to the homepage of telos.net and click on the Start Now button.
Then I will create new account by clicking on this button
First you have to give the account name and then you have to copy the public and private keys. Then I have copied my keys somewhere safe by clicking on the button, click on the Continue button. My account will be done here.
Then again I came to the Sqrl wallet and came here and clicked on the Import Existing Account button.
Then with the name of the account, click on Lookup Account.
Here with the private key, then click on the Compare Keys button.
Then here you will be asked for a local wallet password, here you will have to enter a desired password. After entering the password, click the save button.
You need to re-enter the password that we gave earlier and click on Save Local Wallet.
Then click on the I accept this terms button.
Wallet is created.
This is in the Wallet section, where you can see the current price, EOS value, total TLOS, and balance in the account balance summary. Information on balance history and data can also be found.
The next option is governance. This governance option basically has the block producer option and its proxies are given.
The next option is T-REX. Here we can see the summary of rex accounts. You can also see Deposit TLOS For Lending, Withdrraw TLOS For Lending, LendDeposit TLOS, Unstake and Lend TLOS from here.
To manage this account, various drone tools will be provided here, these are wallet tools.
Explain how to obtain CPU, RAM and Network:
Obtain CPU:
First we need to click send receive Staked, then click Managed Staked.
Obtain Ram:
First we need to click send receive Staked, then click Buy RAM.
Obtain Network:
To get the obtain network, click Stacked TLOS
5.Show the price of the REX token. And explain what it is used for.
0.00010107840023366512 REX/EOS price
0.00010107840023366512 REX/EOS price.
EOS Price now on Coinmarketcap: 4.43
REX Price: 0.00044777731
Explain what it is used for:
REX stands for Resource Exchange. REX tokens are not transferable and REX tokens cannot be transferred between users. It can be sold four days after the acquisition. REX tokens are mainly used to collect resource fees in the EOS blockchain. The condition for a user to obtain a Rex token is that a minimum of 21 witnesses must vote.
The idea was originally introduced to overcome a problem. That is, the blockchain suffered from high levels of traffic congestion, and US blockchain users could not successfully transact on the network. So that users can successfully complete the network, they had the opportunity to give the network for free through this REX.
Conclusion:
Finally I can say that Delegate Proof of Stake, DPoS brings us such an opportunity. From where we can safely transact in decentralized systems and it is very scalable, and in a very transparent way helps us to transact from PoS consensus algorithms and its popularity is increasing day by day.
I am very grateful to my Respected Professor @pelon53 for giving us such a beautifully arranged lecture. From today's lecture and from this course I learned a lot of new things, which may be very useful in my life.