Steemit Crypto Academy, Season 3: Week 6 || BLOCKCHAIN ​​EOS|| Homework post by @samsuccess

The blockchain acts as a decentralized ledger which stores data, the block chain comprises of blocks held together by a chain, once a block is full another is opened and the trend continues. Cryptocurrency is described as a digital currency which involves series of transactions coming into the blockchain, this transactions needed to be verified and fast also in order not to pile up or queue up transactions, this could make the system slow, this transaction are verified not by one computer but by series of computers all around making it almost impossible to hack.

Concensus on the otherhand is very important when considering Blockchain operations as it ensures that distributed networks are truly decentralized and unhackable. Another key element is the node which are often computer systems which stores up transactions and updates continuously.

The Delegated Proof of Stake (DPoS) alogaritm is a concencuse and blockchain system of verifying transactions to enhance blockchain functionality. It competes with PoW (Proof and Work) and other Concencus alogaritm to very transactions and make decisions on the blockchain and hence increasing security on system. In this Concensus system, stake holders build Concencus according to their staking power,meaning the more stake you have the more power allocated within the system.

DPoS was developed by Daniel Larimer, a developer from America, who happens to be the founder of bitshares, Steemit and EOSIO software. It was created with compete with the Proof of Work concencuse which consumes more computing power/energy, the DPoS is there more energy efficient and also to solve the vulnerablity issues with other Concencus. It was first was first executed Bitahare and then followed by other cryptocurrencies such as Lisk, Steem, EOS, etc.

The principle behind the DPoS is simply voting according the amount of staked tokens. It is actually made successful by an election process (which is always a continuous process) where users vote for witnesses and deligates. This is done by Stacking tokens on behalf of their candidates, however these tokens are not spent but represents the positions of skakeholders and their contributions to the process. The delegates and Witness have special roles in this process, in most cryptocurrencies the witnesses are responsible for the creation and validation of blocks in the system, most cryptocurrency also allow witnesses to prevent a particular transactions from coming through while others don't, however the witness with higher rank recieves a reward for every validated transaction.

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Advantages of DPoS

• Scalability
  One of the reason the system was created was to solve the problem of scalability in the blockchain network. Proof of Work (POW) and Proof of Stake (POS) Concensus are guilty of this. Computing power requirements are quite considerable.

• Speed
  It has proven to be faster than the POW and POS.

• Require less hardware
  Those participating in the DPoS do not need large equipments or external hardware. Just a conventional computer would be fine for this system.

• Energy efficiency/environmental friendly
  It consumes less power, no need for burning gas, etc. This makes it environmentally friendly.

• Better distribution of staking rewards
  In the DPoS, everybody benefits from the allocated reward as only those who allocates good rewards will be Delegated for the task.

Disadvantages of DPoS

• Centralization problems
  More token determines your position and power in the system, there is therefore every tendency that those with high power may control the system

• Require community Participation
  In this system without the participation of a large number of users the system may not function properly.

• It easier to organize an Attack
  For the fact that few persons control the network, a 51% attack is eminent.

TASK 2 :Explain What are Ricardian contracts on the EOS Blockchain?

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Features of the Ricardian Contract

• Machines is put in place to carry out task
• The machines are able to read the task and perform it accurately
• Human document proving the purpose
• Parties involved are humanly available to read contracts and agree with all conditions
• Physical signature from both parties
• The two parties are made to humanly sign a document binding the contract

Benefits of the Ricardian Contract

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• Smart Contact capabilities
• It can act as a smart contract performing all necessary task assigned to it.
• Support system automation
• Just like smart contracts they support automation in blockchain systems.
• High level of Security
  Since the two parties are duly and humanly involved, Security level is considered to be high.
• Legally bounded
  This is a key factor in Ricardian contract, perhaps a disputes arise, the other party can be sued and brought to justice. This is not possible in the case of smart contracts.

TASK 3: Explore the official EOSREX interface

The EOSREX interface is full of very interesting and easy to use features such as:

• Beginning from the top we can see the menu section, followed by the EOS explorer where you can easily check transactions by inputting your EOS address.
• On the menu we have section we can locate the user dash board were everything about the user funds are displayed, on the dashboard also all REX accounts can be linked up, total individual holdings can be displayed, as well a price chart and the user account level of security.

• The wallet feature is the next on the section, where you can manage all your accounts on EOS network.
  *The REX feature which is the next allows you send and receive REX tokens

• The power up section comes after that, this allow you power your EOS account
• Manage CPU/RAM allow you stake your EOS to receive CPU and RAM
• Create your account section allow a user to easily create a quick account.

TASK 4: Download the Sqrl wallet, explore and explain how to obtain CPU, RAM and Network.

• The sqrl wallet is a desktop wallet, to download sqrl wallet extension, we visit www.sqrlwallet.io
• Click windows
• Once sqrl extention download is complete, run it on the windows explorer

• Click create new account, account requires that your username must not be more 12 letters long
• Click the curved arrow bottons to generate both our active key and public keys
• Secure your private and copy it to a secure location
• Login in to your account using your password and private key

Forgive me prof. @pelon as i could not successfully create a sqrl account, i tried several times but failed, am sure others had similar issues. Thank you for your consideration.

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• how to obtain CPU, RAM and Network.

The CPU, RAM and Network(NET) are three important resources that must be considered when working with EOS networks, without them a user cannot carry out certain operations. CPU is described as the the processing power allocated to a user on the network, NET refers also to the network bandwidth that a user can utilize and user capacity of RAM determines how much data can be stored, if you would need to add more tokens to your accounts on the EOS network, then you would also need a good RAM capacity. This therefore that for a user to add anytjing on the EOS network, RAM must be available.

RAM can be purchased on the EOS networks, CPU and NET are measured on the average for every 3 days, there can be gotten by stacking EOS on the sqrl wallets.

TASK 5: Show the price of the REX token. And explain what it is used for.

THANK YOU