Crypto Academy Season 5 Beginners' course - Homework Post for Task 6 by @yusan786
Good morning, everyone! Thank you for the lesson and for sharing information that helped me finish this project, Professor @sapwood.
Let's Start
(2) What is the difference between PoS &DPoS? Advantages & Disadvantages? Which one is better in scaling Capacity? Examples?
What is the difference between PoS & PoS?
Proof-Of-Stake | Proof-Of-Work |
---|---|
Block validation is used; it does not require the use of a mining rig, and miners are compensated through transaction fees. | The miners solve a mathematical difficulty and perform calculations in this process, which is referred to as mining. The miner who completes the calculations first is rewarded. |
In terms of energy efficiency, it is superior. | In terms of energy efficiency, it is inefficient. |
They aren't as safe. | They are the ones who are more secure. |
The miners are picked based on how much money they have invested. | The miner with the most powerful gear will be chosen |
What is Advantages & Disadvantages of Proof-Of-Work?
Proof-Of-Work
Advantages | Disadvantages |
---|---|
They're more safe. | They are the least efficient in terms of energy use. |
It is possible to build on a decentralised system. | Its scaling capacity is limited, and it consumes more energy. |
Because it is protected by a blockchain, it is difficult to hack. | It is more expensive. |
It isn't any faster than PoS. |
What is Advantages & Disadvantages of Proof-Of-Stake ?
Proof-Of-Stake
Advantages | Disadvantages |
---|---|
There are no computations required. | They aren't as safe. |
The larger your wager, the more likely you are to win. | They do not belong to a decentralised network. |
They utilise less energy. | It's true (centralized) |
It provides a higher reward. | Only one person has a better chance of winning. |
There are not a centralized |
Which one is better in scaling Capacity?
Proof-of-Stake (PoS) is more scalable than Proof-of-Work (poW) since it requires less energy to attract stakeholders and allows miners to deposit their own coin on a block rather than reviewing transactions. In Proof-Of-Work(PoW), however, only the winner receives a reward, and transactions must be validated by some computation challenges, which miners despise because solving the puzzle demands a high level of efficiency and competence. This limits (PoWscalability, )'s whereas (PoS) doesn't require any calculations.
The following is a list of cryptocurrencies that use Proof-of-Stake..
- 1.Akash Network
- 2.ETH 2.0
- 3.BNB e.t.c
Conclusion
The consensus approaches listed are some of the most extensively utilised; however, if additional bets develop, they will be added to this list. Established consensus algorithms are characterised by their scalability as they grow more centralised. The ability of cryptocurrencies to become an international payment system is influenced by scalability. In the future, new algorithms will be created that are safer, faster, and more scalable, and it's allowing to work more efficiently to programmers and cryptocurrency.
Have a nice day
Mention
Prof . @dilchamo