Crypto Academy Week 13 - Homework Post for [@alphafx]
Hello professor @alphafx, the class was excellent. This topic of algorithms is difficult for me, but thanks to your class I was able to understand and comprehend in the best way. I tried my best in my assignment, hope you like it professor. It was difficult to get information about this algorithm.
What is the Consensus Protocol?
The consensus protocol is a digital and computational means by which several different parties in the network can reach the same agreement. Due to the information collected, this process is possible to be managed on the blockchain. This problem may sound simple, but going in search of its answers entails a very gigantic algorithmic difficulty.
What is Proficiency Testing (PoCapacity)?
The PoC protocol acts and functions so that miners can verify and validate transactions through their hard disks. This protocol provides utility to a miner's work on the network, taking care of calculating and storing mining problems on hard disks.
The jobs commonly performed are based on doing complex mathematical calculations on the network. These problems have to be solved as quickly as possible before mining begins. The one who accumulates the most solutions in the block has the highest chance of being rewarded.
Origin of PoC
The capacity concession was born at the beginning of 2014, being introduced in the blockchain called Burst. It was intended to extract blockchain from cryptocurrencies, to be able to store pre-computed hashes, ie,
"traced files". Once a block is extracted, the miner proceeds to read them on the hard disk, looking for waiting times for hashes stored on the hard disk, to be then sent to the wallet. This consensus provides benefits to the environment and to the user's wallet, because a block can spend 10-15 W. This benefits the user in economic terms, since less electricity is paid compared to mining BTC, which can consume up to 100,000W.
What is Proficiency Testing (PoCapacity)?
The first process is to trace the hard disk: a new list of all values is born, through the repeated hashes, that entails using a miner account. These elements are numbered from 0 to 8193 contained in hashes. Actually all hashes are linked together, meaning that adjacent hashes are found to join in a pair of two.
In the second step we dive into the mining area, the miner is in charge of calculating the prime. In given case, if a miner starts mining and generates the 47th scoop, then the miner would jump to the 49th scoop of nonce 2 and using the data from that scoop would calculate the mining deadline. This process is repeated so that the value of each nonce stored on the hard disk can be calculated.
The cutoff date indicates the time elapsed in seconds since the last creation of a block before a miner manages to create a new one.
Advantages | Disadvantages |
|---|---|
| Any hard disk can be implemented. | Many large developers have yet to enter this storage world. |
| It has the advantage of being more economical, spending less than 30 times the amount of energy used by a BTC miner. | A virus could eventually affect mining activity. |
| No hardware or software upgrade is required. | The adoption of PoC could create a huge demand in the hard disk market, driving them to excessively high prices. |
| Mining data that is no longer useful can be deleted by replacing it with new data. |
Differences and similarities between PoC and PoW
Compared to PoW which continuously changes the number found in the blockchain header, in order to calculate the correct hash value. PoC is in charge of mapping the available space on the hard disk. Each block is linked to the riddle, before the mining process starts the network is in charge of storing all the calculation methods, in order to solve the riddle and this will be stored on the hard disk. There are some calculation methods that are more effective, and whoever has these methods will be the first to be rewarded in mining.
On average, it takes 4 seconds for the PoC system to generate a block, so the algorithmic calculation is much more difficult to solve. In the end, if higher computational methods can be obtained in the hard disk space, the mining speed will be even higher, obtaining higher reward possibilities. In the PoW system, the average block creation time is 10 min, so the reward capacity is smaller.
Projects using PoC
Chia
Currently chia is the main network of mined through hard drives, this has made the price of hard drives in the Asian market has exploded dprecio so far this year. Offering a large space on their hard drives to be able to cover all possible blocks, this generates greater opportunities for miners, having much more ease when executing calculations.
Burstcoin
Burstcoin uses PoC to authenticate transactions for verification to generate block. In the app, miners use hard disk storage, which is full of trace files. If more disk space is available, the larger the trace will be, thus the chances of generating a block will be even greater. PoC is the other side
side of the coin of algorithms such as Proof of Work (PoW) and Proof of Stake (PoS), where miners are responsible for testing the performance of complex calculations and determining the ownership of the money.
Well done.
Task satisfactorily done
Thanks for participating