Steemit Crypto Academy Contest / S1W3 - Blockchain Through The Concepts by @sameer07

I hope all will be fine and enjoying your life by the grace of God. I'm also fine and enjoying myself with steemit. Today, I'm here to take participate in week 3 Contest. I'm very excited to take participate in session 1 week 3 Contest of Steemit Crypto Academy engagement Contest.

^{Image is designed from Canva by @sameer07}

In this week we will discuss about and title of contest is Blockchain Through The Concepts. So let's start without Wasting our time

1- Tell us about your favourite concepts or term related to Blockchain, try to be explanatory and make sure to give your opinion

PROOF-OF-STAKE

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Proof-of-stake is various type of Consensus Mechanism.
Proof-of-stake allow users who stake Thier coins to operate as nodes of validator on given blockchain.

The validator nodes work is verify transactions and add accurate ones to the blockchain which is randomly selected by Proof-of-stake protocol.
Although some time chances of selected, increase with the increase of stake.

This verification is done with lot of accuracy by validator nodes will certainly los some of its stake if there is a proposal of addition of inaccurate Transactions block.

Most nodes operators do come to together in other to increase the stake, and which will be give turn them higher chance of selected to verify transactions and earned rewards properly shared them amongst.

Choose validator different with each of proof-of-stake protocol, choose based on how long nodes are active, while some choose on the base of quantity stake.

2- Why do you think it is important in the blockchain?

Low Energy Consumption:Proof-of-stake transactions are verified by nodes through their staked coins. This is one of the problems of proof-of-work which is lead to the emergence of Proof-of-stake. In proof-of-work miners carry out their mining activities using high energy computers.

Low Transactions Cost: Proof-Of-Stake is consensus method alos works on lower transaction cost than another protocol like proof-of-work with, Ethereum and cardano blockchain blockchain.

Proof-of-stake doesn't require much energy in its block validators, hardware's and other power equipment are not needed making its environmental friendly

The proof-of-stake provide us fastest and cheaper way of transaction within blockchain. This is make possible by staked Cryptocurrencies because its providing us Scalability. Investors get many profit, rewards to this earning from staked coins.

Proof-of-stake is very secured. When illegal activities are detected the validators stake is the validators barred from any future validation. Nodes have 51% of the staked token which is very expensive to accumulate.

3- Do You Think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?

Yes Of Course, the existence of blockchain is will be totally possible without the proof-of-stake consensus mechanism. Blockchain has been existing before the proof-of-stake introduced due to shortcomings of proof-of-work.

Other agreed mechanisms that effectively take the position of the proof-of-stake are includes;

• Proof-of-Authority
• Proof-of-work
• Proof-of-brain

• Proof-of-Activity
• Proof-of-Importance
• Proof-of-Burn

• Proof-of-capacity
• Proof-of-Elapsed
• Direct Acyclic Graphs(DAGs)

The proof-of-work has been already stated to the first consensus mechanism method which is used on blockchain verifies transactions by the mining of users Activities.
All users perform complex calculations using sophisticated computers, when each block is completely verified to a digital ledger known as blockchain.

An other evidence is, blockchain existence is not tied down to Proof-of-stake is fact that the bitcoin blockchain which uses as proof-of-work consensus mechanism in existence since before the emergence of Proof-of-stake.

4- Do You Think it is possible to improve this term in some way? Explain to us how

In the proof-of-stake protocol, rewards are distributed on the base of number of holdings with larger holders, earning rewards incentives form while smallholders will fewer rewards.

Proof-of-stake has its own shortcomings, like it's low level of security while compare with proof-of-work.

Proof-of-stake protocols do not allow users to unstake their own coins at any time while staked coins are locked for a specific period while leave the ability of trade by owner.

There's is no enough security in Proof-of-Stake when we compare it with proof-of-work.

Way to Improve the Proof-of-Stake

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Proof-of-stake will be further improved by the increasing of incentives earned on stakes. This will allow more users to engage in staking if they earned any more benefits and or may not.

Influence should be distributed as the gap between large stakes and lower ones are wide tremendously while making low stakes almost irrelevant. There will be best way to least close up this gap. I think that proof-of-stake will make a lot of sense.

Conclusion

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The proof-of-stake consensus mechanism is best consensus mechanism, by its Scalability, low energy consumption and low Transactions Cost.

Blockchain can't exist independent of consensus mechanism, it can exist independent to proof-of-stake and we can also use other consensus mechanism place of proof-of-stake.

Not efficient due to it's low or maximum security as compared to proof-of-work

Thanks for reading and visiting my Blog
Best Regards 💞,
@sameer07