Crypto Academy Season 3 Beginners' course - Homework Post for Task 1: [Difference Between PoS & DPoS] given professor @sapwood

in SteemitCryptoAcademy3 months ago

INTRODUCTION

Hello Steemians,
Greetings to you all from @drmax1. Today I'm so happy to Present my homework task which was given by our great professor @sapwood . Thank you so much professor for your lesson which is the architect of these Homework task of mine.

What is the difference between PoS & DPoS? Advantages & Disadvantages? Name a few Blockchain projects which use the DPoS consensus mechanism and indicate the scaling capacity?

The difference between PoS & DPoS

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Below is a discussion about the difference between PoS & DPoS.

Proof of Stake (PoS)

PoS need users to have a greater stake in the coin they hold. The more coin that a miner owns that is the greater power they will have in the stake. Proof of Stake (PoS) was created as an alternative to Proof of Work (PoW) which the primary aim of the consensus algorithm I the blockchain. PoS is regarded to be more safer than that of DPoS since miners get discouraged from making use of the network whenever they are mining. In PoS also the higher the amount of that is stake by miner, the longer the time duration the stake will be. It doesn't give out new altcoins since all the altcoins has already been created rather it give permission for transaction fee for taker.

While

Delegated Proof of Stake (DPoS

DPoS is known as a consensus algorithm that is responsible of taking care of all agreement in the blockchain system, which is use to validate transactions as a digital democratic platform. DPoS is aimed to give out real time voting of system based in the blockchain system which is differ from that of PoS. Every tokens holder in DPoS has a saying to what happens in the blockchain system of which they voting power is determined by the percentage of tokens they have. DPoS allow Delegates to be voted in by holders of token since they work is to cross check if node is running accurately, validation of transaction and also to detect those things that might stop the network from running smoothly. And finally when we are looking at the difference of both consensus you will notice that in DPoS the network governed by all those who make use of it.

Advantages of the PoS

The advantages of PoS is given below:

  • In PoS users need to create big mining operations before they can start mining.

  • User also earn some percentage rewards for just staking and holding they coins

  • PoS is very friendly and common to use when compared to other consensus algorithm like DPoS.

  • PoS make it very easy for blockchain consensus to be reach electronically.

  • PoS is highly secure when mining with the time duration in staking.

Disadvantages of the PoS

The disadvantages of PoS is given below:

  • PoS consensus can possibly lead to signboard since the amount of coins that you get will determined your power.

  • PoS can be attack due to the 52% of the cryptocurrency that is the system.

  • It involves high staking which can discourage some users.

Advantages of DPoS

The advantages of PoS is given below:

  • DPoS allow holders of tokens to minimize they profit since they need more participants.

*Voting system is very fast to delegate, as a user you can quickly notices block producers in every step that you take which brings about scalability in the blockchain network.

  • DPoS give room for decentralized operation within the system. This is as a result of the amount of token that each users in the consensus has.

  • It perfect the use of network resources such as CPU, Bandwidth and the rest of them.

  • There is high performance and measurability in DPoS like the EOS blockchain, 0,5 blocks which produce about flip 126 in every seconds with a high capability.

Disadvantages DPoS

The disadvantages of PoS is given below:

  • DPoS expose blockchain due to the failures in relation with the voting system.

  • Users with small bets can say that they voting is not rcomender when compare to users with big votes.

  • Some detractors model sometimes get discourage because the protocol promote centralization. This is a result of the legal system that is been put in place for users with high tokens.

  • DPoS need the coordination and participation of community that are truly interested in good governance to survive.

Name a few Blockchain projects which use the DPoS consensus mechanism and indicate the scaling capacity?

The few Blockchain projects which use the DPoS consensus mechanism are name below:

  • EOS

  • Art y Tron

  • Lisk

  • BitShare

Among these blockchain projects , BitShare is the first blockchain projects.
BitShare: was created by Daniel Latimer as a blockchain project that serve as a decentralized exchange. The rise of other projects which use the DPoS consensus whch I have name above come in after the creation of BitShare.

The projects name above have the same characteristic with one another which all of them have a high Scaling Capacity.

May You Remain Bless For Your Time Here......

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