##### Hello, this is a repost for my previous homework task of Bitcoin Trajectory that was layout by professor @imagen. The [post](https://steemit.com/hive-108451/@brayan256/bitcoin-s-trajectory-steemit-crypto-academy-s4w5-homework-post-for-imagen) was graded 8/10 by the professor but unfortunately it did not get an upvote from @steemcurator02 so I have been advised to repost it so that it is upvoted. I will be very grateful if this is put into consideration.
Hello, professor @imagen, I am humbled to be part of your lecture about Bitcoin's Trajectory and I present to you my homework post for the assignment that you provided to the steemians in the steemit crypto academy.
### Introduction.
Back in 2008, the creator of Bitcoin Satoshi Nakamotto had an idea which stated, what if you took the humans out of the financial equation entirely and created money on a schedule that would last more than 100 years which would be boring, predictable, and let people trust the system since they could make very long term plans with confidence and without the need to worry about certain or unexpected changes. But for Bitcoin to be valuable, it needed to be scarce like gold. Nakamoto set the maximum number of bitcoin to 21 million so bitcoin would be limited in supply.
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# <center>How many times has Bitcoin been halved? When is the next expected? What is the current amount that Bitcoin miners receive? Mention at least 2 cryptocurrencies that are or have halved.</center>
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The bitcoin halving is an event that has a rate at which new bitcoins are created and it occurs once every four years, that is to say, once 21 million bitcoins are generated, the network will stop producing more coins which is the main reason why bitcoin is referred to as digital gold. Bitcoin has currently been halved 3 times as explained below;
<li>The first bitcoin halving took place on 28th November 2012 where miners got 25 Bitcoin as a reward per block with the validation of 210,000 blocks.</li>
<li>The second bitcoin halving took place on the 9th July 2016, and the miners receiving 12.5 Bitcoins of reward with the validation of 420, 000 blocks.</li>
<li>The third Bitcoin halving took place on the 11th May 2020 and the miners receiving 6.25 bitcoins of reward with 630,000 validated blocks.</li>
### When is the next expected?
The next Bitcoin halving which will be the fourth is expected to take place by 2024 where the miners will be receiving 3.125 Bitcoin as a reward per block with the number of validated blocks to be 840,000.
### What is the current amount that Bitcoin miners receive?
Currently, miners receive 6.25 Bitcoins for the last validation of 210,000 blocks in the third halving.
### Mention at least 2 cryptocurrencies that are or have halved.
<li>Litecoin is one of the cryptocurrencies that has halved, that is to say, the halving occurs every 840,000 blocks issued and the next halving is anticipated to take place in 2023 with the previous to having taken place back in 2019.</li>
<li>Bitcoin Cash is the second cryptocurrency mentioned that has halved with the first halving to have taken place on 8th April 2020 clocking 630,000 validated blocks and the miners got a reward of 6.25 Bitcoin Cach.</li>
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# <center>What are consensus mechanisms? How do Proof-of-Work and Proof-of-Staking differ?</center>
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Consensus mechanisms constitute protocols that play a part in making sure that all nodes on the blockchain coexist with each other and that they accord on which transactions can be attached to the blockchain. The Consensus Mechanism ensures that everybody is observing the same rules and decides what is their contribution. If a blockchain doesn’t have a good Consensus Mechanism, it can face serious criticism.
***Proof of work.***
Proof of Work constitutes the first blockchain consensus mechanism and Bitcoin was the first one to use it. From that time, many cryptocurrencies have agreed to use this type of consensus mechanism as well. This entails decoding cryptographic puzzles in order to generate new blocks on the blockchain. The process uses hardware like Application-Specific Integrated Circuits and Graphics Processing Units and it requires a substantial amount of energy.
Immediately the puzzle is decoded, a cryptocurrency reward is received by the miners. This consensus mechanism is also responsible for confirming the transactions from the block after, arranging them in sequential order, and ensuring that the entire network is certain about the creation of the block.
***Proof of stake.***
Proof of Stake does not involve high energy consumption and thus it is Eco-friendly than Proof of Work. Proof of Stake anticipates that if an investor possesses various cryptocurrencies or tokens in a network, they will have a high interest in keeping the network safe and the value of the coins high. Cryptocurrencies that are invested in by validators are locked in staking, that is to say, validators are chosen based on the amount of their staking power on the network hence everybody can validate transactions and receive rewards for it.
Therefore, a person can validate transactions on the blockchain based on how much cryptocurrency they possess thus if they have more cryptocurrency in staking, the authority of their vote as a validator will grow.
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# <center>Enter the Bitcoin explorer and indicate the hash corresponding to the last transaction. Show Screenshot.</center>
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<li>First and foremost, I visited https://blockchair.com/es/ as shown in the screenshot below then click on the menu button shown in A.</li>
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<li>I thereafter selected the explorer option to navigate through the different transactions and in this case I selected Bitcoin and clicked on transactions.</li>
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<li>It will then open up a new tab showing the current transactions on the network then click on the hash of the last transaction.</li>
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<li>As indicated on the screenshot below, the hash of the last bitcoin transaction is a24a5f0f1568e74a3f3f59fa51b24eca6a40e825ee559558fb0656df40864e88.</li>
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# <center>What is meant by Altcoin Season? Are we currently in Altcoin Season? When was the last Altcoin Season? Mention and show 2 charts of Altcoins followed by their growth in the most recent Season. Give reasons for your answer.</center>
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Altcoin stands for alternative coin to Bitcoin, that is to say, during altcoin season Bitcoin dominance tends to fall into other alternative coins. The market cap of Bitcoin decreases compared to the overall market cap of other crypto assets as many people remove their assets out of Bitcoin and into other tokens.
Often it seems unfeasible to know the cause of altcoin season but the generally accepted idea is that immediately after a Bitcoin bull run, investors most of the time sell some of their Bitcoin to realize their gains. In this sense, the investors use their profits to buy altcoin which in the end increases the growth in prices of the different altcoins. Other factors that may lead to altcoin season may include fundamental news about the different altcoins and when it is positive news the prices of the coins tend to increase greatly.
### Are we currently in Altcoin season?
After navigating through https://www.blockchaincenter.net/altcoin-season-index/ I realized that we are not yet in the Altcoin season.
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As seen from the above screenshot, the blue indicator needs to first reach at least 75% which signifies the Altcoin season and currently, it has not yet done so hence we are not yet in the altcoin season.
### When was the last altcoin season?
According to my observation, I realized that the last altcoin season was at the end of January early 2021 when Bitcoin continuously went to an uptrend. The fact that Bitcoin price massively increased, altcoins on the other hand grew so fast in price with some even rising faster than Bitcoin in prices.
### Mention and show 2 charts of Altcoins followed by their growth in the most recent Season.
***Matic***
We can witness in late April how Matic prices rapidly and incredibly started to grow in the uptrend. This massive uptrend in Matic prices lasted for a month and the early bird investors in Matic made very huge gains in their portfolio. The price was later corrected and later on, in late July the price greatly moved in the uptrend for almost a month. Currently, MATIC is priced at $1.36 with a market capitalization of $9,183,803,164.
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***Binance Coin.***
According to the graph below, BNB is one of the coins that greatly increased in price in the past months. Early 2021 in February, Binance coin started to rise for over 3 months staying in the uptrend direction which greatly improved on the portfolios of the early investors leaving them with huge gains. Currently, the Binance coin is priced at $424 with a market capitalization of $65,640,335,263.
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# <center>Make a purchase from your verified account of the exchange of your choice of at least 15 USD in a currency that is not in the top 25 of Coinmarket (SBD, tron or steem are not allowed). Why did you choose this coin? What is the goal or purpose behind this project? Who are its founders / developers? Indicate the currency's ATH and its current price. Reason for your answers. Show Screenshots.</center>
<li>First and foremost I went to my verified Binance App account to buy the cryptocurrency of my choice and in this case, it was Reserve Rights Token.</li>
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<li>I then navigated through and searched for RSR which I was yet to purchase.</li>
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<li>Thereafter, I placed my order of purchase where I bought RSR token worth $15.49</li>
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### Why did you choose this coin?
I chose to invest in Reserve Rights Token. Reserve Rights is an organization that is designing a decentralized platform aimed at providing access to financial services to individuals across the globe with a dollar peg stable coin at its core. They are building solutions for the unbanked using the benefits of blockchain technology while creating an alternative cryptocurrency that avoids the typical volatility of most protocols.
### What is the goal or purpose behind this project?
Reserve cryptocurrency was created to counteract and stabilize the instability of most cryptocurrencies, that is to say, the reserve platform was launched in 2019 and operates on a dual token system which includes, the reserve right token and RSV which are designed in such a way to complement and stabilize the other as well as empower the reserve rights ecosystem. The reserve stable coin is tethered and financially backed by various real-world asset allocations or a basket of assets that are legally protected by smart contract protocols. The RSR has a fluctuating value that is regulated by a series of smart contracts that control the number of tokens in circulation. In order to stabilize the price of RSV, the reserve token is issued as a currency and is actively being used in Venezuela, Argentina, and Columbia.
The holders of the reserve rights token are granted voting rights on governance proposals on the reserve rights ecosystem. The RSV is decentralized and also backed by high-scale silicon valley headquartered investors and it is also pegged to the United States Dollar. Additionally, the reserve organization is designing a borderless political currency that is free from governmental interference and creating a stable coin that keeps users’ funds secure and in their own control.
### Who are its founders / developers?
The people behind this project and platform include Nevin Freeman who is the co-founder and CEO, Matt Elder is also the co-founder and CTO, Miguel Morel is also the co-founder and oversees the execution of the reserve’s operational strategies, and Jeremy Schlatter who is the head of the tech.
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[image source](https://images.app.goo.gl/257XahvZnENFBbkL7)
### Indicate the currency's ATH and its current price.
According to Coinmarketcap, Reserve right token is ranked 155 with its all-time high of $0.1189 which was achieved about 6 months ago, and its current price laying at $0.0388 with a market capitalization of $502,839,156.
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# <center>Conclusions</center>
Bitcoin halving was a great event in the bitcoin network which reduces the supply of the newly generated Bitcoins by half and this initiative has greatly improved on the Bitcoin price over the years hence creating mass adoption in the cryptocurrency space. Therefore I would like to thank professor @imagen for such an amazing lecture which has greatly improved my understanding of Bitcoin halving and cryptocurrency at large.
Link to the previous post is [here.](https://steemit.com/hive-108451/@brayan256/bitcoin-s-trajectory-steemit-crypto-academy-s4w5-homework-post-for-imagen)
Cc:-
@steemcurator01
@steemcurator02
@imagen