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Hello Great Steemiams..... It's anonther amazing week in the Steemit Crypto Academy community to learn and build our knowledge in the Cryto field.
This is my homework post for @imagen on the topic “Bitcoin's Trajectory”. Y'all are welcome to my homework post.
### 1.) 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.
### How many times Bitcoin has been halves
In the time of Bitcoin creation in 2009, each block consisted of 50 BTC which was set to be reduced approximately every 4 years or in every 210,000 blocks mined.
Presently, Bitcoin has been halved three times and each block presently now consist of 6.25 BTC.
* The very first Bitcoin halving took place on the 28th of November 2012. The initial 50 BTC per block was half to 25 BTC after the first halving
* The second halving was in 2016, 9th of July. The 25 BTC from the first halving was reduced to 12.5 BTC after the second halving.
* The third halving was in 2020, 11th of May. After the third halving the number of BTC per block was half to 6.25.
### When the next halving is expected
The next Bitcoin halving is expected to happen in early 2024 considering the four years halving cycle. And when this next halving happens every Bitcoin block will consist of 3.125 BTC.
### The current amount that Bitcoin miners receive
The third halving which was on the 11th of May 2020 reduced the amount per block to 6.25 BTC thereby automatically reducing miners rewards to 6.25 BTC
### Two cryptocurrencies that are or have been halved.
Two among all the cryptocurrencies that have been halved are; Litecoin and ZCash (ZEC)
* **Litecoin Halving:** Litecoin was created in 2011 and its halving event is similar to that of Bitcoin.
The half event was set to occur after every 840,000 blocks mined which is approximately four years.
At the time of litecoin creation there was 50 LTC and it has been halved twice.
The first halving occurred in 2015 which reduced the block reward of 50 LTC per block to 25 LTC.
The second one occurred in 2019 and the 25 LTC per block reward was halved to 12.5 LTC.
* **ZCash (ZEC):** The ZCash was created in 2016 October. Similar to Bitcoin halving, it halves every four years.
The first and only halve occured in 2020, and the 6.25 ZEC reward per block was halved to 3.125 ZEC.
### 2.) What are consensus mechanisms? How do Proof-of-Work and Proof-of-Staking differ?
### Consensus Mechanisms
Consensus mechanisms are mechanisms that are used in blockchains to keep the system to continue operating in spite of faults, these mechanisms are used to connect all nodes on a blockchain to each other, and when it comes to transaction validations the mechanisms also distributes transactions to all nodes in the blockchain and ensures that these nodes come together in agreement to validate transactions which are later added to the blockchain as blocks.
The types of consensus mechanism includes; Proof of Stake (PoS), Proof of Work (PoW), Proof of Capacity (PoC), Proof of Brain (PoB) etc.
### Proof of Work (PoW)
Proof of Work is the original consensus used in blockchains and it is decentralized in nature. This mechanism is used to validate transactions and the creation of blocks in a blockchain network. This consensus mechanism works in a way that members (miners) uses highly equipped computers to solve complex mathematical equations inorder to validate a transaction, at the end of the puzzle a miner that is able to solve the complex mathematical equations will be rewarded. Miners here are rewarded base on the quality of computers and the time they invest in mining.
### Proof of Stake (PoS)
This is another consensus commonly used in some blockchains, the consensus works in way whereby validators of the blockchain are given to members who are holding a high number of the blockchain coin.
And in terms of rewards, members with higher amount holdings gets the highest rewards.
### Difference between Proof-of-Work and Proof-of-Stake
Proof-of-Work (PoW) | Proof-of-Stake (PoS)
---------- | ----------
1. PoW requires highly equipped computers to operate. | 1. PoS does not need highly equipped computers for its operations.
2. High energy usage. | 2. Low energy usage.
3. In PoW transactions are validated by miner through solving of complex mathematical equations. | 3. In PoS transactions transaction verifications are done by member with the highest coin holding power, these members are known as the validatirs.
4. In PoW members who successfully solve the complex mathematical equations are rewarded. | 4. In PoS members are rewarded according to their holding powers, that is the amount they stake.
### 3.) Enter the Bitcoin explorer and indicate the hash corresponding to the last transaction. Show Screenshot.
In answering this question, I visited the Bitcoin Block Explorer [Website](https://www.blockchain.com/explorer)
From Block [Explorer](https://www.blockchain.com/explorer)
****
I went ahead to click on the last transaction to gain access to more information of the transaction.
From Block [Explorer](https://www.blockchain.com/btc/tx/07bda3f56e85e34360807c3bd6cfd8d5781de7173eb7843d141bde96bcbf2302)
As seen from the screenshot above the hash corresponding to the last transaction at the time of this research was;
07bda3f56e85e34360807c3bd6cfd8d5781de7173eb7843d141bde96bcbf2302
****
I also clicked on the last created block to view the block informations as seen below.
From [[blockchain explorer](https://www.blockchain.com/btc/block/703712)
The hash corresponding to the last block created at the time of this research was;
000000000000000000016d3fe961de9635efa1adbda5f43369f0ea16e3944508
### 4.) 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.
### Altcoin Season
An Altcoin season is a period in the Cryoto market when alternative coins grows and show even better performance in profit when compared with the top leading coins such as BTC and ETH.
### Are we currently in Altcoin Season?
No, we are not in Altcoin season.
In order to confirm that we are not in altcoin season, I visited the [Blockchain Center. Net](https://www.blockchaincenter.net/altcoin-season-index/) where I got the analysis on the altcoins and BTC which showed that we are not in an altcoin season.
[Source](https://www.blockchaincenter.net/altcoin-season-index/)
A season is said to an altcoin season when the top 50 altcoins has a better performance of 75% than BTC in 90 days over the previous season. Considering this, it can be seen on the screenshot above that the performance of altcoin in 90 days of its previous season is below 75% therefore we ate not in Altcoin season.
### When was the last Altcoin Season
As seen on the screenshot above the last altcoin season took place in May 2021 through July when it ended.
### Two charts of Altcoins followed by their growth in the most recent Season.
[Source](https://www.blockchaincenter.net/altcoin-season-index/)
As seen on the screenshot above the two top Altcoins followed by their growth in the recent Season were Axie Infinity Price (AXS) and Bitcoin Cash ABC Price (BCHA)
### 1. Axie Infinity Price (AXS)
[Source](https://coinmarketcap.com/currencies/axie-infinity/)
Axie Infinity Price (AXS) was the highest Altcoinin in the previous Altcoin season with a growth rate of 839%
### 2. Bitcoin Cash ABC Price (BCHA)
[Source](https://coinmarketcap.com/currencies/bitcoin-cash-abc-2/)
Bitcoin Cash ABC Price (BCHA) was the second highest altcoin in the previous Altcoin season with a growth rate of 567.4%.
### 5.) 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.
### Making a purchase of EOS coin from y verified account.
To make the purchase, I first of all visited my Binance verified account then I opened the EOS chart to carry out a technical analysis on it before executing the trade.
From my Binamce account
I set my buy limit of 4.57 using $16 to buy, when the order got filled it was executed.
### Proof of my trade.
From my Binance account
### Why I choose EOS
I choose EOS because I think the coin has a positive outlook and is expected to grow beyond it's current price in regards to the fact that the coin is ranked 39 in Coin market cap making it one of the coin in the crypto market with prospective positive outlook of price increase.
In regards to the price potential, I took a look at the price history of the EOS since its inception, EOS was $1 as of 2017 when it was launched, then it increases to $11.39 at the end of 2017.
In 2018 April the EOS had its All Time High (ATH) of $22.89 but later in December the same year the price dropped to $2.56.
EOS had a price of $2.61 at the beginning of 2021 which later rise to $8.72 in April 2021, the price increases continued till May when a price of $13.47 was recorded afterwards the price started fluctuating.
Currently at the time of this research the price of EOS on CoinMarketCap.com was $4.72. Therefore with this price history I strongly believe the coin will appreciate very well in future.
Considering the fundamental analysis of the EOS coin, the main developer of the EOS coin is Daniel Larimer who is a very notable person in the crypto space, therefore with the above fundamental analysis the price of EOS is expected to experience an increase in its long term.
### The purpose behind the EOS project
The main purpose of EOS was to develop a system that is user friendly which also aims to eliminate fees during transactions with scalability of millions per second.
The EOS project was also created to support DApps
### Founders of EOS
EOS was founded by the Block.one company team but the main contributors were Brendan Blumer who was the Chief Executive Officer (CEO) and Daniel Larimer who was the Chief Technology Officer (CTO).
### EOS ATH and its current price.
From TradingView.com
From the screenshot above it can be seen that the ATH of EOS is $22.89 while the current price at the time of the research on TradingView.com was $4.55.
### 6.) Conclusions
Bitcoin halving is the process whereby Bitcoin miners rewards is cut in half and this event limits the introduction of new Bitcoins.
Halving is essential to traders due to the fact that the process limits generation of new bitcoins thereby increasing the price of bitcoin when there is demand.
Cc:-
@imagen
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