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I am writing this post in response to the assignment task given by the professor @alphafx , I really enjoyed, understood very clearly and really appreciate and thankful to you for your lecture.
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**Consensus Algorithm**
Consensus Algorithm is a mechanism that helps and allows the system to run efficiently and properly with proper specific agreement among all the system users and machines. Consensus Algorithms are protocols that nodes , users, agents and system work in mutual agreement to work and coordinate with each on the one and only state of truth in the blockchain system. It has main role in securing the network and proper record keeping on computer network and on the blockchain. Consensus Algorithm eliminates the conflicts on the blockchain as all the agents, users, miners, mining devices, agents, network and whole system work in specific single mechanism .
There are lots of Consensus Algorithms mechanism which work on different principles. The most popular are :
- Proof of Work : mining machines are used for mining or validation of transactions and storing data on the blockchain.
- Proof of stake: it validates the blockchain transactions according to our holding of coins. The more holding of coins means more power is provided to the network.
Apart from from these very popular consensus algorithm there are several other consensus algorithm available but here i am going to discuss and explain about **Proof of Capacity**.
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**Proof of capacity (POC)**
We also know the Proof of capacity (PoC) as Proof of Space. It is a consensus mechanism algorithm used in blockchains that allows Nodes or mining devices in the network to use the hard drive space to store data on block and validate the transactions. It allows sharing of space or storage by contributing nodes on the blockchain network. More memory storage and space means more power of right and power to the network. The authentication systems of Proof of capacity (PoC) uses free space or storage of hard drive or storage device to utilize and store data and solves cryptocurrency hashing problem. Proof of capacity is an alternative and best solutions to the high energy consumption problem in Proof Of Work (PoW) mechanism.
Top Projects that use the Proof Of Capacity are Storj , Chia , SpaceMint .
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**Working Mechanism of Proof of Capacity:**
The Proof Of Capacity Protocol works in a two-step process: **Plotting and Mining.**
**Plotting:** This is the first step where the hard drive is plotted. By Repeating data hashing , a list of all possible nonce values are created including miner's account. Such kind of each nonce contains 8192 hashes, numbered from 0 to 8191. All the hashes are paired into **Scoops** so the adjacent hashes are combined and formed a pair of two. Hence, hash 0 and 1 constitute scoop 0, hash 2 and 3 constitute hash 1, and so on. By Repeating data hashing a list of all possible nonce values are created including miner's account.
**Mining:** This is the second step where mining process is involved. Here Scoop Number is calculated by mining device. If Scoop number 35 is generated by the mining device while mining, the miner would go to scoop number 35 of nonce 1 and use that Scoop’s data and deadline value is calculated. This is a repeating process to calculate the deadline for each nonce held upon on the miner’s hard drive. While calculation of all the deadlines, miners selects the one with the minimum deadline. Here, Deadline means the duration of time in seconds and that must elapse the last block was forged before a miner is allowed to forge a new block . If not forged or missed the block within deadline, another miner forge a block and claim the block reward.
If a miner "C" has minimum deadline of 40 seconds and no other miners can forge the block within the next 40 seconds, Miner "C" will get the chance to forge the next block and get rewarded.
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**Proof of capacity has several advantages and disadvantages over Proof of Work and Proof of Stacking systems:**
Pros | Cons
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In POC we can use any kind of storage device even android based devices can also be used | Very few developers adopted this Consesus Algorithm and very few coins we can see adopted POC in the crypto space
POC is 30 times more energy efficient and saves energy and electricity | Malware can affect the mining activities
Dedicated hard drivers are not required and no need update or upgrade of storage device| Need high capacity hardware storage devices for securing the network and for efficient mining
Mining data can be easily wiped from the storage devices and we can reused for any other data storage purposes. | Sometimes due to malfunction or damage of the storage device, the data is lost and creates issues
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- Conclusion
Here we discussed about what is Consesus Algorithm and about Proof Of Capacity , it's mechanism, advantages and disadvantages. I hope you would like my post, thank you all steemians for your love and support !
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Thanks Professor @alphafx for this beautiful and interesting lecture. I'm looking forward to your next lecture.
CC: @alphafx
Thank you all steemians for reading !