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      "author": "nav1",
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      "title": "",
      "body": "Thank you 🙏",
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      "body": "You have explained these two tokens with their features very easily and simply. Through your homework task, I have learnt many more things about this two. I had not much idea about this two but now it is clear to that TRC 20 is very convenient to use for its lowest cost of transection. Thank you",
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      "body": "Here is my task @alphafx\nhttps://steemit.com/hive-108451/@nav1/steemitcryptoacademy-consensus-algorithms-alphafx-or-or-proof-of-burn-consensus-algorithm",
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      "title": "SteemitCryptoAcademy: Consensus Algorithms@ alphafx || Proof of Burn Consensus Algorithm",
      "body": "Greetings, I will like to extend my appreciation to professor @alphafx for impacting this knowledge into us. Since the day I joined this academy, I can boost about learning a whole lot and I can’t even say thank you enough. This week’s test requires us to write on a couple of consensus algorithms and I decided to share my views on Proof of Burn (PoB).  But before I start I will like to write a little about what consensus algorithms are since PoB is an example of it. \n\n---\n\n***What is consensus algorithms?***\n---\nConsensus algorithms is a process which is used to achieve agreement among distributed systems. This process has to ensure that all trustees on the platform can agree on a particular truth and that’s what is known as consensus algorithms.\n\n\n![image.png](https://cdn.steemitimages.com/DQmUXtuc9rXUbVny2DfRLM4mjRp7P4gC8GPYr6rGig98ijC/image.png)\n[source](https://blog.iqoption.com/wp-content/uploads/2018/08/132.jpg)\n\n***What is Proof of burn?***\n---\nProof of Burn (PoB) is also known as the coin burn method is used by miners when they are in need of sending crypto coins to a burn address without the use of a familiar private key. In simple words, PoB is a blockchain consensus mechanism that uses much less power consumption as compared to its Proof of Work. This operates by giving miners the chance to burn virtual tokens. \nThis burn address certify the rationality of the coins that are being transferred and determine whether the holder of the coin has enough coins in his account and coins will go straight to the address once it is validated. The burn address in Binance is called the Burn function. \n\n---\n\n***How does Proof of Burn work?***\n---\nIn PoB random addresses are generated without having any private key related with them, this address are known as eater addresses. When in the burning process of coins, there is an economic scarcity hence increasing the value of the various coins that are burnt. But it is really another good and less risky way of investing without difficulty.\n\nProof of Burn has the same scheme as Proof of work but just that they aren’t focus on investing into hard labour, electricity and computational power but rather its blockchain platform is supposed to be made secured through the coin burns. PoB provides miners block rewards and over some time, the rewards given are expected to cover the amount of coins that are burnt at the initial stage. There are so many ways of executing PoB, many execute throught BTC and others by their native coins. \n\n---\n\n***Difference between Proof of Burn and Proof of Work***\n---\n1.\tProof to burn does not required so much computer power but Proof of work requires so much computing power and energy. \n\n2.\tWith proof of burn, customers are required to use virtual machines whiles more powerful machines are needed when working with proof of work.\n\n3.\tIn proof of burn, burnt coins cannot be recovered but recovery is possible in proof of work.\n\n---\n\n***What are the cryptocurrencies that uses proof of burn?***\n---\nThere are only a couple of coins that uses PoB. They are Factom (FCT), Counterparty (XCP) and slimcoin (SLM). Slimcoin uses both PoW and PoB. \n\n***Advantages of Proof of Burn***\n---\n1.\tProof of Burn does not require so much energy or excessive computing power in order to operate.\n \n2.\tThere is price stability in Proof of Burn. Because of this, it gives investors a good reason to be committed to a long term project.\n\n3.\tThis can be a protocol used in ICOs for the burning of coins that are not sold yet and also be used in the development of new tokens.\n\n4.\tWith Proof of Burn, coins and tokens and even other cryptocurrencies can be distributed in a decentralized way. In simple put, Proof of Burn promotes decentralization.\n\n---\n\n***Disadvantages of Proof of Burn***\n---\n1.\tVerification process is so slow in Proof of burn as compared to the verification process in Proof of Work.\n\n2.\tThere is the risk of having no guarantee of retrieving the full value of crypto currency you burnt. \n\n3.\tThis protocol leads to scarcity of tokens and cryptocurrencies. \n\n---\n***Conclusion***\n---\nProof of burn is one of a popular consensus algorithm that attracts more investors because other projects has used its platform to stabilize its coins hence making more investors interested in that. Looking at its advantages, Proof of Burn has a promising future. To me, I think PoB is superior to all the other concensus methods (proof-of-work and proof-of-stake) in so many ways. \n\nThanks for reading @alphafx for taking us through.",
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      "body": "Greetings prof @pelon, I posted my last week’s task again today because my post had expired without  being curated; \nOld post link: https://steemit.com/hive-108451/@nav1/steemit-crypto-academy-season-2-week4-or-tokens-parte-2-erc-20-y-erc-721-by-pelon53\n\nHere is my new post link: https://steemit.com/hive-108451/@nav1/steemit-crypto-academy-season-2-week4-or-tokens-parte-2-by-pelon53\n\nThank you",
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      "author": "nav1",
      "permlink": "steemit-crypto-academy-season-2-week4-or-tokens-parte-2-by-pelon53",
      "title": "Steemit Crypto Academy Season 2: Week4| TOKENS, PARTE 2 by @pelon53",
      "body": "Hello everyone, after going through professor @pelon53’s lecture, it was so easy for me to get the task done and I want to say thanks to him. Without wasting much time let’s get into that.\n\n\n![image.png](https://cdn.steemitimages.com/DQmPKSSYRr8ik2nPeEFVuXa6Zg9mhsgBJPsRkQJv4QZYb1Q/image.png)\n[source](https://mk0boxminingmedysvof.kinstacdn.com/wp-content/uploads/2019/04/ERC1155.jpg)\n\n >Question 1Explain the ERC-1155 Token in detail.\n\nERC-1155 also known as Ethereum Requests for Comments which is a standard token that was developed by Enjin and was launched in the year 2018. They were developed purposely for the creation of both fungible and non-fungible token contracts on the Ethereum platform. ERC-1155 collects ideas from all the available tokens in the Ethereum platform (ERC777, ERC20, and ERC721). \nSince transactions are a bit difficult to make with other ERCs, ERC-1155 has provided a new and simple way that makes trading more organized and thereby reducing the transaction fees even though it uses the ideas of the previous ERC tokens. One of a popular game that was created using ERC-1155 token is the Minecraft game. \n\n***What makes ERC-1155 different from other Tokens?***\n---\n1.\tERC-1155 works as both fungible and non-fungible tokens.\n\n2.\tERC-1155 tokens makes the use of creating of digital assets much easier as compared to the already existing tokens.\n\n3.\tTransactions of both ERC-721 and ECR-20 can be made to an ERC-1155 identical address. \n\n4.\tEven though ERC-20 and ERC-721 tokens have very less in common but the existence of ERC-1155 has made it possible to be able to work with both without any difficulty.\n\n***What are the features of ERC-1155 tokens?***\n---\n1.\tThere is maximum security in when dealing with ERC-1155. There is a very less chance of getting hacked or scammed.\n\n2.\tIt has multiple uses. Can sever as an ERC-20 and can also serve as ERC-721 and can even serve as both.\n\n3.\tThere is a lower cost of transaction as compared to other tokens.\n\n4.\tWith the ERC-1155 token, multiple transactions can be done with ease. \n\n---\n\n >Question 2. How to verify the amount of ERC-721 tokens existing\n\nFrom the question, we are asked to use etherscan. Without wasting much time, let us start.\n\n***Steps***\n\n1.\tGo to etherscan [official website](https://etherscan.io/). \n\n2.\tAt the top, you will see the ‘tokens’ then you click on it. \n\n3.\tSelect ERC-721 top tokens.\n\n4.\tFrom here we can see the available ERC-721 tokens. There are 11,115 ERC-721 available at the time I was writing this text. \n\n\n![Untitled.png](https://cdn.steemitimages.com/DQmQeTxHue9EqScHLErYanoSRYc3K8n6U8wwpysvJJS3NAH/Untitled.png)\n\n\n![2.png](https://cdn.steemitimages.com/DQmaRKx9hW6wVaV7EPoSmpyJa6UnjeuUhjEVx3CA9PxCvJM/2.png)\n\n\n![3.png](https://cdn.steemitimages.com/DQmfRzfyNSfve8tTmEKAKHVGu1n9sDxjw52JWiaZwtxX12M/3.png)\n\n\n\n---\n\n >Question 3. Explain the TRC20 Token and check the amount of TRC20 tokens\n\n***What is TRC20 token?***\n---\nTRC20 tokens are tokens that belongs to the tron blockchain platform which gives the qualification to be a native token of tron. TRC20 is a standard token that gives smart contracts the chance to implement tokens using Tron Virtual Machine (TVM). There are 3 required implementation rules that the tron virtual machine uses. These are; the token name, token abbreviation, and token precision. Missing a single implementation rule will result to errors. TRC20 has so much in common with ERC20 just that the TRC20 uses TVM to generate its tokens whiles ERC20 doesn’t. \n\nAlso, the TRC20 is also similar to the previous tron token TRC10 but TRC20 adds more logic to its work. This is absent in TRC10. TRC20 tokens gives traders and investors a secured platform to make transactions that are prone to risks, in simpler words there is no transaction risk relating to the ERC20.\n\n***Difference Between TRC10 Tokens and TRC20 Tokens***\n---\n1.\tWorking with TRC20 is much easier as compared to working with the TRC10. Beginners are always finding it difficult to start their projects on TRC20.\n\n2.\tTransaction fees with TRC10 is 1000 times lower than the TRC20 and the vice versa.\n\n3.\tTRC10 has a lower resources when comparing with the TRC20. \n\n***How to verify the number of TRC-20 tokens available at this time***\n---\nI will be using the tronscan website to verify the number of tokens available at this particular time. Below are the steps involved.\n\n***Steps***\n\n1.\tGo to the tronscan website. You can go there by clicking [here](https://tronscan.io/#/)\n\n2.\tClick on ‘tokens’ found at the top of the page.\n\n3.\tFrom the drop down menu, select ‘token tracker’.\n\n4.\tFrom the token tracker page, select the TRC20 in order to see the total number of tokens available. At this time, there are A total of 15,977 tokens from the screenshot. \n\n\n![11.png](https://cdn.steemitimages.com/DQmeRbwr1qgyvXGSXohv5GgGpXzbnRa6tWgo6ecuPEuu4s8/11.png)\n\n\n![22.png](https://cdn.steemitimages.com/DQmWqhjJ6Hm7tJGsKuLHiTpJLTL8MvDNeaABSrMyqY7NrAR/22.png)\n\n\n![33.png](https://cdn.steemitimages.com/DQmRVvoK1uPoPAihRGd9QhCVmaBqNFsdidRLVXiaAPWFxXY/33.png)\n\n\n![44.png](https://cdn.steemitimages.com/DQmcL8MkmNTZesAcZAvdboZQNb9VMdt1FZAQ9TFREyrS6rX/44.png)\n\n\n***Conclusion***\n---\nTo conclude, ERC-1155 tokens are created to fully utilize both the ERC-20 and ERC-721 and at the same time a reliable platform that makes it very easy for developers to make their dreams come true. It has also solved developers’ nightmare of huge transaction charges and also offer beginners a good platform to start with. TRC20 tokens on the other hand has a lightning speed of transactions at a lower charge. Thanks to professor @pelon53 for his great lecture. \n\nThanks for reading @pelon53",
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