Thread by @Abrahamchase09

Want to know more About Blockchain, @QuaiNetwork, And how you can earn more tokens? For example, in the @QuaiNetwork Quest 3 which will be starting soon, the winner will be awarded 15,000 $QUAI tokens to their Mainnet rewards balance.
A Beginners friendly Thread 🧵 Please open.

Most of you heard about the merge that happened days back where ETH moved from proof-of-work to proof-of-stake but you don't even have an idea of what these words mean or what they entail. well, today I will explain all this to you.

Now, what is blockchain in simple terms?
Blockchain is a method of recording information that makes it impossible or difficult for the system to be changed, hacked, or manipulated, and each of this recorded information is distributed to everybody, yes including Me and you

and since it is distributed to us all it is virtually impossible to change any of this recorded information, whether through hacking or through corrupt people.
still confused?
Let me use a real-world instance to explain this to you

Now, you can look at it as an excel sheet file where your bank records information, anything (transactions) that happens in the bank is recorded in that excel sheet file. it's as simple as that, but the difference is that your bank does not let you see these files,

and these files can be edited by anybody at any time, and they are controlled by a single authority or managed in one place. which is the complete opposite of Defi (Decentralized Finance),
Now there are many reasons why Banks are not your friends but that is not today's talk.

Now back to today's Main topic, A feature of Blockchain called CONSENSUS MECHANISM, now instead of explaining what Consensus mechanisms are straight away let me use an example for a better understanding

When you want to withdraw money from your bank, maybe using your ATM card, let's say your Mastercard, the information is sent directly to a database managed by Mastercard, now we believe that Mastercard will protect all sensitive personal information and process the transaction.

Because only they control the network, Now this transaction can either reverse or be censored (meaning your transactions may not go through) and you might be debited and have to go into the bank and start another stress,

and in addition, these centralized databases are also exposed to increased risk of hacking and corruption as I stated earlier on. Now CONSENSUS MECHANISM is a solution used to verify transactions and maintain the security of the underlying blockchain...

in a peer-to-peer network in a trustworthy, traceable (we all can see what is happening), immutable (can not be changed) manner, and here, there is no superior authority to ensure that all participants adhere to the established rules.

There are currently dozens of different consensus mechanisms, but none of them is perfect. Each consensus mechanism has its own strengths and weaknesses
Proof of work (PoW) and proof of stake (PoS) are two of the most widely used consensus mechanisms

But @QuaiNetwork is here to make sure we get the best through Proof-of-Work 2.0 which is a completely new innovation. I will tell you why this is interesting, follow me...

Before I tell you about Proof-of-Work 2.0 you will need to know what Proof-of-Work and Proof-of-Stake are.
1. Proof of Work (PoW) is the very first distributed consensus mechanism. It was developed by Bitcoin creator Satoshi Nakamoto. In PoW, miners essentially compete against

each other Using powerful computers, they compete with one another to solve very challenging computational puzzles. and the first person to figure out this puzzle gains the privilege of creating the new block and validating the transactions.

and a "block reward," or fixed sum of cryptocurrency, is also given to that miner.
Now because of how much energy and computational resources are needed, PoW's running expenses are exceedingly high and the machines needed also pollute the environment.

and this creates a barrier for new people who will like to be miners, and since not everybody can be miners this raises the issue of scalability (how many transactions can it take per second, the higher the transactions the more scalable it is).

There are still some advantages of Proof of Work (PoW) for example it provides a solid mechanism for achieving consensus and preventing abuses and misuse and Allows miners to earn more crypto rewards..etc

2. Proof of stake (PoS): This well-liked consensus approach is based on the staking procedure, as the name implies. A "stake" of digital money must be made by miners in a proof of stake (PoS) system in order to be eligible to be selected at random as a validator.

Similar to like a bet, the more coins you stake, the greater your chances are of creating the next new block and validating the transactions, and unlike PoW where miners earn block rewards, in PoS miners just earn a transaction fee and this is secure and environmentally friendly

since miners don't need powerful computers anymore. But what are some disadvantages of Proof of stake (PoS), for example, it relies on your internet connection and A key disadvantage is that in some systems, they are mostly selecting validators that have the most money

Examples of some coins that use these two consensus mechanisms are
1. Proof of Work (PoW): we have Bitcoin, Dogecoin, Litecoin Ethereum Classic, and so many others. while
2. Proof of Stake (PoS): Ethereum (after the merge of recent), Cardano, Cosmos, Near, and so many others

But what if I tell you there's something that might be better than them both? yes, you read that well!
Proof-of-Work 2.0!!!, a completely unique consensus mechanism That @QuaiNetwork Proposes to use in mainnet.

What is Proof-of-Work 2.0?
Proof-of-work 2.0 is a unique consensus mechanism that uses the features of Proof-of-Work 1.0 and Proof-of-Stake. yes, you read that right it uses them both! a completely new way of structuring and organizing blockchains.

an innovative consensus mechanism that enhances the original Proof-of-Work's capabilities while maintaining its unmatched decentralization and security, Proof-of-Work 2.0 utilizes a combination of

merged mining (which just refers to the act of mining two or more cryptocurrencies at the same time) and sharding (Splitting a database to distribute the load which reduces network congestion and increases transactions per second by creating new chains, known as “shards”.)

allowing miners to secure multiple blockchains with the same hash power (simple the power that your computer or hardware uses to run and solve different algorithms) allowing the simultaneous production of blocks on other chains while allowing all miners to still secure

the Prime Chain. (Quai Network in this case) and they still maintain the same security among all of them. now Proof-of-work 2.0 vastly increases tracing and hashing speeds and when combined with asynchronous (meaning that new blocks may not necessarily execute line by line)

block production across all Quai Network chains is what gives Quai Network an average block time of ~1.1 seconds while remaining extremely decentralized and secure. we can see as much as 10,000 Transactions per second Upon @QuaiNetwork Mainnet launch.

Few advantages of Proof-of-Work 2.0
1. Low-Fee Ecosystem
2. Carbon Neutral: Miners don't need high energy from Crude oil, coal, and natural gas which saves the environment
3. Highly Decentralized,

For future reading, and understanding you can visitblog postaiNetwork blogpost
blog.quai.network/what-is-proof-…

Now for our Quest 3 where you have the opportunity to win 15,000 $QUAI
a Quest is basically a journey toward a specific mission or a goal where you are given riddles and puzzling questions and the First person to decode them advances to the next round or possibly wins the price

Join the discord discord.gg/mdMcEyv94A to be able to participate. #Quai #QuaiQuest #NFT #web3 #blockchain #decentralized #Crypto

you camorere about how the Quest 2 went so you cat prepared for the quest 3, using the link below.
blog.quai.network/quai-quest-2-w…

If you know you learned something new today Please do well to follow, like, retweet, and tag your friends so they do not miss out. I would realeciate Thank you😊