Hello Hivers!

After a short...short???....delay, today I publish the Photochain Block number 6. This time I'll publish the 2 blocks, number 6 and 7, very close to each other ... patience 😅

This is the PhotoChain's Block Number 0006.

1.First: What is PhotoChain?

The PhotoChain Challenge is a blockchain-like photography contest. In the first, it took place on the steem blockchain, but now it starts its weekly editions on the Hive Chain. If you would like to know more about, read the PhotoChain Challenge INTRODUCTION Post on Hive. There, I explain the functioning of the contest and how to participate.

2.PhotoChain as a Blockchain's Functioning

The cryptocurrencies ecosystem is born after the advent of the blockchain concept. With PhotoChain I would like to introduce some mechanisms which are commonly used in this functioning, trying to make them a little easier for those who are beginners. Obviously I do not want to create a blockchain course also because the fundamental pillar of this technology - and that here becomes impractical - is its distributed nature. Mine is just a slightly creative method and - I hope - an original way of getting used to some basics, all while having fun and growing on the Steem Platform.

3.How?

Here I introduce the Block concept in the PhotoChain Challenge.

In the cryptocurrencies ecosystem, every cryptocurrency is sustained by a blockchain. The blockchain is a modern technology: many computers from many countries work resolving calculations. Sometimes, the blockchain validates a Block: A block is a group of transactions - simply a list - where every transaction can be traced (there are exceptions in some types of cryptocurrencies focused on privacy).

So, the first common point: now we introduce the Block also in the PhotoChain Challenge. Here, the block will be a post I'll write that will contain a group of pics; particularly, the photos of the winners for the previous 4 weeks of the contest.

And here we are.

On the blockchain, every computer can guess a nonce, a kind of code that identifies the block, validating the block itself. Each of the computers that carry out these calculations is called miner - the concept is a bit more complex because a miner is a kind of account that can work even with multiple computers but, to understand the basics, what I said above is sufficient.

What's the nice thing? That every miner who guesses the nonce - that code that is associated with a block - receives a cryptocurrency reward generated by the blockchain.

This whole scheme of work - which in computer science is called algorithm - is the so-called Proof of Work (PoW): in a nutshell, computers hard work trying to find the nonce in order to earn the cryptocurrency reward.

Here is the second point in common: bringing the Proof of Work into it by likening the winning competitors to the miners who guessed the nonce. In this case, we can talk about a different algorithm, like Proof of Transaction - I invent it myself, you don't pay too much attention to it -. Here the miners who guessed the transaction, that is the winning photo, are rewarded.

And where does the prize come from? Using PeakD to publish the post I have the possibility to choose 8 beneficiaries that will be rewarded with a percentage of the value of the post in Hive Tokens. Currently, I decided to set it at 11%.

Let's summarize again: every 4 weeks I write the post - which will be the Photochain Block -. Each block will contain photos of the 8 winners in the previous 4 editions. At the time of the payment of the post 7 days after its publishing, each of them will receive 11% of the value of the post in HIVE Tokens.

Total Beneficiaries Payout: 88%

PHOTOCHAIN BANNER.jpg

JOIN IN THE LAST EDITION!

4.And the Rest?

The third concept. Considering that I am still a small little fish I would also like to have my part in the block validation and reward; I who created the contest and therefore I hold the rights over him: I, therefore, have the shares of the competition.

There is a second basic algorithm in the cryptocurrencies ecosystem in which to validate the blocks and receive the rewards there are not the miners but the holders - or hodlers -, who hold the cryptocurrency and decides to stake it. In this type of work scheme, it is precisely those who hold this type of rights that goes to validate the blocks and earn the associated rewards: this algorithm is called Proof of Stake (PoS)

Taking this type of algorithm to our PhotoChain, 12% will go to me - and I must admit that this type of algorithm is very nice for me in a case like this :)

In the crypto ecosystem, the set of algorithms Proof of Work and Proof of Stake is called a Hybrid System precisely because it unites both within the same work scheme. For some time now also various tribes here on Hive have begun to use hybrid mechanisms to assign their tokens.

Finally, to sum up: I write the post - the block - which contains the photos of the winners of the previous 4 weeks; 7 days later the time for payment arrives; each author of the photo mentioned in the block receives 11% of the value of the post in HIVE Tokens for a total of 88%; I receive the remaining 12% reaching 100% of the value of the post.

All clear?

Last annotation: the reward method will be set to 50/50(HBD/Hive power) and it must, however, be taken into account that on the value of the post all the curations that the Hive blockchain independently deducts will be deducted. I currently have no power over the various tokens - and I don't know if they will be assigned automatically or not - I can only ensure you that in the event of rich arrivals I will undertake in the future to reinvest them if not all, almost.

And now: Ready? Go!