Proof of stake was designed as an alternative to Proof of Work because PoW was suffering from several inherent issues, such as centralization. Proof of Stake is considered less risk than mining because one doesn’t need to invest capital, buying mining units. If a user wishes to ‘stake’ their coins they can do so moving it to a special wallet. By doing so you can receive rewards, usually in the form of the token you have staked.
Recently Alogorand conducted a survey to compile a database on how COVID-19 is spreading, its symptoms and infected. In a recent tweet, the company tweeted about the IReportCovid survey app which will add to the depository of data that will add real-time figures about not just the pandemic but also its relief measures.
We have created a worldwide, open data repository, for people to share their #COVID19 status (even if they don't have symptoms). Fill out the short survey and help spread the word: https://t.co/RRhSOp9nSe#IReportCovid @Algorand #blockchain pic.twitter.com/orxCpIKhSC
— Algorand Foundation (@AlgoFoundation) March 26, 2020
The lack of availability of real-time data about the pandemic is currently a crippling issue as many people during the lockdown are craving legitimate data. The survey app will endeavor to post these responses publicly onto the Algorand blockchain so that people can access data. The information cannot be removed but can be updated according to the prevailing conditions. People with no virus can also update if their status changes.
The survey seeks general information about name, location, and confirmation about the status of the disease with self-isolation. It will also announce the average statistics figures so that the data analytics tools can be used effectively for filtering the database. The head of research at the foundation also mentioned that in these tough times, information is the key and with more and more people filling up the questionnaire, the information gap can be mended effectively.
Cryptocurrency players have realized how crucial these times are, and are contributing to the best of their capacities. This survey also aims to do just that along with many other crypto companies that have initiated relief campaigns.
On 25th March, Binance charity too had commenced a fundraising initiative for the distribution of medical supplies to countries that have been affected the most. It contributed to the fundraising campaign by contributing $1 million donations and is looking at $1 million in other contributed donations.
Image Source – Medium