Delegated Proof-Of-Stake
| Delegated Proof-of-Stake (DPoS) is an alternative to the Proof-of-Stake (PoS) consensus mechanism in which users have to vote and elect delegates for block validation. DPoS was first proposed by Daniel Larimer in 2014 as a solution to the scalability problem of the Bitcoin blockchain. DPoS works by electing a group of delegates who are responsible for validating blocks and maintaining the blockchain. These delegates are voted in by the community and are typically chosen based on their reputation, skills, and ability to contribute to the network. The top 20 delegates are typically chosen to validate blocks, and they are rewarded with a portion of the transaction fees for each block they validate. DPoS is a more centralized approach to consensus than PoS, but it is also more scalable and efficient. Because there are fewer delegates responsible for validating blocks, DPoS can process more transactions per second than PoS. DPoS is also more energy-efficient than PoS because it requires less computing power to validate blocks. Critics of DPoS argue that it is too centralized and that the delegates have too much power over the network. They also argue that DPoS is less secure than PoS because the delegates could collude to 51% attack the network. However, DPoS has been shown to be a secure and scalable consensus mechanism, and it is being used by a number of major cryptocurrencies, including EOS, TRON, and STEEM. |
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