WHAT IS DELEGATED PROOF OF STAKE (DpoS)?
A blockchain engineer named Daniel Larimer thought that Bitcoin mining is consuming too much energy and it would become centralized in the future, with giant mining pools being in control of the Bitcoin network. Additionally, he wanted to build a system that is capable of doing around 100,000 tps. He invented a new system that consumes low energy that we called now “Delegated Proof of Stake”.
Delegated proof of stake deploys voting combined with a social system of reputation to achieve consensus. Active delegates are voted into their roles by token holders. The voting power depends on how many of the base token the account is holding. In some DPoS versions, a delegate needs to show commitment by depositing his funds into a time-locked security account that is called deposit-based proof of stake.
Delegates can not change any transaction details but as they are validators they could theoretically eliminate/ignore certain transactions in a block. Nevertheless, this has almost no effect as the next created block will include these transactions, giving the next delegate the fees associated with validating them.
In DPoS systems, users are voting to select witnesses and the top tier of witnesses earn the right to validate transactions. Users can also delegate their voting power. Votes are weighed according to the percentage of voter’s stake. If a Witness starts to cheat/betrays, people in the community can remove their votes and take his/her role.
Advantages of DPoS
- It’s way faster than PoW and PoS.
- Their incentives and structures enhance the security and integrity of their blockchains, and each user has an incentive to perform their role honestly.
- No equipment required to be a witness or delegate. A normal computer is just enough.
- It consumes really low energy when compared with PoW.
Disadvantages of DPoS
- Because fewer people are in charge of, in theory, it is not hard to attack the system.
- Without an huge amount of votes, system may not be work as requested.
- The system can turn into a centrilaze structure.
DPoS Coins
1-Steem
2-EOS
3-Rise
4-Ark
5-BitShares
6-OxyCoin
7-Nano
8-Cardano
9-Tezos
10-Lisk
References:
https://www.coinblogger.org/what-is-delegated-proof-of-stake-dpos-dpos-vs-pos/
Boomerang have Problems , Do Not last minutes Bids.
The Bot Already Sunk Long Ago !
I tend to prefer POS over POW
Same here:)
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I'm still a proof of work type of guy. Even if DPOS becomes a thing I believe Bitcoin will survive. The system will just be to robust and secure to fail. Of course that doesn't mean multiple systems can thrive, they will, but they'll have different use cases.