DPOS (delegated proof of stake)
This is one of the consensus algorithm like pos and pow to learn about the this consensus algorithm .we learn about it by asking some questions to yourself
1)why should we need this type of algorithm?
First of all you should know about the consensus algorithm.In blockchain mainly some protocol or the rules are follow to insert the particular block in a particular blockchain this is called as consensus algorithm. so from the birth of the blockchain till today different protocol are followed that govern the different blockchain mining or validating the block in it.So at birth of blockchain pow is one of the algorithm used to mining the particular block.The gist is that PoW provides the most proven security to date, but at the cost of consuming an enormous amount of energy. But it cannot fulfill the requirement of the current world scenario to fulfill that requirement pos(proof of stake) the new consensus algorithm came in the picture in from which miners get replaced by the validator. The validators who possess the maximum coin only validate the particular block of a blockchain.The public blockchain mainly faces the scalability.Scalability of blockchain networks is the ability of that platform to support increasing load of transactions, as well as increasing the number of nodes in the network.To tackle these issues, some blockchains (such as Lisk, EOS, Steem, BitShares and Ark)have adopted the Delegated Proof of Stake (DPoS) consensus mechanism.
so, what this delegated proof of stake actually?
let's i try to explain this by some basic term first of all is
vote
As seen above image the node in the particular blockchain vote for the another node the node who wins mainly placed in the top tier of the witnesses who gain the most vote is also the user of the blockchain but they are the trusted one.
Votes are weighed according to the size of each voter’s stake. witnesses are responsible for the validating the transaction and creating block but they can not change the content of the particular block .As a blockchain grows, it becomes increasingly competitive to become or remain a witness in the top tier.
In this type of consensus the voter can vote for the other's or give voting power to another entity to vote on their behalf.
witness
Selected witness are responsible for creating blocks by verifying transactions after verifying transaction and adding the block in a blockchain they get reward for that. Which is usually shared with those who have voted for witness. Witnesses can prevent specific transactions from being included in block but they cannot change information of any transaction which makes them similar to miners in Proof Of Work blockchains.
If a witness fails to verify all transactions in the given time, block is missed, all transactions are left unverified and no reward is distributed to that witness. The reward is added up to reward of the next witness which verifies that block. Such transactions are collected by the next witness, and such a block is called stolen.
A user need not have a large stake to enter the top tier of witnesses. Rather, votes from users with large stakes can result in users with relatively small stakes being elevated to the top tier of witnesses.
Witnesses have to lock certain part of their stake which is seized if they act maliciously or try to attack blockchain.
Then the third content or the third aspect of dpos is
delegates.
They are trusted parties who responsible for maintaining the network.The delegates oversee the governance and performance of the entire blockchain protocol, but do not play a role in transaction validation and block production.
For example, the delegates can propose changing the size of a block, or the amount a witness should be paid in return for validating a block. Once the delegates propose such changes, the blockchain users vote on whether to adopt them.
so all above is the structure and working of the delegated proof of stake.Every thing in our surround must possess some good and bad outputs as well.
dpos also having some advantages as well as a disadvantages over the other consensus algorithm.So first we discuss a disadvantages of the dpos.
1) Their are different blockchain that carries different effective operation and the decision making of network which mainly require the good and well informed delegators and they appoint the good witnesses.
2)limited witnesses can lead to the centralization of the databases.
3) The user with the small stake mainly refuse the to taking part in the voting it is due to they consider that their vote is insignificant. these are the main drawback of the dpos consensus algorithm .
hence their are some good things as well of this algorithm have they are as following
1)DPoS blockchains have good protection from double-spending.
2)DPoS is more democratic and financially inclusive due to lesser staking amount required by a user/node.
3)DPoS provides more decentralization as more people take part in the consensus due to low entry threshold.
DPOS (delegated proof of stake)
This is one of the consensus algorithm like pos and pow to learn about the this consensus algorithm .we learn about it by asking some questions to yourself
1)why should we need this type of algorithm?
First of all you should know about the consensus algorithm.In blockchain mainly some protocol or the rules are follow to insert the particular block in a particular blockchain this is called as consensus algorithm. so from the birth of the blockchain till today different protocol are followed that govern the different blockchain mining or validating the block in it.So at birth of blockchain pow is one of the algorithm used to mining the particular block.The gist is that PoW provides the most proven security to date, but at the cost of consuming an enormous amount of energy. But it cannot fulfill the requirement of the current world scenario to fulfill that requirement pos(proof of stake) the new consensus algorithm came in the picture in from which miners get replaced by the validator. The validators who possess the maximum coin only validate the particular block of a blockchain.The public blockchain mainly faces the scalability.Scalability of blockchain networks is the ability of that platform to support increasing load of transactions, as well as increasing the number of nodes in the network.To tackle these issues, some blockchains (such as Lisk, EOS, Steem, BitShares and Ark)have adopted the Delegated Proof of Stake (DPoS) consensus mechanism.
so, what this delegated proof of stake actually?
let's i try to explain this by some basic term first of all is
vote
As seen above image the node in the particular blockchain vote for the another node the node who wins mainly placed in the top tier of the witnesses who gain the most vote is also the user of the blockchain but they are the trusted one.
Votes are weighed according to the size of each voter’s stake. witnesses are responsible for the validating the transaction and creating block but they can not change the content of the particular block .As a blockchain grows, it becomes increasingly competitive to become or remain a witness in the top tier.
In this type of consensus the voter can vote for the other's or give voting power to another entity to vote on their behalf.
witness
Selected witness are responsible for creating blocks by verifying transactions after verifying transaction and adding the block in a blockchain they get reward for that. Which is usually shared with those who have voted for witness. Witnesses can prevent specific transactions from being included in block but they cannot change information of any transaction which makes them similar to miners in Proof Of Work blockchains.
If a witness fails to verify all transactions in the given time, block is missed, all transactions are left unverified and no reward is distributed to that witness. The reward is added up to reward of the next witness which verifies that block. Such transactions are collected by the next witness, and such a block is called stolen.
A user need not have a large stake to enter the top tier of witnesses. Rather, votes from users with large stakes can result in users with relatively small stakes being elevated to the top tier of witnesses.
Witnesses have to lock certain part of their stake which is seized if they act maliciously or try to attack blockchain.
Then the third content or the third aspect of dpos is
delegates.
They are trusted parties who responsible for maintaining the network.The delegates oversee the governance and performance of the entire blockchain protocol, but do not play a role in transaction validation and block production.
For example, the delegates can propose changing the size of a block, or the amount a witness should be paid in return for validating a block. Once the delegates propose such changes, the blockchain users vote on whether to adopt them.
so all above is the structure and working of the delegated proof of stake.Every thing in our surround must possess some good and bad outputs as well.
dpos also having some advantages as well as a disadvantages over the other consensus algorithm.So first we discuss a disadvantages of the dpos.
1) Their are different blockchain that carries different effective operation and the decision making of network which mainly require the good and well informed delegators and they appoint the good witnesses.
2)limited witnesses can lead to the centralization of the databases.
3) The user with the small stake mainly refuse the to taking part in the voting it is due to they consider that their vote is insignificant. these are the main drawback of the dpos consensus algorithm .
hence their are some good things as well of this algorithm have they are as following
1)DPoS blockchains have good protection from double-spending.
2)DPoS is more democratic and financially inclusive due to lesser staking amount required by a user/node.
3)DPoS provides more decentralization as more people take part in the consensus due to low entry threshold.
DPOS (delegated proof of stake)
This is one of the consensus algorithm like pos and pow to learn about the this consensus algorithm .we learn about it by asking some questions to yourself
1)why should we need this type of algorithm?
First of all you should know about the consensus algorithm.In blockchain mainly some protocol or the rules are follow to insert the particular block in a particular blockchain this is called as consensus algorithm. so from the birth of the blockchain till today different protocol are followed that govern the different blockchain mining or validating the block in it.So at birth of blockchain pow is one of the algorithm used to mining the particular block.The gist is that PoW provides the most proven security to date, but at the cost of consuming an enormous amount of energy. But it cannot fulfill the requirement of the current world scenario to fulfill that requirement pos(proof of stake) the new consensus algorithm came in the picture in from which miners get replaced by the validator. The validators who possess the maximum coin only validate the particular block of a blockchain.The public blockchain mainly faces the scalability.Scalability of blockchain networks is the ability of that platform to support increasing load of transactions, as well as increasing the number of nodes in the network.To tackle these issues, some blockchains (such as Lisk, EOS, Steem, BitShares and Ark)have adopted the Delegated Proof of Stake (DPoS) consensus mechanism.
so, what this delegated proof of stake actually?
let's i try to explain this by some basic term first of all is
vote
As seen above image the node in the particular blockchain vote for the another node the node who wins mainly placed in the top tier of the witnesses who gain the most vote is also the user of the blockchain but they are the trusted one.
Votes are weighed according to the size of each voter’s stake. witnesses are responsible for the validating the transaction and creating block but they can not change the content of the particular block .As a blockchain grows, it becomes increasingly competitive to become or remain a witness in the top tier.
In this type of consensus the voter can vote for the other's or give voting power to another entity to vote on their behalf.
witness
Selected witness are responsible for creating blocks by verifying transactions after verifying transaction and adding the block in a blockchain they get reward for that. Which is usually shared with those who have voted for witness. Witnesses can prevent specific transactions from being included in block but they cannot change information of any transaction which makes them similar to miners in Proof Of Work blockchains.
If a witness fails to verify all transactions in the given time, block is missed, all transactions are left unverified and no reward is distributed to that witness. The reward is added up to reward of the next witness which verifies that block. Such transactions are collected by the next witness, and such a block is called stolen.
A user need not have a large stake to enter the top tier of witnesses. Rather, votes from users with large stakes can result in users with relatively small stakes being elevated to the top tier of witnesses.
Witnesses have to lock certain part of their stake which is seized if they act maliciously or try to attack blockchain.
Then the third content or the third aspect of dpos is
delegates.
They are trusted parties who responsible for maintaining the network.The delegates oversee the governance and performance of the entire blockchain protocol, but do not play a role in transaction validation and block production.
For example, the delegates can propose changing the size of a block, or the amount a witness should be paid in return for validating a block. Once the delegates propose such changes, the blockchain users vote on whether to adopt them.
so all above is the structure and working of the delegated proof of stake.Every thing in our surround must possess some good and bad outputs as well.
dpos also having some advantages as well as a disadvantages over the other consensus algorithm.So first we discuss a disadvantages of the dpos.
1) Their are different blockchain that carries different effective operation and the decision making of network which mainly require the good and well informed delegators and they appoint the good witnesses.
2)limited witnesses can lead to the centralization of the databases.
3) The user with the small stake mainly refuse the to taking part in the voting it is due to they consider that their vote is insignificant. these are the main drawback of the dpos consensus algorithm .
hence their are some good things as well of this algorithm have they are as following
1)DPoS blockchains have good protection from double-spending.
2)DPoS is more democratic and financially inclusive due to lesser staking amount required by a user/node.
3)DPoS provides more decentralization as more people take part in the consensus due to low entry threshold.
DPOS (delegated proof of stake)
This is one of the consensus algorithm like pos and pow to learn about the this consensus algorithm .we learn about it by asking some questions to yourself
1)why should we need this type of algorithm?
First of all you should know about the consensus algorithm.In blockchain mainly some protocol or the rules are follow to insert the particular block in a particular blockchain this is called as consensus algorithm. so from the birth of the blockchain till today different protocol are followed that govern the different blockchain mining or validating the block in it.So at birth of blockchain pow is one of the algorithm used to mining the particular block.The gist is that PoW provides the most proven security to date, but at the cost of consuming an enormous amount of energy. But it cannot fulfill the requirement of the current world scenario to fulfill that requirement pos(proof of stake) the new consensus algorithm came in the picture in from which miners get replaced by the validator. The validators who possess the maximum coin only validate the particular block of a blockchain.The public blockchain mainly faces the scalability.Scalability of blockchain networks is the ability of that platform to support increasing load of transactions, as well as increasing the number of nodes in the network.To tackle these issues, some blockchains (such as Lisk, EOS, Steem, BitShares and Ark)have adopted the Delegated Proof of Stake (DPoS) consensus mechanism.
so, what this delegated proof of stake actually?
let's i try to explain this by some basic term first of all is
vote
As seen above image the node in the particular blockchain vote for the another node the node who wins mainly placed in the top tier of the witnesses who gain the most vote is also the user of the blockchain but they are the trusted one.
Votes are weighed according to the size of each voter’s stake. witnesses are responsible for the validating the transaction and creating block but they can not change the content of the particular block .As a blockchain grows, it becomes increasingly competitive to become or remain a witness in the top tier.
In this type of consensus the voter can vote for the other's or give voting power to another entity to vote on their behalf.
witness
Selected witness are responsible for creating blocks by verifying transactions after verifying transaction and adding the block in a blockchain they get reward for that. Which is usually shared with those who have voted for witness. Witnesses can prevent specific transactions from being included in block but they cannot change information of any transaction which makes them similar to miners in Proof Of Work blockchains.
If a witness fails to verify all transactions in the given time, block is missed, all transactions are left unverified and no reward is distributed to that witness. The reward is added up to reward of the next witness which verifies that block. Such transactions are collected by the next witness, and such a block is called stolen.
A user need not have a large stake to enter the top tier of witnesses. Rather, votes from users with large stakes can result in users with relatively small stakes being elevated to the top tier of witnesses.
Witnesses have to lock certain part of their stake which is seized if they act maliciously or try to attack blockchain.
Then the third content or the third aspect of dpos is
delegates.
They are trusted parties who responsible for maintaining the network.The delegates oversee the governance and performance of the entire blockchain protocol, but do not play a role in transaction validation and block production.
For example, the delegates can propose changing the size of a block, or the amount a witness should be paid in return for validating a block. Once the delegates propose such changes, the blockchain users vote on whether to adopt them.
so all above is the structure and working of the delegated proof of stake.Every thing in our surround must possess some good and bad outputs as well.
dpos also having some advantages as well as a disadvantages over the other consensus algorithm.So first we discuss a disadvantages of the dpos.
1) Their are different blockchain that carries different effective operation and the decision making of network which mainly require the good and well informed delegators and they appoint the good witnesses.
2)limited witnesses can lead to the centralization of the databases.
3) The user with the small stake mainly refuse the to taking part in the voting it is due to they consider that their vote is insignificant. these are the main drawback of the dpos consensus algorithm .
hence their are some good things as well of this algorithm have they are as following
1)DPoS blockchains have good protection from double-spending.
2)DPoS is more democratic and financially inclusive due to lesser staking amount required by a user/node.
3)DPoS provides more decentralization as more people take part in the consensus due to low entry threshold.