LIVE[A web3 concept every day] Quickly understand DPoS
DPoS (Delegated Proof of Stake), the full name is Delegated Proof of Stake.
We have talked about PoW and PoS before. Their shortcomings are obvious. PoW will consume a lot of resources, while PoS will not consume resources, but they can easily lead to the rich getting richer, leading to the centralization of the blockchain system.
In order to deal with these two problems, DPoS emerged. In DPoS, currency holders can vote for a small number of nodes to serve as representatives. These representatives are responsible for verifying transactions and creating new blocks. They are called witnesses (Witnesses). Only the top N with the total number of consent votes (different chains will have different standards) can be selected as witnesses. This batch of witnesses will randomly verify and package the data in the next 1-2 days, and the next batch of witnesses will be replaced as soon as the time is up.
At the same time, currency holders can also vote for Delegates. Representatives have more rights. They can change network parameters, including transaction fees, block size, witness fees, block intervals, etc.
Since only a few elected representatives participate in the consensus process, DPOS is usually faster and more efficient than other mechanisms, while also avoiding centralization issues because currency holders will choose less centralized nodes to be witnesses. People and representatives.
