DPOS leverages the power of stakeholder approval voting to resolve
consensus issues in a fair and democratic way.
Deterministic selection of block
producers allows transactions to be confirmed in an average of just 1 second.
Under DPOS, the stakeholders can elect any number of witnesses to generate blocks
Each account is allowed one vote
per share per witness, a process known asapproval voting (On an approval ballot, the voter can select any number of candidates.). The top N witnesses by total approval
are selected. The number (N) of witnesses is defined such that at least 50% of voting
stakeholders believe there is sufficient decentralization. When stakeholders expresses their
desired number of witnesses, they must also vote for at least that many witnesses. A stakeholder
cannot vote for more decentralization than witnesses for which they actually cast votes.
Each time witnesses produce a block, they are paid for their services. The slate of active witnesses is updated once every maintenance interval (1 day) when the votes
are tallied. The witnesses are then shuffled, and each witness is given a turn to produce a block at
a fixed schedule of one block every 2 seconds. After all witnesses have had a turn, they are
shuffled again.
:1st_place_medal: Stakeholder : Those who have staked their money
:1st_place_medal: Delegates / Witness / block producers: who validates the next block.
In DPoS, network users vote for “delegates” who will serve to validate the next block. Delegates can also be referred to as “block producers” or “witnesses.” With DPoS, users get to vote for witnesses by adding their tokens to a staking pool and linking those tokens to the witness of their choice. Tokens aren’t transferred to another wallet but are staked in a pool by use of a crypto staking service provider.
DPoS networks work well when tokens are distributed in an equitable fashion and users elect witnesses they believe will work in the network’s best interest. But if one person or group acquires enough tokens — as Justin Sun (founder of the Tron network) did — they can put their own witnesses in charge. Because delegates change from block to block, those who hold the most tokens can keep their chosen witnesses in power indefinitely.
POS:
PoS, the nodes that validate transactions are called “validators,” and they prove they have staked a certain amount of coins.
PoS algorithms choose the next validator using several methods. In general, the more tokens staked on a node, and the longer those tokens have been locked in, the greater the odds that node will be chosen to validate the next block.
Proof of stake is a consensus mechanism that requires a user to put something at stake (cryptocurrency) to be able to verify transactions. The users are chosen pseudo-randomly to verify the transaction based on their total wealth and stake. Those who get the chance to validate the transaction create new blocks in the system.
In DPoS, users vote to select witnesses whom they trust to validate transactions in the blockchain. Users who get the most votes become top tier witnesses and earn the right to validate transactions. Users can also delegate their voting rights to other blockchain members to enable them to vote on their behalf. User votes are weighed on the basis of the size of the user’s stake. A user need not to have a large stake to be a top-tier witness.
Witness: For a witness in the top tier, the threat of being replaced by users with more votes makes the system more competitive. Users can also vote to remove a witness from the list of top-tier witnesses who have lost their trust.
Delegates: Users in DPoS system also vote for a group of people, called ‘delegates’ to govern and check the performance of the entire blockchain protocol. The delegates can propose changes in the blockchain in favor of the users. The changes are implemented after the voting process. However, they have no right to validate transactions or create new blocks like normal users.
Users who have more coins at stake get a chance to validate transactions
users vote to elect the witnesses who would be chosen to validate transactions
Governance
The rules and regulations in the proof of stake blockchain are hardcoded in the genesis block. Any change in the block means a fork in the protocol.
users in DPoS elect delegates who actively manage and govern the blockchain. They can propose changes to the protocol and implement them after getting approved by the users.
Under DPOS, the stakeholders can elect any number of witnesses to generate blocks Each account is allowed one vote per share per witness, a process known asapproval voting (On an approval ballot, the voter can select any number of candidates.). The top N witnesses by total approval are selected. The number (N) of witnesses is defined such that at least 50% of voting stakeholders believe there is sufficient decentralization. When stakeholders expresses their desired number of witnesses, they must also vote for at least that many witnesses. A stakeholder cannot vote for more decentralization than witnesses for which they actually cast votes.
Each time witnesses produce a block, they are paid for their services. The slate of active witnesses is updated once every maintenance interval (1 day) when the votes are tallied. The witnesses are then shuffled, and each witness is given a turn to produce a block at a fixed schedule of one block every 2 seconds. After all witnesses have had a turn, they are shuffled again.
:1st_place_medal: Stakeholder : Those who have staked their money
:1st_place_medal: Delegates / Witness / block producers: who validates the next block.
In DPoS, network users vote for “delegates” who will serve to validate the next block. Delegates can also be referred to as “block producers” or “witnesses.” With DPoS, users get to vote for witnesses by adding their tokens to a staking pool and linking those tokens to the witness of their choice. Tokens aren’t transferred to another wallet but are staked in a pool by use of a crypto staking service provider.
DPoS networks work well when tokens are distributed in an equitable fashion and users elect witnesses they believe will work in the network’s best interest. But if one person or group acquires enough tokens — as Justin Sun (founder of the Tron network) did — they can put their own witnesses in charge. Because delegates change from block to block, those who hold the most tokens can keep their chosen witnesses in power indefinitely.
POS:
Proof of stake is a consensus mechanism that requires a user to put something at stake (cryptocurrency) to be able to verify transactions. The users are chosen pseudo-randomly to verify the transaction based on their total wealth and stake. Those who get the chance to validate the transaction create new blocks in the system.
In DPoS, users vote to select witnesses whom they trust to validate transactions in the blockchain. Users who get the most votes become top tier witnesses and earn the right to validate transactions. Users can also delegate their voting rights to other blockchain members to enable them to vote on their behalf. User votes are weighed on the basis of the size of the user’s stake. A user need not to have a large stake to be a top-tier witness.
Witness: For a witness in the top tier, the threat of being replaced by users with more votes makes the system more competitive. Users can also vote to remove a witness from the list of top-tier witnesses who have lost their trust.
Delegates: Users in DPoS system also vote for a group of people, called ‘delegates’ to govern and check the performance of the entire blockchain protocol. The delegates can propose changes in the blockchain in favor of the users. The changes are implemented after the voting process. However, they have no right to validate transactions or create new blocks like normal users.
https://akeo.tech/blog/blockchain-and-dlt/dpos-vs-pos-difference-between-traditional-and-delegated-proof-of-stake/
Questions on DPoS - Justin Sun case study , how we can avoid that
PoS leads to centralization and favors the wealthiest token holders, who have greater opportunities to become network validators.
Casper the Friendly Finality Gadget
PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake
Tendermint: Consensus without Mining
https://www.weusecoins.com/assets/pdf/library/Delegated%20Proof-of-Stake%20Consensus.pdf
https://medium.com/eosio/dpos-bft-pipelined-byzantine-fault-tolerance-8a0634a270ba