Understand The Concept of Delegated Proof of Stake and Build Your DPoS Consensus Algorithm
This blog will help help you understand the concept of Delegated Proof of Stake and Consensus Mechanisms. Comprehend the features and list of DPoS coins used in their blockchain as the consensus protocol. Contact our blockchain experts to ignite an outstanding DPoS development.
Delegated Proof of Stake (DPoS) - What it is and How Does it Work?
In this article, we'll make a glance at what is DPoS & How does it work? Delegated Proof of stake(DPoS) is an effective consensus mechanism designed in 2014 by Dan (Daniel) Larimer, which is expected to improve on both the PoW and PoS models.
What is Delegated Proof of Stake (DPoS)?
Delegated Proof of Stake (DPoS) is an advancement of the fundamental concepts of Proof of Stake and a type of blockchain consensus that enables users to spend their coins to vote for various delegates. In the Proof of Stake consensus system, individuals who stake a token can take part in the "mintage" process and make vital decisions to set protocols or validate transactions.
Delegated Proof of Stake is the proven efficacious consensus mechanism that assures blockchain protocol stays scalable and sustainable.
What is a Consensus Algorithm?
Before jumping into the basics of stake-delegated proof and how it works, it is essential to scrutinize what consensus algorithms are. A Blockchain network is a decentralized network connected to the nodes of a computer to verify transactions within the network.
A decentralized network like blockchain requires certain rules and methodologies so that multiple nodes can meet an agreement on the state of the network. This set of rules and processes is the Consensus algorithm. Each type of blockchain uses different algorithms.
Why blockchain requires Consensus Mechanisms?
To understand how wholesome stake-delegated proof can be, it is crucial to know why blockchain technology needs consensus. Blockchain is a distributed ledger technology that records all the transactions within the network.
Transactions across various nodes are validated with the aid of cryptographic hash functions. Records in most nodes are more flawless than the others. To appropriate functioning blockchain technology, it must come with a consensus protocol for genuine transactions.
The consensus mechanism supports transactions from all the nodes within a server. With a consensus mechanism in place, this technology also stops users from spending a single coin on two separate transactions, comprehended as double-spending.
How does DPoS Work?
There are various elements of delegated proof of stake that foster the technology to be convincing and efficient at validating transactions. However, proof of stake and proof of work is used by most of the blockchain at the moment, the stake-delegated proof is designed to crack most of the limitations that affect PoS and PoW.
The algorithm is maintained with an exceptional election system that selects nodes that can verify blocks. Every user who holds at least one coin with the DPoS blockchain can vote for the nodes, to who they want to validate transactions. Before using a DPoS blockchain, it is recommended that you should understand every aspect of this system and how it works to attain a consensus.
Features of Delegated Proof of Stake Consensus Algorithms:
DPoS consensus-based crypto coins are more flexible and scalable than PoW, and PoS as they never start requiring high computing power and are usually reach for users with poor equipment.
- DPoS blockchains exhibited themselves to be faster than PoW and PoS-based blockchains.
- DPoS coins are more democratic and inclusive than their alternatives.
- DPoS is considered to be the most decentralized approach to consensus mechanisms.
- DPoS is energy efficient and environmentally friendly.
- DPoS networks have robust protection from double-spend attacks.
List Of DPOS Coins | DPOS Cryptocurrencies
Following are the cryptocurrencies that have executed DPoS in their blockchain as the consensus protocol:-
- EOS – 21 Producers
- Bitshares (BTS) – 101 Block Producers
- Tezos (XTZ)
- Lisk – 101 Block Producers
- Cardano (ADA)
- Steemit (STEEM) – 51 Block Producers
- ARK (ARK) – 51 Block Producers
- Oxycoin (OXY) – 51 Block Producers
Do you want to create a cryptocurrency beneath the DPoS blockchain consensus but are in a dilemma about choosing the right platform? Then you are in the perfect place!
Why BlockchainAppsDeveloper For Delegated Proof of Stake (DPoS) Development?
As a leading cryptocurrency and blockchain development company, BlockchainAppsDeveloper provides complete cryptocurrency and blockchain services and solutions for different business sectors globally.
Our Consensus protocols incorporate Proof of Stake, Proof of Work, Delegated Proof of stake, and Proof of concept standards which eliminate the activities of intermediaries and avoid double-spending errors.