What is DPoS and why DDK prefer DPoS over other consensus algorithms?
Consensus algorithm is the backbone of blockchain platforms and defines how the lifetime of a blockchain would be in the future. Consensus algorithms play part in validating the information being added to the blockchain through its specific verification methodologies. Many of the features of the blockchain depend on the consensus algorithm, for example, the speed, security, monopoly inside the blockchain, energy consumption, and many others.
To understand what DPoS is and why DDK has selected it as a consensus algorithm we need to understand the basics of traditional consensus algorithms. Consensus is the validation process of the blockchain where the peers approve/disapprove a transaction, any change, and/or any addition to the blockchain. Bitcoin being the pioneer of blockchains use PoW — Proof of Work, an algorithm to power this validation process during which a miner having greater power can mine first and earn the reward. PoW, however, proved to be very power hungry and thus lead to the creation of monopolies in the region that are energy sufficient. Another consensus was proposed to resolve the issue called Proof of Stake — PoS. PoS limited the validators by binding them with a certain amount of staked coins, so a peer having a higher number of coins can validate a big(in terms of coin) transaction and the one with less cannot. PoS, however, retained the problem of monopoly within the networks as some of the nodes/peers can buy large amounts of coin and be the dictators.
DPoS — Delegated Poof of Stake is the method to overcome these issues. DPoS is a fast, secure, and relatively cost-efficient consensus mechanism than other existing algorithms as it does not require very high computational power and the mining opportunity depends on the number of votes for the miners from stakeholders. DPoS is a truly democratic blockchain environment where each member takes part to decide who the validator shall be and can draw them back in case they’ve changed the decision. Thus one cannot be the leader on the basis of the mining machine he has or the coins he has staked, rather the users/nodes of the blockchain decide who is to be the miner or delegate in terms of DDK. The miners receive transaction fees on validation and block reward on block generation. To incentivize and motivate the voters to vote regularly, DDKoin are transferred to the voters as staking rewards.
DDK in its aim to make blockchain world better and innovative have implemented DPoS so as to make the network democratic, give respect to the opinion of all and keep nodes at same place rather distinguishing them on the basis of machine and coins. DDK is a community-based platform and thus DPoS suits best to the vision.
DDK source code and other information can be found here:
