Thank you to our fellow Lisk Community member LISK POLAND for creating this awesome animation for us. We are very humbled that they took the time out of their day to recognize us and also put this together.
Please follow them on twitter at @LiskPoland and check out their website:
You can support our grassroots movement by voting for bloqspace.io as a LISK DELEGATE. You can track our progress towards our goal at:
MORE ABOUT DPOS:
Delegated Proof of Stake (DPOS) is a new method of securing a cryptocurrency’s network. DPOS attempts to solve the problems of both Bitcoin’s traditional Proof of Work system, and the Proof of Stake system.
This reduced need for confirmation produces an increase in speed of transaction times. By intentionally placing trust with the most trustworthy of potential block signers, as decided by the network, no artificial encumbrance need be imposed to slow down the block signing process. DPOS allows for many more transactions to be included in a block than either proof of work or proof of stake systems. DPOS technology allows cryptocurrency technology to transact at a level where it can compete with the centralized clearinghouses like Visa and Mastercard. Such clearinghouses administer the most popular forms of electronic payment systems in the world.
In a delegated proof of stake system centralization still occurs, but it is controlled. Unlike other methods of securing cryptocurrency networks, every client in a DPOS system has the ability to decide who is trusted rather than trust concentrating in the hands of those with the most resources. DPOS allows the network to reap some of the major advantages of centralization, while still maintaining some calculated measure of decentralization. This system is enforced by a fair election process where anyone could potentially become a delegated representative of the majority of users.
RATIONALE BEHIND DPOS
Give shareholders a way to delegate their vote to a key (one that doesn’t control coins ‘so they can mine’)
Maximize the dividends shareholders earn
Minimize the amount paid to secure the network
Maximize the performance of the network
Minimize the cost of running the network (bandwidth, CPU, etc)
Please follow them on twitter at @LiskPoland and check out their website:
You can support our grassroots movement by voting for bloqspace.io as a LISK DELEGATE. You can track our progress towards our goal at:
MORE ABOUT DPOS:
Delegated Proof of Stake (DPOS) is a new method of securing a cryptocurrency’s network. DPOS attempts to solve the problems of both Bitcoin’s traditional Proof of Work system, and the Proof of Stake system.
This reduced need for confirmation produces an increase in speed of transaction times. By intentionally placing trust with the most trustworthy of potential block signers, as decided by the network, no artificial encumbrance need be imposed to slow down the block signing process. DPOS allows for many more transactions to be included in a block than either proof of work or proof of stake systems. DPOS technology allows cryptocurrency technology to transact at a level where it can compete with the centralized clearinghouses like Visa and Mastercard. Such clearinghouses administer the most popular forms of electronic payment systems in the world.
In a delegated proof of stake system centralization still occurs, but it is controlled. Unlike other methods of securing cryptocurrency networks, every client in a DPOS system has the ability to decide who is trusted rather than trust concentrating in the hands of those with the most resources. DPOS allows the network to reap some of the major advantages of centralization, while still maintaining some calculated measure of decentralization. This system is enforced by a fair election process where anyone could potentially become a delegated representative of the majority of users.
RATIONALE BEHIND DPOS
Give shareholders a way to delegate their vote to a key (one that doesn’t control coins ‘so they can mine’)
Maximize the dividends shareholders earn
Minimize the amount paid to secure the network
Maximize the performance of the network
Minimize the cost of running the network (bandwidth, CPU, etc)
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