You may have heard PoW, PoS, and DPoS before but may not have a clear idea of this intent. Can also see here. With Justin Sun's latest tweet about the election for the Super Representative, it may add to confusion. So let me tell you a little bit about PoW, PoS and DPoS.
Please read text below...
Consensus Mechanism
- Consensus * - a word that means "general agreement" is a major component of blockchain technology. It is an agreement to record information such as balance of each address, transaction, etc. on blockchain. All consensus mechanisms aim to secure the network from being attacked and help protect it.
The common consensus mechanism for blockchain is the Proof of Work (PoW), Proof of Stakes (PoS) and Delegated Proof of Stakes (DPoS). Both Bitcoin and Ethereum use PoW as their consensus mechanism. However, Ethereum developers are working to shift to the PoS consensus mechanism because there is a lack of PoW mechanism.
Given that PoW is regarded as inefficient and non-eco-friendly energy, along with other weaknesses that make Bitcoin not decentralized as commonly spoken. With PoW, Miners capable of producing faster and stronger processing power usually have a better chance of earning rewards than others. At present, the top 3 bitcoin Mining bins (BTC.com, AntPool, and ViaBTC) have contributed more than 50% of all centralized power hashrate (hashrate).
Proof-Of-Stake Protocol (PoS)
PoS technology was originally used to be the TRON protocol. Under the PoS system, stakers (investors) place their own coin on the block if they want to verify the deal related to the block. and get the reward from this. see the top example PoS here.
The biggest advantage of this PoS protocol compared to PoW is its fast transaction and more energy efficient use to verify blocks. But one significant problem with this system is that it depends only on the amount of coin placed by the stacker (investor) to determine who can confirm the transaction.
Dalegated Proof of Stakes (DPoS)
This DPoS was introduced by Daniel Larimer, Founder to Bitshares and also social media blockchain, STEEM.
DPoS responds to key issues in PoS by integrating reputation systems to determine certain blocks. Under DPoS, users are still stacking coins, but they do so to make a "representative" ballot, which is responsible for verifying the transaction on the disputed block.
This consensus protocol provides every user with greater power to control what is happening in their network, providing a form of governance for themselves, and others in blockchain.
TRON DPOS is likely to have a positive impact on the perception of the public on the consensus verification method.
Super Representative
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Given that the votes at DPoS are constant, if the Super Representative does not behave or act well, people in the community can issue their votes. The Super Representative should do its best to comply with all rules and maintain the best possible network if not, this super Representative will be overthrown by its own members.
TRON chose DPoS as its mechanism of agreement as it is a more centralized protocol with the democratic, democratic, self-control, free elections, and comprehensive legitimacy.
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