- What is DPoS
DPoS stands for Delegated Proof of Stake, which translates into share authorization certificate. It was first proposed by Bitshares in 2013 to solve the shortcomings of PoW and PoS mechanisms.
- Basic Principles of DPoS
For the cryptocurrency of the PoS mechanism, each node can create a block and earn "interest" according to the proportion of individual shares. DPoS is a trusted account (trustee, top 101 votes) elected by the community to create blocks. In order to become an official trustee, users must go to the community to canvass votes and gain the trust of enough users. Users vote according to the percentage of the total amount of cryptocurrency they hold. The DPoS mechanism is similar to a joint-stock company. Ordinary shareholders cannot enter the board of directors and must vote to elect representatives (trustees) to make decisions on their behalf.
These 101 trustees can be understood as 101 mining pools, and the rights of these 101 mining pools are completely equal to each other. Those users who hold cryptocurrency can vote to replace these representatives (mining pools) at any time. As long as the computing power they provide is unstable, the computer is down, or they try to use their power to do evil, they will be kicked by angry voters immediately. Out of the entire system, and the backup representative can go up at any time.