Delegated consensus is a type of blockchain agreement mechanism where token holders elect representatives to validate transactions. This system allows participants to assign their voting power to a select group of delegates, known as validators or block producers, who are responsible for verifying and adding new blocks to the blockchain. It offers a more scalable alternative to direct voting by reducing the number of active participants required for consensus. This delegation aims to improve transaction speed and efficiency while still maintaining a degree of decentralization through electoral processes.
Context
Debates surrounding delegated consensus often address the balance between scalability and decentralization, as the concentration of power among a smaller validator set can pose risks. A key concern is the potential for collusion or censorship if too few delegates control a significant portion of the network’s validation power. Future research focuses on improving delegate selection mechanisms and incentive structures to enhance network security and fairness.
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