Delegated Proof-of-Stake, or DPoS, is a consensus mechanism used by some blockchain networks to achieve agreement on the state of the ledger. In DPoS, token holders vote for a select group of delegates or witnesses who are responsible for validating transactions and creating new blocks. This system aims to offer faster transaction speeds and higher scalability compared to traditional Proof-of-Stake. It introduces a representational governance structure to the network.
Context
Debates surrounding Delegated Proof-of-Stake often concern its degree of decentralization compared to other consensus models. Critics argue that the limited number of delegates could lead to centralization risks. News reports frequently analyze the performance and security of DPoS networks, especially in relation to their governance structures and validator election processes.
A novel DPoS mechanism leverages verifiable randomness to unpredictably select delegates, fundamentally strengthening decentralization and mitigating power concentration.
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