Last updated on October 24th, 2019 at 06:38 am
Scalability issues often prevails within public blockchains and to tackle these issues, some blockchains have adopted the popular Delegated Proof of Stake (DPoS) consensus mechanism. DPoS don’t compromise on the decentralized incentive structure at the heart of the blockchain while speeding up the transactions and blocks creation.
In the traditional Proof of Stake consensus mechanism, a user can put their coins at stake, thereby earning the right to validate transactions, forge blocks, and earn associated rewards. DPoS, a variation of the Proof of Stake consensus, seeks to reach consensus more efficiently.
Consensus Mechanism of DDK
Consensus is a required aspect of any blockchain system. It serves a vital purpose for the system where there are many nodes and all nodes must agree on the integrity of the data. All nodes participating must agree on what transactional data is legitimate in order to move the blockchain forward.
DDK uses Delegated Proof of Stake, DPoS as the consensus system of the chain. For this, the stakeholder who wants to become a delegate, registers on the platform and submit a fee of 10 DDKoins.
A delegate is a type of node that has been registered by the transaction named delegate registration. These nodes have a special purpose within DDK as they are allowed to generate blocks for the system provided that the delegate has been allocated enough stake by other users of the system. Any node may become a delegate, but only if the pre-conditions of the required stake are allowed to generate blocks.
The delegates are selected by rigorous voting between the stakeholders. In DDK, the delegate’s ranks depends on the VOTE COUNT where VOTE COUNT is, only one vote per account. A stakeholder can vote for a delegate using a vote transaction. Once the voting mechanism is completed and a stakeholder becomes a delegate, the delegate sets up a personnel PC node and starts getting non-validated transactions from transaction pool and validate these transactions. On validating these transactions, the delegates gets reward in DDKoin.