FT Chain — An Intro To Community Based DPoS (CB-DPoS)
The FT Chain’s Community Based DPoS System (CB-DPoS)
In the Delegated Proof of Stake (DPoS) consensus algorithm, the issue of ensuring stable Block Producers receive the greatest number of community votes has been a key issue. Currently, in the DPoS consensus algorithm of blockchain, the real block production data is much lower than the data produced in theory. There are two issues causing this: internet, and unstable block production.
To combat this issue, the Community Based DPoS (CB-DPoS) consensus algorithm has been developed by the FT Chain team.
So what is CB-DPoS? Based on the community voting reward system, token holders select stable Block Producers to ensure efficiency and reliability in the block-producing cycle.
CB-DPoS Consensus Program Flow:
- Every 7 days will be a block-producing cycle in the CB–DPoS system.
- 28 Block Producers will be ranked according to community voting for the initial ranking.
- The first 21 Block Producers will take turns to produce blocks, with 7 alternative Block Producers on standby.
- If a Block Producer breaks the rules or has issues producing blocks, they will be replaced by an alternative Block Producer.
- The Voting Reward System can avoid blindness in voting, to ensure the token holder’s vote for stable Block Producers.
- Token holders will vote in the next cycle for Block Producers and alternative Block Producers, according to the delegates block-producing history, token mortgage amount and other public information.
During this process, the Voting Reward System has a large influence. First, Block Producers of the FT Chain are selected by community voting, and the delegates are selected by the token holders who take part in the voting of the Block Producers. Secondly, the rewards earned by the Block Producers (and thus the rewards for token holders that voted for the Block Producers) will only depend on the results of the Block Producers, with an emphasis on stable and reliable block production.
To avoid blindness in voting, token holders can only vote based on the delegates’ public information, such as their block-producing history, token mortgage amount and other information. This is to ensure that more stable Block Producers can be involved in the block-producing cycle. This allows all users to participate effectively in the token economy market.
Regarding unreliable Block Producers, if they cause issues for the system, their deposit will be taken as a penalty by the system.
The FT Chain will give 80% of the transaction fees to the token issuer and smart contract developer (DApp developer). In this way, it ensures all contributors to the ecosystem are rewarded.
20% of the transaction fees will go to the Block Producers.
The FT Chain distributes rewards to voters and Block Producers after the block production. This is to ensure that Block Producers are not rewarded by voting rank, but by actual results of block production.
On the FT Chain, each token holder will get one vote per token held per cycle, and the token does not need to be staked during the voting process, allowing for greater community voting participation.
We believe this will ensure that token holders will vote more carefully, as they only receive one vote per token held per cycle, and are incentivized to vote for block production by more reliable Block Producers.
Key Features of the FT Chain Community Based DPoS (CB-DPoS) System
All token holders can vote for the Block Producers — There is no requirement to lock up the token during the voting cycle.
Voters can only vote once during each voting cycle — Votes are valuable and should be carefully considered.
Rewards are distributed based on actual results after the block production cycle — Real block production results are prioritized over voting results, and bad actors are penalized through the token mortgage feature.
All stakeholders in the system can earn rewards — Token Issuers, Developers, Block Producers, and Voters can all earn benefits from the FT Chain system. Over the coming weeks, we will explore these benefits in greater detail.
FT Chain Social Media
🚀 Join our Telegram Channel
👍 Follow our Facebook
🐥 Follow our Twitter
👽 Join our SubReddit