Hello, GBT Protocol community.
I did not post for a while. It’s Keunyoung Yun, a software engineer at GBT Protocol.
Last time I explained about POS, Consensus Algorithm №2.
If you don’t remember about POS, then please refer to the link above.
Then Let’s start!
Today’s posting is about the consensus algorithm №3, DPOS.
Like I mentioned in the last posting, POS which means Proof of Stake is deepening the risk of the polarization phenomena between coin holders, since the working system is based on the competition in holding the number of coins.
In 2014, the new consensus algorithm, DPOS was released.
DPOS literally means that it delegates the rights to the limited number of nodes.
Every node who participate in the network will get the right for voting their own representatives.
That means the nodes who get most votes from other nodes will be selected as representatives to lead the ecosystem. ( Steem has 20 representatives, EOS has 21 representatives)
The selected nodes will be available to generate the blocks and clarify them.
If the selected node is doing with negative intention, then that node will be replaced to another well-meaning node immediately.
Isn’t it alike our democracy system in modern society in the aspect that participating nodes are voting for their leader for better organization of their network?
In terms of speed, DPOS is outstanding as there are relatively fewer nodes to authorize and sync the same ledger than other algorithms.
Sadly, this outstanding algorithm still has a flaw.
As there are only a few nodes who are operating and in the control of the system,
Some people worry about the fact that the concept of decentralization is fading.
Also, it could weaken the security compared to other algorithms.
Additionally, there could be possibilities that the group of selected nodes could disturb the ecosystem for their own sake.
So we cannot say that DPOS is the perfect one.
This was my last series of the consensus algorithm.
I tried to explain in an easy way, I wish everyone can get the points.
Next time, I will bring a more interesting topic of blockchain technology.
Please keep steady til we will be blockchain masters!
We just released the monthly report for July. If you want to know what we have done in July, please refers to our homepage link.
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