In 2017 we started with the idea of creating a platform based on Ethereum https://medium.com/@karatcoin/karatcoin-tokenizes-gold-certificates-on-ethereum-4afa7426894b
The major problem here is the PoW (Proof of Work) consensus that requires a lot of time energy and money.
We therefore opted for a different technology with a DPoS consensus.
Delegated Proof of Stake (DPoS)
A variation of proof of stake in which the responsibility of the creating blocks is delegated to third party nodes, known as “witnesses.”
Delegated Proof of Stake (DPOS) is the fastest, most efficient, most decentralized, and most flexible consensus model available.
- DPOS leverages the power of stakeholder approval voting to resolve consensus issues in a fair and democratic way.
- All network parameters, from fee schedules to block intervals and transaction sizes, can be tuned via elected delegates.
- Deterministic selection of block producers allows transactions to be confirmed in an average of just 1 second.
- The protocol is designed to protect all participants against unwanted regulatory interference.
- DPoS also allows for reliably confirmed transactions every 10 seconds. With Bitcoin, this takes six confirmations at average time of 10 minutes each. 10 seconds versus one hour is a pretty significant difference.
- It works by using reputation systems and frictionless, real-time voting to create a panel of limited trusted parties. These parties then have the right to create blocks to add to the Blockchain and prohibit un-trusted parties from participating.
- The panel of trusted parties take turns creating blocks in a randomly assigned order that changes with each iteration.
