YGGDRASH MainNet Content #4_ YGGDRASH DPoS Part 1(Article)
Hello, World!
Greetings from Team YGGDRASH.
The Team is uploading the contents regarding YGGDRASH before launching its MainNet on 1104.
As the fourth content, we would like to explain the features of YGGDRASH DPoS part 1.
What is DPoS(Delegated Proof of Stake)?
Delegated Proof of Stake (DPoS) is a consensus algorithm that the delegates select their representatives by exercising their voting rights in proportion to their stakes and elected representatives will make decisions. EOS and ICON are representative projects using DPoS in their system.
YGGDRASH and DPoS
Delegated Proof of Stake will be used to validate transactions on the STEM CHAIN of the YGGDRASH public network. The reason behind the decision of the YGGDRASH protocol with its DPoS algorithm is the advantages that it brings to the network.
Firstly, DPoS regards positive in terms of speed and reliability. These can be attractive features for DApps which participate in the network in the early stage.
It is deemed to be a very reliable and efficient consensus algorithm (Shi 2019).
This is because the mechanism of DPoS features a relatively small number of nodes and therefore the processing of the transaction is quicker (Zheng et al, 2017).
Secondly, it provides real-time security as YGGDRASH users do not need to worry about the dishonest delegates as malicious delegates could be voted out easily.
Thirdly, DPoS consumes significantly less energy and power than Proof of Work (PoW), as DPoS do not require as much utilization of computational resources that are involved in PoW.
This competitive incentive structure can work effectively when a malicious representative out. If a representative behaves with malicious intent, the voters, who had voted for that representative, are directly affected. The right to vote is the power that came out from the staking, and malicious representatives will adversely affect the ecosystem and lower the value of the coin.
DPoS offers a better distribution of rewards as the voters would theoretically vote for delegates who reward them the best.
In conclusion, DPoS is a ‘reward system’ that provides fast TPS and competitive incentives to members of the ecosystem. It also prevents various problems that may occur in the early stages in the form of voting and stabilize the ecosystem and promote growth.
After this process, YGGDRASH combines INTERCHAIN solutions and incentives and expand the user pool. DPoS is a process of reducing volatility in order to scale up the ecosystem before reaching its final phase, DPoA.
Decision Making Process
Taking the insight from the Practical Byzantine Fault Tolerance (Castro et al. 1999), YGGDRASH requires Master node to participate by voting and cryptographically signing their votes before broadcasting it to all other Master node. The voting power of the Master node may be decided by the amount of YEED staked to the YGGDRASH network.
Also, we are holding an airdrop event. Please create blog posts, infographics, and videos based on this information.
[How to Participate]
Official YEED Smart Contract Address:
0xca2796f9f61dc7b238aab043971e49c6164df375
YGGDRASH Official channels
- Github: https://github.com/yggdrash
- Gitter: https://gitter.im/yggdrash/yggdrash
- Youtube: https://www.youtube.com/yggdrash
- Telegram: https://t.me/Yggdrash
- Twitter: https://twitter.com/YggdrashNews
- Facebook: https://www.facebook.com/yggdrash/
- Reddit: https://www.reddit.com/r/yggdrashYEED
