THELOGICALINDIAN - Delegated affidavit of Stake or DPOS is a accord apparatus acclimated to defended a blockchain
The Problem
Consensus mechanisms like proof-of-work account assurance absorption at the entities active the mechanism.
In proof-of-work based systems like Bitcoin, assurance concentrates at the entities that can aftermath the greatest bulk of work. In the aboriginal canicule of Bitcoin, this absorption of assurance was not an affair because anybody could bung in their computer and abundance some bitcoin. But, apprenticed by incentives to banknote the block reward, bodies mining entered an accoutrements chase and began accumulating added and added hashing ability by abutting pools and architecture bigger hardware.
Today, mining pools GHash and Discus Fish accomplish up 49% of the 270,000 TH/s arrangement assortment rate. About 30% of the arrangement assortment amount comes from baby mining pools like KnCMiner, Slush, and BTC Guild. However, these entities that are afire the activity all-important to compute the proof-of-work are motivated to abound and bandage calm because they angle to account from economies of scale. The aftereffect is absorption of assurance about the few entities that ascendancy the hashing power.
The Solution
Allow assurance to accumulate at the entities active the accord mechanism, but empower the bodies application the arrangement with the adeptness to accord and booty abroad the trust.
Trusted assembly assurance blocks and are voted on by the bodies through approval voting. Approval voting is a adjustment with alone up-votes (no down-votes), and that allows assorted votes per share. A user casts their up-vote back they assassinate a transaction (see Figure 2.). A absolute of 101 assembly are elected, and their roles accommodate accession transactions, bearing blocks, and broadcasting them to the network. The assembly are the entities active the accord mechanism, and charge act in the best absorption of the shareholders or accident actuality voted out.
Learn added about Delegated Proof of Stake on the BithShares Wiki.
Sources/ Photo Sources: Blockchain.info, BitShares Wiki Online, BitShares Online
