Hot Cryptocurrency Trends: Delegated Proof of Stake
This is a guest post by Max Wright. Disclaimer: Max Wright owns both Bitcoin and BitSharesX. Wright's critique of the security concerns of DPOS can be found athttp://www. SuccessCouncil.com. In August of 2014, in front of a small crowd at a regional Bitcoin event in Raleigh, North Carolina, a panel of arguably 6 of the brightest minds in Crypto were....
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This week, Bitcoinist has published two excellent articles on the topic of DPOS, or delegated Proof of Stake. Both written by Alberto Mata, DPOS is a new feature that Bitshares is talking about, which they believe solves problems of both proof or work and proof of stake systems alike, adding another layer of security by countering the negative effects of trust centralization. One fact that is pointed out however is that it a DPOS system is still vulnerable to 51% attacks, but the cost would be much higher compared to another systems. To read more visit the following articles: Dan Larimer....
What is delegated proof of stake? “(DPOS) Delegated proof of stake is a new consensus algorithms that allows shareholders (or the users of the system) to have control over who is certifying the ledger. it allows us to have 10 second block times, process 10 transactions per second or more, and allows the network to scale; to have dedicated nodes that are highly efficient and specialized yet remain in control of the shareholders. We can actually have 10 second confirmation on your blocks that is more secure than bitcoin.” How is DPOS different than proof of stake or proof of work? “Proof of....
Delegated proof of Stake ( or DPOS) is a consensus mechanism used to secure a blockchain. In proof-of-work based systems like Bitcoin, trust concentrates at the entities that can produce the greatest amount of work. In the early days of Bitcoin, this concentration of trust was not an issue because anybody could plug in their computer and mine some bitcoin. But, driven by incentives to cash the block reward, people mining entered an arms race and began accumulating more and more hashing power by joining pools and building better hardware. Today, mining pools GHash and Discus Fish make up....
The consensus mechanism used by Bitcoin is the only way to ensure true lasting freedom.
The second-biggest cryptocurrency is only the fourth-ranked staking network, but it’s looking to catch up to the rest. Despite epic price rises since the start of the year and the fact that it’s the second-biggest cryptocurrency by total market capitalization, Eth2 lags behind competitors in the staking rankings. So, why isn’t Ether (ETH) the number one staking cryptocurrency? A brief history of proof-of-stakeBack in 2012, Peercoin developers Sunny King and Scott Nadal proposed a PoS proposal as part of a hybrid consensus model. In 2013, the Nxt genesis block hailed the first pure....