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RE: 🤔 New POS Project - Its time to start exploring outside of POW
What are your thoughts on delegated proof of stake coins (DPOS) such as BTS, STEEM, and EOS? I think DPOS is a more decentralized and fairer consensus mechanism than traditional POS, since your stake dictates your voting power to elect block-producing nodes (miners) to secure the network. Because these nodes are voted in by stakeholders and rewarded by the network, they are highly incentivized to perform honorably and in the best interest of the network. Otherwise they will be voted out by us, the stakeholders.
Here's a great definition of DPOS from the Bitshares (BTS) Network: https://bitshares.org/technology/delegated-proof-of-stake-consensus/
Like many of these I feel like its a good idea in theory but in practice we can see that a number of the people here that are witnesses here on steemit are providing no real value and getting the largest rewards while others that provide lots of value struggle. This comes down to poor marketing methods for witnesses and I feel like they deserve to have their own page or section on steemit that provides truthful information on each of them so everyday users can understand and vote how they feel. It should almost be a weighted system as well where a revote each month is needed to keep the vote value at 100% otherwise it declines value wise over time.
You make some good points. I agree that the stale vote is an issue on Steemit. I believe EOS plans to fix that with a decaying vote strength, where you’d have to vote again every month or so to keep your vote relevant. Let it sit and it’s weight decreases.
I was also just reading about IPFS’s proposed gravity protocol consensus algorithm https://medium.com/@gravityprotocol/gravity-ipfs-off-chain-data-storage-ab44aba3faa4. It’s very similar to DPOS but is weighted on both time since last vote and usage frequency of the platform. I like it.