PoS Vs DPoS

in #cryptocurrency3 years ago

POW-POS-DPOS.png

Today I will briefly tell the difference between Proof of Stake and Delegated Proof Stake. I am not a geek, still would try my best to present the same in a better way.

Let me first tell you that whether it is PoS(Proof of Stake) or DPoS(Delegated proof Stake) or PoW(Proof of Work), these are all method of finding consensus in a blockchain. Today I will discuss little bit about PoS and DPoS.

Proof of Stake

This is a way to establish consensus on a blockchain by parties having a legitimate stake ( who own bitcoins or smart contract ) in the blockchain. It replaces the hash function calculation by a simple digital signature proving the ownership of that stake.The network selects individual based on the proportion of stake in the network.

Delegated Proof of Stake

This is somewhat centralized but it is having the advantage to counteract the large stake holder power of PoS method. This allows individual with smaller stakes to take part and magnify their participation, thereby striking a balance between the large stake holder and small stake holder. But this materializes at the cost of centralization of the network but we can say that democracy prevails in this DPoS.

The best example of DPoS is BITSHARES.


That's all to the best of my understanding, I am not an expert but whatever I have learned and understood I have written here, any further debate on the subject matter is always welcome, and with that I will also gain more knowledge.

Thank you.

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