EOS: Explanation of DPoS+BFT w/ Daniel Larimer - Part 1 of 2

eosgo (63)in #eos • 6 years ago (edited)

Daniel Larimer, CTO of block.one, took time to whiteboard DPOS for EOS Go to share with the community - as Dan called it, "possibly the first time I've ever explained DPOS on video".

EDIT - part 2 of this video is now available! Dan goes more in depth to explain the new BFT addition to DPOS for EOS to achieve irreversible confirmations in 2 seconds or less. He also compares the new EOS implementation with other BFT algorithms.

YouTube Description:

Daniel Larimer, CTO of BlockOne explains DPoS in Bitshares, Steemit, and EOS.

This is part one of a two part DPOS/BFT instructional video.

In part two Dan will go more in depth to describe BFT and how blocks in EOS will achieve 99.9% finality in 0.5 seconds, with absolute finality every 2 seconds or better.

This will allow dapps to provide a seamless user experience, a key step in bringing blockchain adoption to a wider audience.

EOS Go Admins: Kev, Bluejays
Editor in Chief: Jenny (@topkpop on steemit)

Thank you:
Daniel Larimer
Thomas Cox
block.one
Sam Sapoznick
Paul Atreides (Matt)

Go EOS!

What is EOS Go?

EOS Go is a community effort to launch EOS blockchain as envisioned by the creators of EOS.IO.

Anyone can participate in this historic event on June 3rd, 2018. Thousands of token holders will be required to vote for EOS to successfully launch; you can become part of EOS Go by educating others, writing articles, making videos, attending/hosting meetups and launch parties, writing the EOS constitution, picking data centers for block producing, and more.

If you're interested, please start by finding your role on the community forums and resteem or tweet EOS Go to help spread the word.

Telegram users can receive announcements for these daily summaries and other community updates here.

#crypto #blockchain #cryptocurrency #beyondbitcoin

6 years ago in #eos by eosgo (63)

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cob (65) 6 years ago

This is the technical part of DPOS. How the code is written to achieve consensus. The other half is how the HUMANS interacting with the code are helping to achieve consensus.

He mentions in the beginning of the video that we will just assume the block producers have already been elected and proceeds to explain the code part. Much needed!

But for those of you interested in the role, us humans have in the DPOS system, let me give you a quick explanation.

Each core asset is one vote. On Steem, it's the powered up STEEM token (VESTs) and on BitShares it's the BTS.

Users vote for block producers and their vote is proportional to their stake in core assets.
The candidates with the most votes are the ones that get to produce blocks and hence get block rewards.
Now if you are a bad blockproducer, the voters can remove their support (by removing their votes) and you will lose your position as a paid block producer, rendering you harmless.

So humans that have stake in the system (something to lose) get to vote in competent, qualified people while having the power to fire them if they misbehave and threaten the network which you have stake of.

So not only does the code's rules help to achieve consensus but also the actions of the token holders (us!) assist in defending against potential attacks.

Code by itself is not nearly as powerful as a system that has hardcoded rules AND monkeys incentivized to keep the system honest.

DPOS is the best thing out there at the moment. It's crazy that it's also the fastest and more economical! Not energy wasted (like in PoW)

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the-ego-is-you (59) 6 years ago (edited)

Let's not confuse "consensus" the blockchain term and dilute it with other meanings, such as the not less interesting of course "popular opinion" or "human majority decisions".

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gazowany (25) 6 years ago

NICE TY

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senseieli (31) 6 years ago

Please EOS holders just read this!
https://steemit.com/crypto/@senseieli/scam-alert-be-very-carfull-with-eos-air-drop-scams

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topkpop (59) 6 years ago

Great content. I can definitely say I learned some things during the editing process. Thanks for all your hard works admins of EOS Go and making the effort to meetup with @dan personally. Great job. Looking forward to the release of video #2

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eosgo (63) 6 years ago

Thank you to our Chief Editor @topkpop for the fantastic work! Fast, beautiful video editing and an amazing intro/outro - we couldn't be happier. Thanks again and looking forward to working with you in the future. Go EOS!