ℹ️Delegated Proof of Stake (DPoS)

Delegated Proof of Stake (DPoS) is a consensus algorithm developed to secure a blockchain by ensuring representation of transactions within it. DPoS is designed as an implementation of technology-based democracy, using voting and election process to protect blockchain from centralization and malicious usage. Delegated Proof of Stake was developed by Daniel Larimer - American software developer, cryptocurrency entrepreneur and a founder of BitShares, Steemit and EOS. Daniel invented DPoS as an alternative to energy-inefficient consensus of Proof-of-Work blockchains and Proof-of-Stake consensus, that is poorly protected from malicious intentions of stakeholders. First implementation of DPoS was executed in cryptocurrency called BitShares. DPoS was also planned to be more scalable alternative to classic consensus algorithms. As every block is validated in avoidance of the need to use a lot of energy, progressing amount of computing power and other resources, all transactions can be performed relatively fast on every stage of network’s development. Famous examples of cryptocurrencies that use DPoS include Lisk, Steem, EOS , BitShares and now Xui Network.