Delegate Proof of Stake (DPoS) is a consensus algorithm used by the Vexanium blockchain. DPoS is designed to achieve both decentralization and efficiency in block production and verification.
In Vexanium's DPoS, VEX holders in the network can vote for delegates who will act as block producers and network maintainers. These delegates are responsible for creating new blocks and validating transactions on the blockchain. The number of delegates in Vexanium is typically limited to a fixed number.
The voting power of token holders is proportional to the number of tokens they hold. They can use their voting power to select delegates they trust to maintain the network effectively. The delegates with the highest number of votes are given the opportunity to produce blocks and earn block rewards.
One of the key features of DPoS is its ability to achieve fast block confirmation times. In Vexanium, blocks are typically confirmed within a few seconds, allowing for quicker transaction processing compared to other consensus algorithms.
DPoS also introduces a mechanism for vote delegation. Token holders can delegate their voting power to trusted individuals or entities, allowing them to vote on their behalf. This feature enables token holders to participate in the network's consensus even if they don't actively vote themselves.
By combining the principles of decentralization, community governance through voting, and efficient block production, Vexanium's DPoS consensus algorithm aims to create a scalable and secure blockchain network.
Delegated Proof Of Stake (DPoS) is the underlying consensus mechanism of Vexanium , While anyone can run a node to fully validate the Vexanium blockchain in a trustless manner, only special, selected entities known as Block Producers (BPs) are allowed to produce blocks and determine the canonical blockchain. Unlike Proof Of Stake (PoS), the validating entities taking part in the consensus process, the BPs are not required to lock up tokens. Instead, individual token holders delegate their share of tokens to their preferred BP candidates. The top 21 candidates ranked by aggregate delegated token stake are selected as the active block producers.
VEX holders can change their delegations at any time, and within minutes the selection of the 21 active BPs can automatically change. So the BPs only maintain their privileges for as long as the delegating token holders continue to trust them to carry out their responsibilitie
Stakeholders and Delegates
The actual selection of the active producers (the producer schedule) is open for voting every schedule round and it involves all Vexanium stakeholders who exercise their right to participate. In practice, the rankings of the active producers do not change often, though. The stakeholders are regular Vexanium account holders who vote for their block producers of preference to act on their behalf as DPoS delegates. A major departure from regular DPoS, however, is that once elected, all block producers have equal power regardless of the ranking of votes obtained. In other DPoS models, voting power is proportional to the number of votes obtained by each delegate.