With our new miner voting tool about 80% complete, we thought it would be useful to provide a simple overview of how DCore mining works, why we chose DPoS (Delegated Proof of Stake) for our blockchain technology and platform, and why voting in DPoS is so important. The new voting tool will make it easy for DCT holders to vote for miners in DCore.
In our DPoS consensus mechanism, stakeholders (DCT holders) have a responsibility to make sure the network is appropriately distributed to ensure the health and security of DCore blockchain. DCT holders do this by voting for delegates to become witnesses. It is important to point out that in DPoS, miners are often called witnesses and they are responsible for creating blocks in the blockchain. The number of active witnesses running the network is voted on by DCT holders and the more DCT one holds, the more impact each vote has. Currently, our stakeholders have decided that DCore will be maintained by 33 active witnesses.
Witnesses have a huge responsibility and are crucial to the integrity of the blockchain, therefore, they should not be chosen at random, instead, they should have a proven track record before being considered. Witnesses run servers (nodes) which process and organize data into blocks and validate them into the blockchain. Every block is created by one active witness who is chosen at random from the list of active witnesses. That witness is tasked with creating and validating a new block and adding it to the current blockchain. If a witness misses a block, it is passed to another active witness. This process happens extremely quick making DPoS the fastest consensus mechanism to date (5 seconds in DCore). Active witnesses also vote collectively for several parameters of DCore such as block size (2MB), block creation intervals (5 seconds), fees, and more.
Stakeholders also have the power to remove their votes for any witness if they become unreliable (miss too many blocks), which helps reinforce a democratic environment. Votes are counted every 24 hour period and the list of active witnesses changes accordingly. Another feature of DPoS, is that stakeholders can delegate their voting rights to another stakeholder, allowing for voting pools and other trusted users to vote by proxy for those that don’t wish to vote directly themselves but still want to protect the network.
DPoS was an obvious choice for DCore. The insanely fast speed of transactions and energy efficiency makes it perfect for a blockchain focused on real world applications.
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