What is it?
Responsible voting is essential for a healthy DPoS network and we know that voting with the Command Line Interface (CLI) is not for everyone. To that end, we have developed a simple yet effective and fair voting application that allows DCT holders to identify and select active miners more easily. Our DECENT Voting Tool provides a much better user experience.
Why should people vote?
First of all, in order to vote you must hold DCT. If you hold a DCT token then you are, by default, a contributor to the DCore platform. Voting maintains the decentralization of the network. Our miners are often referred to as witnesses (because we operate on a Delegated Proof of Stake model instead of Proof of Work, something we will be covering in depth later this month.)
Whichever name you chose to bestow on them, the system is somewhat similar to traditional voting. Hopeful miners present their case (like a campaign flyer) and then, based on their promises, performance and actions (contributions to the network and how trustworthy they are), voters can be sure the blockchain is secured by reliable miners.
How does it work?
All miners are encouraged to create Miner Proposals declaring reasons as to why you should vote for them. Many proposals are linked right from the voting tool. All you have to do is log into the new voting tool and select the miner(s) you would like to be represented by.When you vote for a miner, the more DCT you hold the stronger your vote. It is not possible to split your vote among miners, therefore when you choose a miner, you are voting for them with your entire stake. One cool thing about this system is that you can vote for multiple miners, in case you respect more than one. Each miner you vote for will get the full amount of votes you can give, creating a simple and fair system.
Currently, there are 33 active miners in the network, so all of our miners are competing for these positions. They can only get there with your votes!
Votes are totaled every 24 hours and the 33 miners with the most votes will comprise the pool of delegates for the following day. Throughout the day, these delegates will be called on to validate incoming transactions and write them into new blocks, which are then placed on the DCore blockchain. Miners receive small amounts of DCT as a reward for their reliability, and these small amounts can add up pretty quickly over time (approx. 30% of the max supply is set aside for block rewards!). By monitoring miners and voting responsibly and consistently, you are contributing to building a truly decentralized blockchain, which is one of the main goals of DCore.
Block Reward Reserve is 21,891,686 DCT!
Mining DCT can certainly be lucrative and we designed our mining process so that anyone can set up a mining node quickly. While setup might be easy, it will take dedication to earn the votes needed to become an active delegate and start earning rewards.
Miners are key members of the DCT platform. They verify every incoming transaction and prove the validity before adding a new block into the blockchain for eternity. That is a big responsibility and something our miners take pride in. Without them, we wouldn’t be able to create the things we do, so we all owe them a big thanks.
We’ll continue to cover different aspects of mining in more detail in the coming weeks. So be sure to follow us on social media and join our Telegram to get involved in the discussion. Now, get out and VOTE!