DECENT Network Mining Mechanism & Description

29 June 2017
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DECENT Network Mining Mechanism & Description

Miners represent one of the crucial components of DECENT Network. They serve to establish the decentralized nature of the network and receive DCT rewards for doing so. Responsible for transaction verification, timestamping and generating blocks, miners provide the infrastructure for transactions across the network.

DECENT Network has implemented a Delegated Proof-of-Stake Consensus (DPOS) mechanism with 2 MB block size and 5 seconds block time interval. In comparison to the proof-of-work based mining algorithms that require hashing power, with DECENT, miners are voted by the community proportionately to their stake (amount of DCT held) regardless of their computing capacity. Each 24 hours, the allocated reward pool is distributed among the selected miners. There is no difficulty increase within the system as the parameters do not change over the time. DPOS can be described as a more real-time system as the block has to be generated within 5 seconds.

The usage of DPOS mechanism enables DECENT to scale according to the network’s needs and lets users to keep control over those who validate and record transactions.

How to start mining on DECENT:

Please note, that mining will be available after the launch of DECENT Network.

In order to give everyone an equal chance to join DECENT Network, the mining rewards will start when the 100,000th block is mined. Afterwards, the mining rewards begin with 0.37 DCT per block and end with 0.04625DCT per block in 20 years.