PoW, PoS, DPoS, Consensus Mechanism And Super Representatives
In this infographic, we talk about ‘PoW, PoS, DPoS, Consensus Mechanisms, And Super Representatives’. First, the infographic will cover what a consensus mechanism is and what it does. For example, you’ll learn things such as that all consensus mechanisms aim to secure the network by making it expensive to attack the network and more profitable to help protect it, and more.
From there, you’ll learn about Proof-of-Work (PoW), how it works, and the benefits it has for those who decide to use it. You’ll learn things such as that PoW is the first and still the most common distributed blockchain protocol mechanism, and that in order to commit a fraudulent transaction on the blockchain, you would need to control at least 51% of the network. You’ll learn things such as that PoW can help defend against DoS attacks.
Next, the infographic goes into Proof-of-Stake (PoS), what it is, its benefits, and its drawbacks. It talks about things like that PoS replaces miners (from PoW), with validators, who will lock up some of their coins as stake (a deposit), and that validators get rewarded in proportion to their bets on the validity of a block that they think can be added to the blockchain. This section also talks about the benefits of PoW, including speed, efficiency, and the fact that you don’t need a supercomputer. It also talks about the drawbacks, such as PoS’ main vulnerability.
After that we take a look at Delegated Proof-of-Stake (DPoS), where you’ll learn things such as that DPoS is more efficient than the PoS mechanism, and that community members vote for super representatives to secure their network, and that super representatives are rewarded for validating transactions for the next block.
The next section talks more about the super representatives in the DPoS system, where you’ll learn things such as that a super representative should keep the network’s uptime as high as possible, otherwise they super representative may be overthrown by the community members, etc. It is worth noting that we have a new DPoS project with delegates, called DDKoin, feel free to check it out anytime!
Finally, in the last section you’ll see a comparison between PoW vs PoS, which includes information on their cost and energy, security, and centralization. You’ll learn things such as that network miners compete against one another using calculative power and that mining communities tend to become more centralized over time. Verses a PoS system that can be much more cost and energy efficient than a PoW system, but it is less proven.
We hope you enjoy the infographic below,
The DinarDirham team.
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