The consensus algorithms used on various blockchains implemented over different digital currencies have always been a peculiar matter of debate. After beginning with the Proof of Work mechanism, cryptocurrencies have seen a tectonic shift into Proof of Stake and PoW is now being eliminated in the likes of Linda Coin.
Tron, the ninth largest cryptocurrency on the market with a market cap of above $2 billion uses a mechanism known as the Delegated Proof of Stake in its core. The DPoS creates a digital democracy over the network and maintains irrefutable agreement on the truth across the network. It uses a combination real-time voting and a system of reputation to achieve consensus across the network and is tipped to be the least centralized consensus protocol for cryptos. Marius from Tron’s Super Representative community was speaking to BlockPublisher and he explained the utility behind the new consensus protocol that Tron has built upon. He said:
The DPoS consensus algorithm in TRON is like a digital democracy where everyone who owns TRX can freeze them and get so called TRON Power per TRX.
With DPoS, active members across the network are voted into their roles. The “voting weight” each member has depends upon the amount of base token the user account is holding and hence, other token holders are able to choose the best delegate for the network. Marius moved on to explain how DPoS executes voting system in Tron’s network. He explained:
With the TRON Power they are able to vote their top 27 SRs [Super Representatives] which are responsible for the stability of the network, production of blocks and are able to propose and vote for network parameter changes.
Each voter is responsible for choosing the best SRs for him in order to create a stable network.
This enables a complete democracy across the system, where members are able to elect the best token holder as the network’s delegate or SR. This inherently makes the system more efficient and effective while transactions across blocks are validated in a matter of seconds.
Tron continues to gain investor attraction and is touted to become the largest DApp platform and surpass Ethereum. Yesterday, it was recorded as the lone token on the market that showed greens and briefly surpassed USDT to move 8th on the market cap.