Proof-of-Stake (PoS) and Delegated Proof-of-Stake (dPoS) are the most popular staking-based consensus protocols. Today, CMC goes into understanding the difference in systems of each consensus mechanism. 🔎
All the above consensus mechanisms share a similar trait in that they look to enable a transaction verification system governed by the participants of a network. However, what sets them apart is the way they go about establishing consensus and picking validators. For instance, the Proof-of-Work mechanism requires the would-be validators to commit their computing power to the network.
In essence, the would-be validators need to lock assets on the blockchain as a sign of commitment toward the well-being of the network. The whole idea revolves around the reasoning that it will be irrational for participants to compromise the validity of the network if their money is on the line. Additionally, successful validators receive the newly minted coins native to the PoS network as rewards. This is in addition to transaction fees.
The PoS consensus mechanism establishes an economy that incentivizes or penalizes validators. This system, to a large extent, prevents the occurrence of fraud and nonchalance on the part of validators.
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