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Block Beats Company Now Launching BITICA Delegated Proof of Stake [DPOS] Blockchain World Wide Live On 28th September 2023
Dubai (UAE): According to DR. SAHIL KADARI, CEO/CMD/Founder of Block Beats Company, blockchain represents the future of the next generation and one of the best investment prospects of our time. He is still investigating the applications and development potential of blockchain technology. He has also received several honors, including the Nelson Mandela Award,
Indian Iconic Business Award Category: Award for contribution to Blockchain & cryptocurrency industries 2023, and Indian Glory Award, to mention a few.
He also has the distinction of being India’s youngest PhD in Blockchain technology. He established Block Beats project management services LLC, Bitica Blockchain labs payment services, and Bitica coin FZCO company in registered Dubai [UAE].
Block Beats Company Now Launching BITICA Delegated Proof of Stake [[DPOS] Blockchain World Wide On 28th September 2023 Bitica blockchain believes in financial freedom and economic independence, which is easily possible through transparent & secured transaction using BDCC coin and its house products like the Bitica Launchpad, Bitica Exchange, Bitica NFT Market Place and Bitica Wallet.
What Is Delegated Proof of Stake?
Delegated Proof of Stake (DPoS) is a consensus mechanism that is a variation of the classic Proof of Stake (PoS) system. DPoS evolved from PoS and allows users of the network to vote in delegates who then validate blocks. In this article, we take a look at what makes it unique.
DPoS is Proof of Stake (PoS) with a slight difference: In DPoS, users vote in delegates, also known as validators, to verify and produce blocks. After they successfully produce a block, these validators may then distribute their block rewards to those who voted for them.
EOS, Bit Shares, and TRON are just a few of the projects that utilise DPoS to power their blockchains.
PoW vs. PoS/DPoS
Although Proof of Work (PoW) offers strong security, it lacks energy efficiency and scalability. With PoW, miners compete with one another in solving complex mathematical problems that require a tremendous amount of computing power to complete and validate transactions.
PoS, on the other hand, requires members to stake a number of previously determined tokens that act as collateral for the PoS system to ensure all validators act honestly. If any validators were to fail to act honestly, they would lose their validator status.
While DPoS has many similarities to PoS, the main difference is that it uses a more democratic approach and allows users who stake to vote for which delegates they want to verify blocks.
Conclusion: DPoS is an opportunity for individuals to contribute to a blockchain network, even without large amounts of funds to obtain mining gear. DPoS systems, however, are not perfect and face shortcomings, such as issues surrounding decentralisation.
While no system is perfect, blockchains continue to advance and create new, improved systems. Check out our guide on Web 3.0 and how we are heading for a decentralised future.