Let’s talk about delegated proof of stake

Alright, I found out about DPoS and it's really appealing to me because of the speed it can handle. It sounds like the limited block producers can cause issues with decentralization. The incentive scheme I was looking to implement is something like -

  • 21 BP and 11 standby (open to change on this).
  • 1 wallet == 1 vote, weighted by balance.
  • BPs always get 0.5% fee, split from all transactions.
  • Transactions have a fee between 0% and 1%.
  • A 0% fee means the 0.5% paid to the BPs is created (inflation / quench).
  • A 1% fee means the 0.5% paid to the BPs is from the transaction and 0.5% is burnt (deflation / burn).
  • BPs set the percent of the fees they receive that they distribute back to voters. (e.g. BP gets their share then returns 20% of that share to the people who voted for them.)
  • Voters claim this value the next time they vote. They can only claim funds generated in the first 25 hours after their vote (open to change this). This is to incentivize daily voting.

What are your thoughts on this? I'm still reading up on the problems faced by DPoS, so critiques welcome. I like the fact that the coin can inflate and deflate (stability eventually?). I like the fact that it could push thousands of tps.

That said though, I have an idea that I think is going to be really cool in the blockchain space. It doesn't really matter which consensus algorithm it uses, so if you feel strongly against DPoS, what consensus algorithm would be ideal? It seems like an egalitarian proof of work would be very decentralized, but then we lose the benefit of hella transaction speed.

My main motivation for working on a cryptocurrency is to bring low fee micro transactions to the world. I've kinda shied away from PoW for this reason.

Comments appreciated. Help me design this thing!

submitted by /u/__GG
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