The benefits of a Delegated Proof of Stake chain
Following the five (5) hour EOS Chain pause that occured on June 16, 2018, EOS Nation is looking to discuss the benefits of the Delegated Proof of Stake (DPoS) protocol and the importance of voting for Block Producer candidates (BPCs).
DPoS is designed to give the power back to the token holders. The token holders decide who they wish to have represent them at the executive table - the Block Producer (BP) table. They do this by staking their tokens for BPCs who share their values and who they believe will best protect their interests and the interests of the ecosystem as a whole. For this reason, it is very important for token holders to express their opinion and vote for BPCs who they trust will make the decisions needed to keep the chain strong and healthy.
As a token holder, you have the power to vote for BPCs that share your values, and for whom you believe will bring greater value back to the ecosystem. BPs are incentivized to make decisions in the best interest of the network as they are elected by the token holders through an ongoing election process that can see BPs move in and out of the top rankings. This delicate balance of power is what is so powerful in a DPoS protocol chain.
Yesterday, the elected BPs were alerted to an issue on the chain and they unanimously decided to pause the chain and fix the issue immediately. They acted in the interest of the community, knowing extreme circumstances require extreme measures in order to protect the token holders. BPs did what we elected them to do - protect the chain and ensure its survivability. EOS Nation was at the table throughout the whole process.
To ensure the network continues to grow in a strong and healthy manner, token holders need to elect BPCs that will take the best decisions for the network.
Take the time and vote, your vote matters!
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Well written article. It’s a little light on details though. Would be nice to know more about the issues and what was done about it.
I agree , we need Bitfinex out of the top 21 BP's they are a disgrace
The BP did not pause the chain, please stop spreading this. The chain itself detected and issue and stopped on it's own!!!!! This is a built in safeguard.