Solar is a decentralised blockchain using a Delegated Proof of Stake consensus model secured by 53 active block producers. These block producers are responsible for maintaining the blockchain by creating and witnessing blocks, validating transactions and voting on governance issues.
Today we will explain what DPoS is, the role of Solar block producers and how voting works.
What is DPoS
Delegated Proof of Stake is a type of consensus model. A consensus model in blockchains is a set of rules that allow independent parties to reach an agreement (consensus) on what the state of a blockchains ledger and the transactions it holds should be. One party processes any pending transactions, and all other parties verify that work.
There are several consensus models in existence. Some other consensus models include — Proof of Work, Proof of Stake, and Proof of Authority.
Delegated Proof of Stake evolved from the Proof of Stake consensus model. The only way to participate in Proof of Stake projects is to lock up significant amounts of coins or tokens or join a pool which can carry its own risks. In essence, you have to buy into the role of block producer or validator. For example, to become a validator on Ethereum, users must stake a minimum of 32 ETH. The chance of validating blocks increases with the number of coins or tokens staked. This model tends to exclude smaller coin or token holders. The only way to participate in Proof of Stake projects is to lock up significant amounts of coins or tokens.
Delegated Proof of Stake differs because block producers or validators are voted into position by coin or token holders. DPoS is an opportunity for individuals to contribute to a blockchain network even if they have limited funds. It separates the role of the coin holder from that of the node operator. Both roles depend on each other. Node operators depend on coin holders to use their voting power to elect them into an active position, and coin holders depend on node operators to run the blockchain software and server hardware to secure the blockchain.
DPoS is one of the fastest consensus models. It is energy efficient and highly scalable.
Solar Voting
SXP holders can vote for one or more block producers using the Solar Desktop Wallet. When SXP holders vote, their vote balance, which is equivalent to the amount of SXP they hold in their wallet, is assigned to the block producers. Their SXP is not locked. A voter’s SXP stays in their Solar wallet and they can change or cancel their vote at any time, as well as add or remove SXP from their wallet. The vote balance automatically increases or decreases as funds are sent from and received into the wallet.
Block producers may share a percentage of the block rewards and transaction fees with their voters. However, this is purely voluntary. Block producers can set the amount they share and when they share it. Please note that private block producers tend not to share block rewards.
We always ask the community to consider voting for block producers who actively contribute to Solar in a positive way rather than just voting for those that only share rewards.
Block producers are encouraged to contribute to Solar by using their unique talents. For example, some block producers create blog posts, and technical documents, provide support for the community and donate SXP for events. We also recommend that the community ask block producers questions in our Telegram and Discord channels.
If community members feel that a block producer is not performing as well as they should, they are free to unvote them and vote for another block producer they think is more worthy of the position.
Solar Block Producers
CoinMarketCap, Alexandria’s definition of a block producer is “a person or group whose hardware is chosen to verify a block’s transactions and begin the next block on most Proof-of-Stake (PoS) blockchains.”
Solar has 53 active block producers at any one time and they can move in and out of position depending on the vote balance they have received.
Block producers are an essential part of the Solar network. They collect and store transactions in blocks for validation on the network. Upon validation, they upload transaction data to the Solar blockchain to complete the transaction. To facilitate a smooth, ongoing process, block producers are expected to produce, achieve consensus, and broadcast the generated blocks within a specific time slot.
Anyone can become a Solar block producer if they have the necessary skills to keep the network safe. However, this task should not be taken lightly. The role of a block producer carries many responsibilities and is time-consuming.
The fee to become a block producer is 75 SXP and you must register your intention to become a block producer in the Solar Desktop Wallet. We highly recommend that any potential block producers visit our Discord server and join the Solar Testnet. Here they can learn how to run a node, talk to experienced block producers and get involved with Solar Core updates.
You can learn more about the requirements needed to become a Solar block producer.
Conclusion
There are a number of reasons why Solar is an outstanding project, including but not limited to:
- Block producers are decentralised
- Transaction times are fast
- SXP is not locked when voting for block producers
- Voters can both actively support the Solar ecosystem and earn block rewards
- Block producers are accountable to the community
Last of all, let’s not forget the Solar Blockchain Foundation. Solar community members can have a say in the direction of Solar by becoming foundation members. Foundation members can become involved in marketing, partnership coordination, research and more.
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