How does gxchain's consensus mechanism work?

3 answers

• Khánh TrầnFeb 01, 2021 · 5 years ago
  The consensus mechanism used by gxchain is called delegated proof of stake (DPoS). In DPoS, token holders vote for a set of delegates who are responsible for validating transactions and producing blocks. These delegates take turns to produce blocks and are rewarded with transaction fees and newly minted tokens. DPoS is known for its fast block confirmation times and scalability, making it suitable for high-throughput applications like gxchain. Compared to other consensus mechanisms like proof of work (PoW) or proof of stake (PoS), DPoS offers a more efficient and decentralized approach to securing the network. 🙂
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• Abhinav AroraJul 10, 2024 · a year ago
  The consensus mechanism of gxchain is based on delegated proof of stake (DPoS). DPoS allows token holders to vote for delegates who will validate transactions and create new blocks. These delegates are responsible for maintaining the network's integrity and reaching consensus on the state of the blockchain. DPoS is considered to be more energy-efficient and scalable compared to other consensus mechanisms like proof of work (PoW). It also allows for faster block confirmation times, which is crucial for applications that require high transaction throughput. 😊
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• Osborne CliffordNov 01, 2020 · 5 years ago
  GXChain's consensus mechanism is based on delegated proof of stake (DPoS). In DPoS, token holders elect a group of delegates who are responsible for validating transactions and creating new blocks. These delegates take turns producing blocks, and their performance is evaluated based on their reliability and the number of votes they receive. DPoS is known for its fast block confirmation times and low energy consumption, making it an efficient consensus mechanism for gxchain. By using DPoS, gxchain aims to achieve a high level of decentralization and scalability in its network. 👍
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