To understand what is DDK we need to understand what is DPoS (Delegated Proof of Stake) .
Invented by Daniel Larimer, Delegated Proof-of-Stake (DPoS) is an alternative consensus mechanism that requires coin holders to vote for “delegates”, who are then responsible for validating transactions and maintaining the blockchain. DPoS is an alternative to the more commonly known, Proof-of-Stake (PoS) model which requires miners to put up a stake in a cryptocurrency in-order for them to be able to validate transactions.
Process of Delegated Proof-of-Stake
The process of Delegated Proof-of-Stake is quite a bit different from more traditional consensus mechanisms. In DPoS, stakeholders elect what are known as witnesses. Witnesses are responsible and rewarded for generating blocks which are then added to the blockchain. Stakeholders can vote for as many witnesses as they wish, so long as, at least 50% of the stakeholders believe sufficient decentralization has been achieved through the number of elected witnesses. The voting for witnesses is a continuous process, therefore, witnesses have an incentive to carry out their function to the highest standard or they risk losing their position.
In addition, there are also what are known as delegates. Delegates are elected in a similar manner to witnesses, however, delegates are responsible for maintaining the network and can even propose changes to the network. Changes such as: Block sizes, the amount that witnesses should be paid and transaction fees. Once these changes have been submitted, it is then up to the stakeholders to decide whether or not the proposed changes should be implemented.
Advantages of Delegated Proof-of-Stake.
Delegated Proof-of-Stake offers advantages over the most well-known consensus algorithm, Proof-of-Work (PoW). These advantages include:
- Saving on energy costs. decentralization
- Savings on energy costs: In contrast to PoW, which requires large amounts of energy in-order to decide who gets to add the next block to the blockchain, with DPoS, witnesses are given a specific time schedule to add the next block to the blockchain. Therefore, specialised computers are not needed in-order to solve the complex mathematical problems needed for PoW.
- Promotes decentralization: In-order to be a successful miner of a cryptocurrency that uses the PoW mechanism, you are required to build large mining rigs that better increase your chances of adding the next block. This promotes centralization because, only those that can afford large mining rigs will be able to mine for a cryptocurrency. Contrast this with a DPoS consensus mechanism, that allows stakeholders to choose who gets to validate transactions, therefore promoting greater decentralization.
The use of Delegated Proof-of-Stake as consensus mechanism is growing. Whilst this is not an exhaustive list, the cryptocurrencies that currently use DPoS includes:
Delegated Proof-of-Stake is meant to solve a few of the issues that more traditional consensus mechanism have. As the cryptocurrency space continues to go grow, it is likely that other consensus mechanisms will emerge in an attempt to further better the current system.
On top of what have been described above, Delegated Proof of Stake (DPOS) is a new method of securing a crypto-currency’s network. DPOS attempts to solve the problems of both Bitcoin’s traditional Proof of Work system, and the Proof of Stake system of Peercoin and NXT ( as examples). DPOS implements a layer of technological democracy to offset the negative effects of centralization.
RATIONALE BEHIND DPOS
- Give stakeholders a way to delegate their vote to a key (one that doesn’t control coins ‘so they can mine’)
- Maximize the dividends stakeholders earn
- Minimize the amount paid to secure the network
- Maximize the performance of the network
- Minimize the cost of running the network (bandwidth, CPU, etc)
So how is this different than Bitcoin? With Bitcoin, users must pick a mining pool and each pool generally has 10% or more of the hash power. The operator of these pools is like a representative of the clients pointed at the pool. Bitcoin expects the users to switch pools to keep power from becoming too centralized, but collectively five major pools control the network and manual user intervention is expected if one of the pools is compromised. If a pool goes down then the block production rate slows proportionally until it comes back up. Which pool one mines with becomes a matter of politics.
Similarly DDK platform is based upon what LISK is with the exception of Forging rewards in DDK Blockchain.
The Community and Block Chain Development
Since 2015 the DDK community has been actively contributing to the development and spread of blockchain solutions. This includes projects such as Universal Blockchain Wallet (UBW), Blockchain.My (BCMY), Blockchain.My Merchant, and DinarCoin (DNC).
The community network spreads across a number of countries including Malaysia, Singapore, Cambodia, Vietnam, Thailand, Indonesia, Brunei, Philippines, Japan, Yamen, USA and other countries worldwide.
The dedicated effort of DDK teamwork has played a major role in making this platform possible. At current, there are more than 46 leading teams, which are referred to as ICE (International Crypto Exchanger) and MICE (Master International Crypto Exchanger). Their task is to handle the exchange of ETPS DNC to another crypto. They are also responsible for building the ETPS DNC community by spreading product knowledge of DNC.
DDK uses a Delegated Proof of Stake (DPOS) blockchain for its platform. This perfectly
suites our active community because it allows shareholders (of DDKoin) to participate in the democratic voting process of who is trusted with the P2P transactions on the platform.
Delegated Proof of Stake (DPOS) is the fastest, most efficient, and most flexible consensus model available, DPOS leverages the power of stakeholder approval voting to resolve consensus issues in a fair and democratic way.
For this reason the DPOS blockchain works well with our community based platform.
By default every DDK user on the platform with DDKoin in their account is a
stakeholder. Stakeholders participate on the platform by voting for delegates.
In return for voting, stakeholders are rewarded DDKoin because their participation
provides security to the network. On the DDK platform voting is directly related to
DDK is the result of hardfork from LISK adhering to most of its source code and protocols.
DDK is a community platform aiming to create economic opportunity through the development of blockchain solutions.
What is DDKoin?
DDKoin is the crypto currency used on the DDK Platform.
Benefits of DDKoin?
- Creating opportunities for supporting economic growth
- Multi Signature Account
- Fastest and efficient transaction (10 second)
- Recognize by Global Exchangers
- High Security Platform
LISK has three main components:
- PostgreSQL: PostgreSQL is used to store data in a database.
DDK Feature Requirements
The featured requirements for DDKoin development are:
- Token creation (DDK) that is similar to LISK.
- Tokenized the current premined token ordered by pre-ico by users. 8% of 45 million token has been pre-mined and the remaining 92% will be sitting in the PUBLIC address and will be distributed by STAKING/VOTING by current members.
- Tweaking the DDK blockchain for monthly interest but rewards will be reduced in the yearly setup.
- Increasing the transactions per second which is currently at 10 seconds per new block.
- Blockchain explorer.
- Wallet to store, transfer and stake.
DDK follows MVC-B (Model, View, Control, Blockchain) architecture consisting of top, middle and low level.
Workflow – Register Flow
This simple diagram is to illustrate register flow with passphrase
Log In Flow
In this module DDK will implement the basic login such as staking rewards after every month (30 days).and staking logic and store the required information into the database. Hence there will be following APIs and all API’s endpoint will become /api.
Just like Bitcoin, DDKoin is backward convertible to DNC Crypto (Dinarcoin) and further convert into physical Dinarcoin 4.25gm, AU 999.9, 24 carat gold.