How To Vote For A DDK Delegate?
- Why vote?
- Who to vote for?
- Hope covering these points provides some good insight.
GUIDELINES FROM LISK
Most cryptocurrencies use some sort of way to validate transactions in a distributed network. Coins like ETH/ETC/BTC make use of Proof of Work (POW). Lisk has chosen Delegated Proof of Stake (DPoS), this means Lisk has 101 delegates that will validate transactions but we as the community can vote who we want to be a delegate. Delegates can be active or standby, active delegates means they are actively forging (verifying transactions), in order to forge the delegate must be in the top 101 list. Standby delegates is delegates that are not forging but are ready to move into a forging position. To be a active delegate that forges they must have enough votes to be in the top 101 delegates, so we as Lisk holders vote for delegates and the delegates that have the most vote weight will be in the top 101 delegates.
But at the end of the day it is very important that these delegates do what is best for Lisk network and ecosystem.
In DDK DPoS platform, Stakeholders that vote can also earn DDK similar to earning interest on a savings account or a fixed deposit account. Most delegates will pay an amount to voters that is proportional to their vote (DDK Balance or Stakeholder’s amount). The concept of giving back to the community is well accepted in any DPoS platform.
In LISK, you can vote for 101 delegates, each 33 delegates will cost 1 Lisk. So that will be 4 Lisk to cast the full 101 votes. Ensure you make your vote count.
Whereas in DDK the process is quite similar except that there will be no Forging rewards to the Delegates. Typical stakeholder and delegate rewards are as follows respectively.
ROLE OF DDK DELEGATE. There are 4 main areas that each delegate must cover as follows:
Who to vote for? This is a typical example of voting process flow, staking, voting platform and delegates campaign. A common forum will also be introduced in the platform and delegates do get their ranking from their active participation in this forum.
The Stakeholders must decide who to vote for, how to research for candidates to vote for, etc. Priority should be given to a delegate is currently running highly reliable node ready to forge. Then they must also be contributing back to DDK ecosystem in one of two ways
- Contributing back by helping out the Lisk ecosystem to grow, help new users, donate, etc
- Paying high amounts of DDK back to voters, ensuring that Lisk holders are rewarded
How do I get “votes?”
- Persuade others to give upvotes to your witness
- When another user gives an upvote to your (and possibly other) delegates
- A user can give an upvote for more than one witness. As a result all upvoted witnesse get a vote
- Convince proxies (that vote on behalf of their followers) to vote for you
Based on the outcome of the voting process, a shareholder can become a delegate. A delegate is a democratically elected shareholder who is given the trusted position to process the P2P transactions on the DDK blockchain. These standby delegates have the same responsibility to run the entire DDK Blockchain without hiccups!
In return for processing P2P transactions, the delegate is rewarded in DDKoin because of their participation, as delegates, provides the operation and record of transactions.
Delegates digitally sign the transactions on the network. They are, like default stakeholders, also provide security to the network by operating as trusted delegates to process transactions.
Benefits of Delegates :
– Earn a percentage for every transaction made by users.
The Campaign Platform
This platform is a community forum where those interested in their ranking to move up, delegates post their campaigns to encourage the DDK community to vote for them. Those who are already delegates can also use the forum to encourage community members to continue voting for them.
Campaigning usually includes writing articles and updates on the forum about why voting for you as a delegate is beneficial for the community. Questions and answers should be attentively responded in a short period of time.
For example campaigns can include topics such as promising to share a percentage of the delegate’s transaction rewards with those who vote for you, informing the community about your success rate of processing transactions on the platform which helps everyone benefit from speedy transactions, informing the community that a percentage of your transaction rewards will go to a specific charity or just cause.
There are numerous ways to pitch your campaign to the community which is left to your own creativity.
CryptoAnalytic in collaboration with FEG – Future Empire Group
This is a typical process flow of a delegate dashboard. Pictures are for illustration only.
With the necessary tools and expertise, CryptoAnalytic© is an ideal delegate to VOTE!