Consensus mechanism of Telos (TLOS) currency

Telos's Delegated Proof-of-Stake consensus incorporates elements of both PoW and PoS, resulting in fast and reliable transaction processing with decentralized governance.

Dec 22, 2024 at 03:42 am

Key Points:

• Telos (TLOS) is a high-performance blockchain platform for decentralized applications (dApps).
• Its Delegated Proof-of-Stake (DPoS) consensus mechanism ensures fast and reliable transaction processing.
• The network is governed by a set of 21 Block Producers (BPs) elected by TLOS token holders.
• BPs are responsible for validating and adding blocks to the blockchain.
• Token holders participate in consensus by voting for BPs.

Telos Consensus Mechanism: A Deep Dive

1. Delegated Proof-of-Stake (DPoS): The Foundation of Telos Consensus

Telos employs a DPoS consensus mechanism, which delegates the task of validating transactions and adding blocks to a selected group of nodes known as Block Producers (BPs). DPoS combines the speed and efficiency of Proof-of-Work (PoW) with the decentralization of Proof-of-Stake (PoS) systems.

2. Electing the Block Producers (BPs): A Democratic Process

The Telos network is governed by a set of 21 BPs elected by TLOS token holders. To become a BP, a node must stake a significant amount of TLOS tokens and gain the trust of the community through its technical capabilities and commitment to the network.

3. Block Production: A Shared Responsibility

BPs are assigned the responsibility of producing blocks and adding them to the blockchain in a specific order. The order of block production is determined through a round-robin mechanism, ensuring that all BPs have an equal opportunity to participate in consensus.

4. Transaction Validation: Ensuring Network Integrity

Before adding a block to the blockchain, each BP independently validates the transactions included in it. This validation process ensures that all transactions are genuine, adhere to network protocol rules, and have not been double-spent.

5. Voting for Block Producers: Empowering TLOS Token Holders

TLOS token holders play a crucial role in the consensus process by voting for BPs. Votes are weighted based on the number of TLOS tokens held, giving token holders influence over the network's governance.

6. Network Upgrades: A Community-Driven Process

The Telos network is constantly evolving through community-driven upgrades. These upgrades are proposed by BPs or community members and voted on by all TLOS token holders. The adoption of an upgrade requires the approval of a majority of token holders.

FAQs:

Q: How often do Block Producers (BPs) change?

A: BPs are elected for a fixed term of four weeks. At the end of each term, a new election is held, allowing for changes in the active BP set based on community voting.

Q: How many TLOS tokens are required to become a Block Producer (BP)?

A: The exact number of TLOS tokens required to become a BP varies depending on the staking requirements set by the community. Currently, the minimum staking requirement is 1 million TLOS tokens.

Q: What are the benefits of voting for Block Producers (BPs)?

A: Voting for BPs allows token holders to participate in the governance of the network, influence decision-making, and support the BPs who best align with their values and vision for the Telos ecosystem.