As the 11th largest cryptocurrency in the world, Tron (TRX) has been making headways and headlines in the cryptocurrency sphere for some time now. Tron (TRX) recently launched its new Mainnet platform assisting the blockchain technology company get significant media attention and market penetration after the launch.
After launching it mainnet project, Tron (TRX) also launched its Virtual Machine project with some other ongoing projects in the pipeline, that is to include Tron’s Super Representative election.
Over the past few months, Tron (TRX) has managed to secure a lot of significant listings and partnerships, launching its official TronWallet recently for its Android users. Information from Tron (TRX) tells us that a similar mobile wallet will soon be available to iOS users.
Proof-of-Stake (POS) Vs. Proof-of-Work
One of the areas this article will try and shed more light on is the highly contentious consensus validation methods within the virtual currency ecosystem. For the longest period, there was a simple contradiction between Proof-of-Work and Proof-of-Stake better known as POS.
While the later is known for being more flexible and scalable, the former is said to be more expensive and difficult to execute. But as PoS technology continues to grow and evolve becoming more and more enhanced, the virtual currency community began to request that PoS upgrades its systems to a more secure platform to become the preferred automatic transaction authentication blockchain method.
Conceding from the community’s pressure, PoS upgraded their systems to a more secure level ensuring they were safe from simple attacks and vulnerability on their platform.
And just like the requirement that was given by the crypto community, PoS started converting many institutions and companies to their Proof-of-Stake platform to grow and emerge as the most operational validation network available on the blockchain environment.
But as time goes by, the competitive landscape is changing as well. It is no longer a battle between PoS and PoW, rather a new crop of verification networks is emerging to give institutions newer avenues and platforms to validate transactions and settlements on the blockchain.
More specifically, the emergence of Delegated Proof of Stake (DPoS) into the validation method space has not only changed the playing field but has added introduced democracy as a new factor into the equation.
Recently, Tron Foundation came clear of their intentions to dump PoS for DPoS. PoS has been the prior default validation method used by the Tron blockchain.
Do you know the difference between PoS and DPoS? Do you know which one #TRON uses? $TRX pic.twitter.com/shfqHWMaas
— TRON Foundation (@Tronfoundation) August 10, 2018
The decision to shift to DPoS has caught many by surprise in the cryptocurrency world with reports telling us that the decision to undertake this iconic move was influenced by the in-depth study of the advantages and differences between the two validation methods.
It was on the weekend that Tron foundation disclosed to the world through their Twitter page that the DPoS network would be good for them as it would allow Tron community members to cast their vote in the incoming SR elections.
PoS, like Tron’s (TRX) previous default protocol, miners used to use their own tokens on a block if they wanted to verify the settlements associated with the block. Depending on the length of the transaction and the amount involved, they would then choose one miner to verify the transaction using sophisticated methods to come to that conclusion.
The decision by Tron (TRX) to adopt DPoS is expected to have a weighty and positive effect on the blockchain technology and the public’s perception of the entire consensus validation procedure.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pixabay.com
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