Introduction
Author: HyperonChain Published: May 29, 2022 Updated: Dec 05, 2022
HyperonChain is an EVM based decentralized scalable blockchain which runs using a high performance Delegated Proof of Stake(DPoS) consensus algorithm.
Hyperon strives to solve the performance, scalability and usability issues while not compromising on decentralization and leveraging the existing developer community and ecosystem. HyperonChain is an EVM based blockchain solution on which users are able to perform transactions using 0 transaction fees to provide scalability and superior user experience to DApps and user functionalities.
Hyperon Chain is a public blockchain which supports all the existing Ethereum tools along with faster and free transactions.
- Scalability: HyperonChain uses Delegated Proof of Stake(DPoS) consensus algorithm which is an advanced version of Proof of Stake(PoS). Delegated Proof of Stake is a high performance and decentralized consensus algorithm among all existing blockchain consensus algorithms.
- High throughput: Achieved up to 1,000,000 TPS on a HyperonChain Testnet with single validator
- User experience: Free to use official smooth UI/UX and API's for users and developers to interact and build decentralized applications on HyperonChain. HyperonChain works with all existing tools and protocols built for Ethereum blockchain.
- Security: HyperonChain is operated by highly secure block validators which are selected by HPN stakers and holders using voting & delegation in the DPoS system.
- Public blockchain: HyperonChain is public blockchain in nature (vs. private DApp blockchains), permissionless and capable of supporting multiple protocols.
Voting :
In DPoS consensus users can either directly vote or give their voting power to another entity (Master Voter) to vote on their behalf. Selected witness are responsible for creating blocks by verifying transactions. If they verify and sign all transactions in a block, they receive a reward, which is usually shared with those who have voted for witness. If a witness fails to verify all transactions in the given time, block is missed, all transactions are left unverified and no reward is distributed to that witness. The reward is added up to reward of the next witness which verifies that block. Such transactions are collected by the next witness, and such a block is called stolen.
Votes are proportionate to size of each voter’s stake. A user need not have a large stake to enter the top tier of witnesses. Rather, votes from users with large stakes can result in users with relatively small stakes being elevated to the top tier of witnesses.
- N block producers get elected from the pool of witnesses candidates.
- The kth block producer signs the kth block, until k=N.
- A block is finalized when it is voted on by (2/3+1) of block producers. In case of two chains, the longest chain rule is followed. Block added cannot be reversed.
A round in a DPoS blockchain with N block producers/witnesses follows a round robin order as follows :
A witness is kept in check by threat to its loss of income, locking of stake and reputation score. Witnesses have to lock certain part of their stake which is seized if they act maliciously or try to attack blockchain.
Witnesses :
Number of witnesses in the top tier is capped at a certain number which is usually in the range of 21-101. These witnesses are responsible for validating transactions and creating blocks, and are in return awarded associated fees. Witnesses can prevent specific transactions from being included in block but they cannot change information of any transaction which makes them similar to miners in Proof Of Work blockchains. Voting is a continuous process and each witness in the top tier is always at risk of being replaced by a user who gets more votes and is therefore considered more trusted. As number of applicants for witness grows, competition grows and reputation becomes critical for each witness to remain competitive.
A witness is kept in check by threat to its loss of income, locking of stake and reputation score. Witnesses have to lock certain part of their stake which is seized if they act maliciously or try to attack blockchain.
A round in a DPoS blockchain with N block producers/witnesses follows a round robin order as follows :
- N block producers get elected from the pool of witnesses candidates.
- The kth block producer signs the kth block, until k=N.
- A block is finalized when it is voted on by (2/3+1) of block producers. In case of two chains, the longest chain rule is followed. Block added cannot be reversed.
Delegates :
Users in DPoS systems also vote for a group of delegates who oversee blockchain governance. They do not play a part in transaction control. Delegates can propose changing size of a block, or the amount a witness should be paid in return for validating a block. Once delegates propose such changes, blockchain’s users vote on whether to adopt them.
Block validators :
Block validators in DPoS refer to full nodes who verify that blocks created by witnesses follow the consensus rules. Any user is able run a block validator and verify network. There is no incentive to be a block validator.
Delegated Proof of Stake has more benefits over other consensus algorithms. Few of them are:
- 1.DPoS blockchains have good protection from double-spending.
- 2.DPoS is more democratic and financially inclusive due to lesser staking amount required by a user/node.
- 3.DPoS provides more decentralization as more people take part in the consensus due to low entry threshold.
- 4.DPoS doesn’t require lots of power to run network, which makes it more sustainable.
- 5.Transactions in DPoS is not dependent on computing power required to run network, hence it is more scalable.
- 6.DPoS separates election of block producers from block production itself which opens door for more creative models to solve both problems in isolation.
- 7.DPoS method provides foundation for implementing interesting governance models in blockchain applications. In a sense, it forms a kind of democracy.
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