Proof of Stake
Proof of Stake (PoS) is an algorithm in which the blockchain network validators are selected based on the amount of tokens that have been staked behind them. Validators are entities who are charged with the important tasks of producing blocks (hence processing blockchain transactions) and validating the blocks that are produced by other validators.
Actors
- Validators are entities who are running nodes to validate the Dock network.
- Nominators are Dock token holders who stake their tokens on the candidates’ behalf, and receive rewards if the candidates get selected and start producing blocks.
Steps
- Tokens are staked in support of candidates, by candidates themselves or by nominators.
- Nomination period ends.
- Candidates with the largest stakes are automatically selected as validators.
- Validators produce and validate blocks on Dock mainnet.
- Validators and nominators are rewarded with Dock tokens.
- Candidate validators publicize their candidacy on the Dock blockchain.
