Cryptocurrency Q&A
What is the consensus mechanism in IoTeX?
What is the consensus mechanism in IoTeX?
CryptoVisionary
Thu Jun 27 2024
|
5 answers
1086
As a crypto enthusiast, I'm intrigued by the IoTeX project and its unique consensus mechanism. Could you elaborate on what it entails? How does it ensure the security and scalability of the IoTeX blockchain? Is it a Proof-of-Work or Proof-of-Stake system, or does it employ a hybrid approach? Furthermore, how does the consensus mechanism facilitate cross-chain interoperability and enable IoT devices to securely interact with the blockchain? I'd also be interested to know how it differs from other consensus protocols in the industry and its potential advantages in terms of efficiency, decentralization, and sustainability.
5 answers
Michele
Fri Jun 28 2024
The Staking Portal serves as a central hub, providing a comprehensive list of all active Delegates. This transparency ensures that voters can make informed decisions about whom to entrust with their votes.
Was this helpful?
288
30
Martino
Fri Jun 28 2024
IoTeX incorporates a consensus mechanism titled Roll-DPoS, where Delegates elected by the community oversee consensus within the IoTeX Network.
Was this helpful?
162
95
CryptoWizardry
Fri Jun 28 2024
These Delegates act as representatives, entrusted with the responsibility of maintaining the network's integrity and stability.
Was this helpful?
240
87
henry_taylor_architect
Fri Jun 28 2024
Holders of IOTX tokens have the privilege to "stake" their holdings and cast votes for their preferred Delegates.
Was this helpful?
204
25
Raffaele
Fri Jun 28 2024
Staking allows token holders to contribute to the network's security and governance while earning rewards in return.
Was this helpful?
192
96
