What is BP?
BP stands for Block Producer, a representative node selected by token holders. Within DPoS Consensus Mechanism, Block Producers take the place of the concepts of “miners” and “staking nodes” as the guardian of the network, governing the underlying network layer. They are responsible for collecting and verifying all the transactions and adding blocks of transactions or data to the blockchain.
What is the Cocos-BCX MainNet Active BP?
In the EOS network, the top 21 Block Producers who get the most votes will create new blocks (known as the Block Producers), and the remaining Block Producer Candidates will be known as the Standby Producers. Similarly, Cocos-BCX names the top 11 Block Producers as Active Block Producers. To become a BP, any entity proposes itself to produce blocks and starts an election campaign. They ask those who possess COCOS to vote for them using the weight of their holdings. Each COCOS token can be voted to maximal 11 nodes. The top 11 are then selected to Active Block Producers, in a determined order.
How does it work?
Understanding Different Consensus Mechanism
To figure out how does BP work, we have to understand different consensus mechanism. BP is based on a consensus mechanism called delegated proof-of-stake (DPoS).
In Bitcoin blockchain, which adopts the PoW consensus mechanism, miners employ abundant computational power to solve mathematical problems. Once settled, the miner publishes the answer; the block is then added to the chain, and everyone moves on to the next one.
On a PoS network, nodes lock up an amount of tokens in a specific wallet address for a set period of time for getting chance of being selected to process the transactions of network. The selected nodes will be chosen randomly. However factor like the amount staked is often taken into consideration.
DPoS is a version of PoS. BPs are voted for by the rest of the token holders on the network instead of being chosen at random. The consensus layer of Cocos-BCX adopts the DPoS consensus algorithm. In the DPOS mechanism, computing power is not wasted to solve mathematical problems; the shareholders select the Block Producers. Moreover, he/she may be voted out at any time if they are not qualified, which solves the performance problem of POS.
Here is the Comparison of Existing Consensus Mechanisms