Coco Lesson | What is the Cocos-BCX MainNet Active BP?

What is BP?

What is the Cocos-BCX MainNet Active BP?

How does it work?

Understanding Different Consensus Mechanism

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

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