Delegated Proof of Stake (DPOS) and is it decentralised?

Do you ever wish you could fire an incompetent boss? Do you ever look at someone in leadership and wish that you as the worker can just walk up to them and say ‘you are fired!?’

Well, this delegated proof of stake is all about that sort of thing. It is a little more complex than we make it sound but that is the general gist of it.

Daniel Larimer realized that Bitcoin mining was wasting energy. He knew that mining would one day become centralized in a decentralized network. Giant mining pools would bring resources together and start controlling the network.

It would then lose the most attractive quality; that of a decentralized place. Daniel wanted to create a system capable of transaction speeds of about 100,000 per second. Because of some design flaws in the Bitcoin network, it was difficult to get fast transactions.

He invented and develop a new system that used little energy, worked fast and was secure at the same time. He named it the Delegated Proof of Stake or DPoS.