Proof-of-Stake blockchain for governance
IOP Governance in a Nutshell
IOP is a decentralized organization. Despite many technical advantages the IOP Stack offers, let us look into the social properties of the blockchain. The most important among them are its nature of being borderless, without barriers of entry, gatekeeper-free, and decentralized. Everybody can enter the IOP ecosystem. Anybody can access the blockchain, read, and write entries. There is no central entity that can govern the blockchain or even own it.
The Blockchain is owned by its users (wallet owners) and governed by the (block verifying or forging) delegates.
How Governance in IOP Works
- • A delegate: any account which has expressed interest in being a block forging account. This is done by sending a “register delegate” transaction from within the wallet. Any account can register as a delegate. At present time, there are approximately 100 registered delegates.
- • Active delegate (for a given round): a delegate selected to forge a block and receive block rewards in this round. At present time there are 53 active forging delegates. This might change in the future.
- • Vote weight: the amount of support given by a vote. Currently, any vote you cast has weight equal to your account balance. With the new proposal, you can choose the vote weight of each vote you cast.
- • Delegate weight: the weight of the delegate in the selection mechanism. A delegate with high weight is more likely to forge a block than a delegate with low weight. Currently, delegate weight is calculated as the sum of all the votes they have received.
- • Standby delegate: a delegate not active in a given round. Currently, those delegates do not receive the right to forge blocks. In an upcoming new DPoS system, they would be selected to forge proportionally to their delegate weight.
Join the Delegate Community
Our delegates are always on hand to assist with any general queries or to let you know what it takes to become a Hydra delegate. To get involved with the delegate community join our Discord here: