Lisk Proposes Change in the Voting System

The voting system is always an excellent topic for discussion. Many people and organizations step forward to change the voting system. Lisk is one of them who suggested some modifications in the voting system in a research forum following the Lisk Improvement Proposals (LIPs). Their main aim is to spread the topic worldwide. People visit the community and share their thoughts on the future consensus algorithm of Lisk.

Lisk announced three LIPs to acquire the Network Consensus and analyze the feedback from the community. After receiving the feedbacks, internal research took place that results in five characteristics for the voting system.

  1. Decentralization: The voting system mustn’t encourage voting groups or communities. Instead, these groups should form for community engagement or social reasons, but it is just that the voting system itself should not encourage them.
  2. Fair Voting System: Fair voting system is one of the critical factors. It can be acquired if forging account delegates achieve the block rewards in exchange for their tokens. Lisk DPoS blockchain initiated the people to run a forging node.
  3. Security: Lisk is motivating stakeholders to elect the delegates for enabling a secure network. There is a set of rules for the delegates. If they do not follow the rules, then they will get punished.
  4. Efficiency: The modified voting system must calculate the forging delegates. It is required to keep the voting transactions small. The number of voters will increase if the network continues processing the blocks.
  5. Flexibility: Voters should have the right to give different vote weights to their delegates.

In the current scenario, every account holder in Lisk allowed to vote 101 delegates and the vote weight of each one is the same as of account balance. There are three challenges and reasons behind the correction of DPoS process

  1. Encouraging Coalition: In a current scenario, the vote weight does not depend on the total votes. It helps in boosting the delegates to combine by voting each other.
  2. High Entry Barrier: Currently, it is difficult to become an active delegate. It is against the PoS principle as the forging probability is the same as the account balance.
  3. Updates of Delegate Weights: Currently, if you change the account balance, the delegate weight will also change.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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