Elastos’ AuxPoW+DPoS hybrid consensus mechanism has been operating smoothly and reliably for more than 2 years since its official launch. Nonetheless, there has been much dialogue throughout the ecosystem regarding the Elastos blockchain’s block rewards model, inflation rate, and their intimate relationship with consensus. After thorough consideration and open dialogue within and between the Elastos core development teams, the Gelaxy team has been selected to conduct related research and optimize the DPoS component of Elastos’ hybrid consensus.
On December 9, Cyber Republic Suggestion #133: Elastos DPoS 2.0 – A new staking model, proposed a modification to the voting model for Elastos’ DPoS consensus. At present, votes can be withdrawn at any time, whereas Suggestion #133 introduces a staking model in which votes are cast in defined periods and remain staked for each period. Suggestion #133 also included a minimum requirement of stakings that each DPoS node must receive in order to participate in DPoS consensus.
In Elastos’ current DPoS consensus, active supernodes are selected based on their ranking of votes received, whereas Suggestion #133 will offer all active supernodes an equal opportunity to participate in DPoS consensus. After thorough discussion and confirmation with core development teams, the Elastos Foundation has confirmed Suggestion #133’s feasibility.
Since Suggestion #133’s modified DPoS consensus represents a major change to the DPoS voting model, there will be a substantial transition period to allow for stakers and node operators alike to adjust. In order to ensure a smooth and secure DPoS technical upgrade process, after careful consideration, the Elastos Foundation hereby announces a 1 million ELA Buyback Program. The Buyback Program will support the initial setup process for DPoS 2.0 nodes that receive sufficient votes.
EF has confirmed that all ELA purchases will be conducted on the open market, and complete details pertaining to the buyback program and the conditions of its execution will be released in due course if and only if Suggestion #133 is passed by CR Consensus.
Note: This statement only reflects the current views of the Elastos Foundation regarding the upgrade of Elastos’ DPoS consensus and a corresponding action plan that facilitates a smooth transition to a new DPoS consensus mechanism. None of the above should be regarded as professional financial investment advice, nor should it be used to evaluate or make any investment decisions.