*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.
Delayed Proof of Work is a consensus algorithm that is very similar to Proof of Work. That is not surprising, because they both partly have the same name. However, Delayed Proof of Work is a hybrid consensus algorithm that uses the security provided by the hashing power of a second blockchain.
When Proof of Work was criticized because the hashing power could not ensure that 51% attacks would be excluded in the future, Delayed Proof of Work was created. The algorithm was first used in 2016, when Komodo emerged from a fork of the Zcash code.
Critics stated that small blockchains would not be able to defend themselves against double spend attacks. After all, the hashing power for small blockchains is not that great at all, which would make them an easy target. While more blockchains and cryptocurrencies emerge, chances of attacks increased.
A blockchain like Bitcoin has an enormous hasing power. There are so many miners on the Bitcoin blockchain that performing a successful 51% attack is probably impossible. However, it is theoretically possible. Suppose a bank has a leak in their server. For example, an open port. And when someone enters through that gate, all the money can be funneled out of that bank.
The developers of the Delayed Proof of Work consensus model didn’t not want to take this risk. As stated earlier, small blockchains in particular pose a major risk for 51% attacks. Delayed Proof of Work should protect them from this, by leveraging the hashing power of a second blockchain. By working together, the hashing power is increased.
The security of a Delayed Proof of Work blockchain is provided by the hashing power of the second blockchain. One of the conditions of Delayed Proof of Work is that the blockchain’s network always follows the longest chain of the network. So that is in fact the main blockchain. However, it could happen that two miners validate the same block at the same time. After all, there are two different blockchains. In that case, the block that is most synchronized in the network will be considered the winner.
Delayed Proof of Work also uses the Bitcoin network. Snapshots are made of the blockchain on a frequent basis. This happens every 10 minutes. These snapshots are backups that are stored on the Bitcoin blockchain. Because the Bitcoin blockchain has a lot of hashing power, it is a safe choice for Delayed Proof of Work to use this network. These backups are made in order to always have a copy of the blockchain. This whole process is called notarization.
We are using Bitcoin blockchain as an example, as that is the blockchain that Delayed Proof of Work is currently using. But that is not the only blockchain that can be used for this. The technology has the potential to be applied to any blockchain, as long as the blockchain uses a UTXO model.
Save my name, email, and website in this browser for the next time I comment.