LikeCoin Chain Mechanism Interpretation and Delegated Pledge Sharing

Hello everyone, because the previous article on upgrading LikeCoin has raised a question: What consensus mechanism is the main chain of LikeCoin Chain adopting after breaking up with Ethereum? That's why I came up with this article, because I didn't think about this part at the time, so I asked LikeCoin Foundation, and I also used this article to write about the newly added delegated pledge function (which happens to be related to the consensus mechanism), I hope Can help you.

First this directly answers the question:

The consensus mechanism adopted by the main chain of likeCoin is: Delegated Proof of Stake ( DPoS )

Delegated Proof-Of-Stake, DPoS, is called in Chinese as "Proof of Equity" or "Proof of Share Authorization". Similar to the representative system of democratic politics, compared with the consensus mechanism of PoW and PoS, DPoS has lower maintenance costs and faster block packing speed, and token holders are like democratic institutions. Like voters, they entrust their rights in tokens to node representatives for block packaging, which is currently the consensus mechanism adopted by EOS and TRON.

Let's go back to the LikeCoin Chain. According to the Medium article by LikeCoin founder @高建big brother introducing " Genesis — Republic of Liker Land ", this upgrade is the ecological creation of LikeCoinChain, and it is mainly based on the introduction of this article. With my understanding, the following is my collation and sharing, if there is any mistake, please give me some advice from professional experts.

First of all, before explaining the mechanism and new functions, first introduce the basic elements and nouns in the ecology, which may have been mentioned in my previous article, and the new nouns are introduced here.

1. Republic of Liker Land: An online virtual republic based on the LikeCoin ecosystem.
2. Liker: Citizens in the republic can most easily be identified as those who participate in the ecology, who hold coins or appreciate them.
3. Civic Liker: A paying citizen of 5$ per month, similar to tax-paying citizens in this virtual country, in addition to more effectively supporting the development of ecological creators, they can also enjoy more ecological benefits (for example, rewards can get additional support from the foundation) ).
4. Liker Land app: Content viewers, wallets and even passport-like apps in the ecosystem, as the best way to connect with physical reality.
5. LikeCoin button: The appreciation button, like the Facebook like button, is the key to the entire LikeCoin ecosystem, and is used to express the appreciation and support of Liker citizens.
6. LikeCoin token: A token in the ecosystem, similar to the currency used in the entire republic, and a tool that can be used to express Liker contribution and opinion voting.
7. LikeCoin chain: LikeCoin main chain, records the decentralized ledger of the entire republic, all transaction records will be kept in this ledger, and all records can be queried in Big Dipper.
8. Validator: Validator , the stake representative and node in the Republic, Liker can increase the voting power of trust delegation node by entrusting to participate in Staking.

Upgrade and Mechanism

According to the original white paper and Big Brother Gao's Medium article, the issuance of LikeCoin is divided into four parts with a total of 2 billion:
1. Token sale pool (360 million)
2. Ecological expansion pool (439 million)
3. Team pool (200 million)
4. Creator Pool (1 billion)

After the upgraded LikeCoin Chain came out of the genesis block, new LikeCoins in the token sale pool, ecological expansion pool and team pool were produced, and the 1 billion was stored in the Migration Pool, the upgrade pool, and only the old LikeCoin ERC was converted. -20 version can unlock the new LikeCoins in the upgrade pool, and exchange and destroy them according to 1:1.

Under the new DPoS formula mechanism, it is built on an ecosystem based on Liker and Validator. Liker includes general users and paying users of $5 per month. They only appreciate the distribution weight of LikeCoin. Liker can add Your LikeCoin is entrusted to Validator for rights authorization. After authorization, nodes can increase voting rights. The amount of voting rights will affect the reward distribution ratio after the block is packaged. Just as the amount of stock held will affect the amount of dividends, in PoS and DPoS also determines how many tokens are held to determine the amount of reward distribution. Therefore, Liker can get rewards together by entrusting Validator. The distribution of rewards is divided equally between the number of entrusted nodes and the entrusted nodes, and the rewards received are from the increase. The 1% new LikeCoin comes from the 1% inflation rate agreed by the validators. This newly added token will be issued by the creator pool of LikeCoin (that is, the 1 billion LikeCoin in the creator pool mentioned above), In the original white paper, it was mentioned that LikeCoin plans to distribute the 1 billion in 10 years of operation, and it is also to use these 10 years to slowly educate and promote this ecosystem.

"Voting Mechanism"

Just mentioned voting rights, then we will explain the voting mechanism of LikeCoin! Just like the Tezos (XTZ) I wrote before, in fact, XTZ also adopts an LPoS consensus mechanism similar to DPoS, and in LikeCoin Chain, all verification nodes can propose revisions and upgrades, and various proposals can be discussed and voted here. For example, the 1% inflation rate just mentioned may be raised or lowered due to changes in the environment and ecology.

1. Proposal period (within two weeks)
   Before entering the voting period, 1 million LikeCoins must be raised within two weeks. This 1 million does not need to be paid by the proposed node, but can come from all other verification nodes and Likers. If the fundraising fails, the proposal will be rejected. Abandoned, and the fundraising that does not reach 1 million will be stored in the Community Pool, which will be used for other proposals in the future.
2. Voting period (two weeks)
   All validators can vote within two weeks, and there are four options (yes, no, abstention, veto), and if Liker does not agree with the selection of validators at the time of voting, they can transfer their LikeCoins to other validators Nodes, which are also different from the traditional representative system, can fully express their Liker positions on issue voting.
3. Verify that the following voting threshold requirements are passed:
   ・More than 40% of the delegated LikeCoin verification nodes participate in the voting.
   ・Except for abstentions, more than 50% of the votes are required.
   ・Less than one-third of the votes were negative.
   In the event that the vote does not reach the 40% threshold for entrusting LikeCoin or the proposal is rejected, 1 million LikeCoin will be deposited into the Community Pool for use in the next proposed proposal.
4. 4. Result <br class="smart">If the result is passed or not passed, the LikeCoin will be returned to the delegated node and Liker, but if the vote does not reach 40% of the delegated LikeCoin threshold or the proposal is rejected, the 1 million LikeCoin will be debited Deposit into the Community Pool.

The following is a simplified diagram of the vote:

"Participate in the Implementation Test of Delegated Lock-up LikeCoin"

Finally, let's share the lock-up orders most related to Liker! This may also be the most practical part. It is very simple to participate in the delegation and pledge at present. As long as you are a member of Liker (holding LikeCoin), you can use the Liker.Land App to give delegations. After logging in to the App, you can directly see each delegation node. After selecting a node, it takes 21 days to cancel the recovery of LikeCoin. You can delegate according to the recognition of each node. At present, because I see that the displayed interest rates are similar, I will choose one to try. If the node interest rate has Changes may be considered and then shared for your reference.

The above is my sharing this time. I will have the opportunity to share the results of the entrustment and pledge with you later. Thank you for watching!

By the way, there is an introduction, sharing and related articles about this LikeCoin upgrade.

@Unidentified Flying Rabbit- After the mainnet goes online, likecoin is already a financial management tool + an intelligent representative system

@Appreciate the Citizens Republic- LikeCoin chain is officially launched!

@ 中本淲－transfer LikeCoin on Metamask to LikeCoin Chain

@Daisy-novice village-constantly updated-please see the message

@Doctor Bao -As an on-chain citizen, feel the charm of the staking world! - Take LikeCoin as an example