Page 71 - Understanding EOS TojuKaka FlipBook

Daniel Larimer was trying to invent his own
cryptocurrency when he discovered bitcoin in 2009.
In 2010, Dan raised concern on Bitcointalk to Satoshi
Nakamoto (the creator of Bitcoin). He argued that
the confirmation time of 10 minutes for transactions
was too long and that a change of the consensus
mechanism might help the system to be as efficient as
credit cards. Satoshi did not take his concerns
seriously. Instead, he replied with a statement which
has become a famous quote: “If you don’t believe
me or don’t get it, I don’t have time to try to
convince you, sorry.”

A consensus algorithm is a method through which blockchains
come to an agreement (consensus) about adding new
information to its database. Bitcoin uses Proof of Work
Consensus Algorithm.

Five years later, Dan invented a new consensus
mechanism called Delegated Proof of Stake (DPOS).
This new consensus algorithm, created by Dan,
currently powers all the top-performing blockchains
in the industry such as WAX, BOSCore, Steem,
Bitshares, TRON, Tezos, Cardano, Lisk, Elastos, Ark,
Rise, Credits, Aunite.

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