I generally understand the DPOS concept of the owners of BTSX having voting power proportional to the number of shares they own, but I'm not sure how that works in practice. If there's a better source of answers to these questions (I imagine they've been asked before, but not sure how to search for it. I was pointed to another thread above but that was thin on details about how delegates are elected)
I need an example with numbers that describe how the 101 delegates are chosen. As a crude example, if you had:
- 50,000 shares (total) available for purchase.
- Shareholder X with 5000 shares, so a 10% stake,
- Shareholder Y has 20,000 with a 40% stake,
- And Shareholder Z has 22,500 shares or a 45% stake.
The remaining 5% of the shares are scattered amongst many shareholders.
Q1) How does the "proportional power" of the shareholders translate to delegate votes?
Q2) Do ALL shareholders get to vote, and do some get more votes than others?
Q3) How many total votes are there?
Q4) Do shareholders have 1 vote for each BTSX share they own, and the delegates are chosen by the top 101 candidates with the most votes? (assuming there are at least 101 people that want to be delegates; might not be that many now, but clearly there would be very soon after a major public launch event)
I've listened to several audios where delegate slates are discussed, but it just fogs me over as that is a level of abstraction on top of the basics which I don't understand well. I believe I do understand the purpose of delegate slates, and that is to help shareholders make delegate selections. The slates serve as recommendations. I've hear some of the discussions regarding the question of how do shareholders have confidence in slates, what reputation schemes would help and various issues of managing / administering the slates.
And lastly, do the delegates do the very same work "to secure the network" as do miners in the bitcoin ecosystem?
I can't say I fully understand how finding the next prime number to be used as a cryptographic key in a public/private key pair "secures" the network or "confirms" transactions (a transaction requires using a previously generated key pair, so how does finding the next one confirm anything?)
I've just taken those terms on face value and assumed smarter minds than mine have worked out the scheme to ensure the key pairs are available for use. But since the role of a delegate is pretty much that of a BTC miner (is that right?), I better spend the mental effort to understand it better.
The depth of the blockchain technology is great and the application of it for bitcoins has been extremely fast, all I've been able to do is jump in the middle and learn what I can. I haven't seen a systematic review of the building block concepts, or, more accurately I have but I couldn't absorb all of the info in a way it's organized and indexed for retrieval in my mind.
I recall a few of Andreas Antonopoulos' youtube videos and various podcasts he's done, but the details of mining haven't quite fallen into place. I couldn't explain it to someone else.