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We're Bullish on Delegated Proof-of-Stake ($WAXP, $HIVE)

December 7, 2021

We're Bullish on Delegated Proof-of-Stake ($WAXP, $HIVE)

What is 'Delegated Proof-of-Stake’ (DPoS) and what makes it unique? The answer lies in the alternative: Proof-of-Stake (PoS).
Proof-of-Stake is a blockchain consensus mechanism that allows individuals to act as a network ‘node’, validating transactions and receiving rewards — An arbitrary number of governance tokens must be “staked” in order to participate. This barrier to entry helps to prevent malicious actors from compromising the network. Many up-and-coming blockchain projects have opted to use PoS in favor of the slow and energy-intensive consensus mechanism used by Bitcoin ($BTC) and Ethereum ($ETH): Proof-of-Work (PoW).
LikeFolio data shows just how popular Proof-of-Stake has become — Consumer Mentions of staking cryptocurrency are at an all-time high levelup more than +2500% YoY (30d MA).

But, Proof-of-Stake has shortcomings, mainly that transactions can become expensive and slow at scale -- Delegated Proof-of-Stake (DPoS) solves these problems.
Instead of allowing anyone with tokens to participate in the network, DPoS assigns validation duties to a select group of nodes with a strong reputation. Regular token holders routinely vote to elect these “delegates” based on constantly-updated trust scores.
This method puts the most consistent and trustworthy entities in charge of verification full-time, allowing for fast and low-cost transactions, regardless of the number of users on the network.
DPoS blockchains have a significant advantage in the current environment, as they can support a user-friendly experience with a large number of users…WAX ($WAXP) represents an excellent example of the capabilities of this technology.
We've been bullish on WAX since August, and if anything, it's already outperformed our expectations.
The price of $WAXP has fallen nearly -50% in the past month. But, underlying Mentions show just how popular the WAX platform has become.

HIVE ($HIVE) is another promising project utilizing Delegated Proof-of-Stake consensus — Much like $WAXP, $HIVE had an explosive breakout last month and has since pulled back with the broader crypto market.

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