Hey guys, I am a newbie in blockchain. I read the yellow paper but it is too technical to understand. Can someone help to explain more details from scratch? Thank you!
You should have some basic knowledge first. I have copied and pasted some definitions about different kinds of consensus frameworks. Then you can see the advanced points IoTeX has made in their Roll-DPoS design.
PoS: Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more Bitcoin or altcoin owned by a miner, the more mining power he or she has.
PoW: A proof-of-work (PoW) system (or protocol, or function) is an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing time by a computer.
D-PoS: Delegated Proof of Stake (otherwise known as DPoS) is a consensus algorithm maintaining irrefutable agreement on the truth across the network, validating transactions and acting as a form of digital democracy.
Roll-DPoS: Roll-Delegated Proof of Stake (Roll-DPoS) is IoTeX’s in-house consensus mechanisms which enhances DPoS to support sub-chain architectures and large-scale IoT DApps. It not only achieves high throughput and low latency (similar to other DPoS variants), but it also provides instant finality, native heterogeneity to support large-scale IoT systems, and a more democratic approach to DPoS via our voting mechanism, picking a new set of delegates each epoch.
Yup. Based on their Tech AMA from July 2018, they will be providing a voting mechanism for all the nodes/participants in the IoTeX network. Any node can claim the intention to run a Delegate (or masternode as in the question), and all nodes in the network cast vote (1 token = 1 vote) for all candidates. Candidates receiving most number of votes to become Delegates for IoTeX network.