A number of different groups and individuals share jurisdiction over the Peerplays blockchain, which ensures no single entity can gain control over the database.
Governance of the Peerplays blockchain is handled using Delegated Proof of Stake (DPoS). DPoS is the fastest, most efficient, most decentralized, and most flexible consensus model available.
DPoS on Peerplays involves three types of participants:
1. PPY token holders – Anyone that holds PPY tokens can use the power granted to them through those tokens to cast votes for the Witnesses and Committee that they think would be best suited to work for Peerplays.
2. Witnesses – These are the network nodes that timestamp all updates to the global blockchain database. Their job is similar to that of “miners” in Bitcoin, only they must be voted into position by PPY token holders. Like miners, they can only observe what happens on the Blockchain and notarize it – they do not have the ability to restrict or alter the content. They can also be removed instantly by voters if they are not performing up to standards.
3. Advisory Committee – A committee of technical advisors is voted into place, so that consensus can be reached on issues that involve updates to the parameters of the Peerplays Blockchain. Some examples include changes to the network fee structure and adding new features to Peerplays after they are built. Like Witnesses, these Advisors can also be voted out if they are not performing to the liking of their constituents.