Subform of PoS, in which token-holders can still participate in the security and maintenance of a blockchain without having to actively operate a node.
LPoS systems are similar to DPoS systems in so far that token-holders delegate the validation-rights contained in their token to a validator of their choice. Therefore the token holders increase the respective validators delegated stake and ultimately increasing its' likelihood of validating more blocks.
However, in most LPoS systems, only validators are subject to slashing and there is no limitation regarding the size of the validator set.
Blockchains are run and maintained by a decentralized, globally distributed network of nodes and not a central entity. Hence, a mechanism is needed that helps this network, often-times consisting of unknowing or untrusting parties, to establish security, validity, and guaranteeing availability. Currently, there are two main mechanisms, namely Proof-of-Work and Proof-of-Stake, that are used in blockchain networks to provide for security through economic incentives and cryptography. Furthermore, these mechanisms help to appoint the next node which gets to add a new block to the blockchain.