What is Liquid Proof of Stake (Tezos)?

Liquid Proof of Stake (LPoS) is a consensus mechanism modeled after the concept of liquid democracy. Liquid democracy is a system that allows individuals to both vote directly on issues, or to elect delegates to vote on their behalf. Delegates can also transfer the voting responsibilities given to them to another delegate — a process which is referred to as transitivity. If the individual who delegated their vote does not agree with the way their delegate voted, the individual can rescind their vote and vote directly. In LPoS systems, users stake their tokens to earn the right to participate in the blockchain's consensus process, and participate either directly or via a delegate.