Decred has devised a new approach for governance by combining bitcoin’s Proof of Work and Proof of Stake
– Decred company was born because of Jake Yocom-Piatt and his team’’s curiosity to bitcoin trading
– Proof of Work’s sovereignty problem is the reason why Decred company decided to combine Proof of Work with Proof of Stake
– Decred aims to evolve as a medium of cryptocurrency transactions
Decred project lead Jake Yocom-Piatt stated that because of Proof of Work’s sovereignty problem wherein minority decides on issues, that they have decided to combine PoW and PoS consensus systems
Jake Yocom-Piatt and his team implemented cryptocurrency from scratch in 2013. Decred used PoW for mining but it also needs to implement PoS system so that its stakeholders will have a say on its future direction
Both systems has also its own problems to resolve. Developers refuses PoW because of it requires expensive energy and infrastructure. Meanswhile, PoS is susceptible to monocracy. Decred has launched Politeia that aims to store data for use in law and politics.
Decred aims to become a commonplace for cryptocurrency transactions.Decred aims to develop their transactions this 2018.
Read the article written by Rakesh Sharma at – https://www.investopedia.com