An alliance of developers have already begun work on a new cryptocurrency , Decred . The new currency is based upon the same Bitcoin model that was previously used with all other cryptocurrencies. However, Decred is saving the main technical features of Bitcoin and fixing all of the issues that BitcoinCT r: 5 had.
While the only clear contributors to the project are community-based such as are Github users, it can be assumed that the developers have a large amount of experience with Bitcoin development, and may even be the original Bitcoin Core developers.
Decred will serve as a hybridized proof-of-work/proof-of-stake consensus system that allows users to create a balance between proof-of-work miners and proof-of-stake users to develop a much more robust consensus. Why Decred is Unique
You may be wondering: why is another cryptocurrency needed? Well, when Bitcoin was originally released, they were working in a market that did not even exist yet. There were flaws in the concept that can be fixed with the release of new cryptocurrencies such as Decred, Litecoin , Dogecoin , etc.
Bitcoin wasn’t a failure, it changed the idea of currency for better and for always. While a more extensive list of new Decred feature can be found on their website, the entire currency is based on the idea of combining the very best of proof-of-work and proof-of-stake Blockchains in an attempt to utilize both systems in Decred. “Right now, I believe that in order to succeed, a new blockchain project has to bring something genuinely new to the table, and it can’t just be a slightly better consensus algorithm.” Vitalik Buterin, Co-Founder of Ethereum Whether or not Decred can execute this concept will be determined after its release. Decred has another major goal in mind. Bitcoin, because it was the first of its kind, […]
