1 Level
6 Review
0 Karma
Review on Decred by Hoang Minh
The algorithm is intended to allow the user to agree on the status of the…
The algorithm is intended to allow the user to agree on the status of the blockchain. There are two strategies for achieving consensus on a hierarchy.
Proof-of-Work (PoW): It only receives rewards for the work you invest in the system. This step requires computing power in solving puzzles. For every solution, a new block is created. So, the more work you put in, the higher the reward.
Proof-of-Stakes (PoS): This is a reward for what you bet. This requires you to keep your coins affected for some time to prove you are a related party. The more money you have, the more reward you have.
Pros
- External services, e.g. wallets, can access a simple client API on the server that provides a data feed, ability to place orders, and other services.
Cons
- The relatively high value of 1 DCR may be a psychological barrier to more use/adoption [previous discussion]
