Review on Decred by francis fernandez
Decred: Blockchain-community integration!
Decred (DCR) is an open source and blockchain digital currency that works as a hybrid system combining the best of “proof of work” (POS) and “proof of stake (POW) protocols; in order to create a fully decentralized platform, equitably fair and accessible to communities.
This mixed protocol of POW and POS, gives benefits to the platform in terms of security; by adding a consensus system based on layers that provide greater protection to your operations.
This platform allows you to combine the best of each consensus mechanism (POW and POS) to give greater security to the financial intermediation of your platform; allowing to minimize the risk of fraud and avoid duplication of spending.
The consensus system is quite participatory; hence it is considered a community platform.
This is evidenced by the participation of its miners in the blockchain system; since they make decisions jointly and the same mining mechanism prevents miners from operating in secret. In this way, DCR owners intervene by voting to validate a block, they can reject fraudulent block creations and validate different propositions in the cryptocurrency mining process.
Decred has positioned itself very well in the crypto market due to its character as a community, participatory and decentralized platform; where its participants set their guidelines and the objectives of the platform.
Decred is a project basically with sovereign purposes that seek to achieve blockchain-community integration.
Pros
- It has a fully participatory and direct mining system.
- Allows all incumbents to be involved in the objectives and rules of the project.
- By combining the best of each consensus protocol (POW AND POS), the risks and operational weaknesses that these protocols have when used separately within a blockchain are minimized.
Cons
- On this platform only 60% of mining is granted to miners.
