Review on Decred by Moshe Bal

Name: Decred
Item: Decred
Rating: 4

June 17, 2019

Decred review

Decred network is a hybrid blockchain that uses the Proof of Work and Proof of Stake consensus mechanism simultaneously. The main goal of the creators was to create a better version of the Bitcoin network after noticing that decision making in the BTC community became more and more centralized. 
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The block rewards are divided between the miners, voters and dev team at a ratio of 60%:30%:10%. Decred is one of the most promising and rapidly growing cryptocurrencies boasting with great speed, ability to improve and connection to its community. 
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The project was created as a result of the frustration of a group of Bitcoin developers with the increasing centralization of the BTC network. With the help of Alex Jacob-Pitt, they founded Company 0 and started developing Decred.
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Decred blockchain is a decentralized peer to peer network that uses both Proof of Work and Proof of Stake consensus mechanisms making it a hybrid network. It uses the Blake256 r14 hashing algorithm and splits the rewards 60% to the miners, 30% to the stakers and 10% goes in the development pool to finance future updates and additions.
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There are currently two types of nodes on the Decred network – Light nodes and Full Nodes. Full nodes are the validators of the system. They require a complete download of the blockchain transactional history in order to operate.
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Pros

Decred network is a hybrid consensus system. It uses both Proof of Work and Proof of Stake mechanisms with the quality of unique adaptability.
The whole project is very community driven with enabled decentralized decision making
Resistant to 51% attacks due to the hybrid consensus mechanism
Censorship resistant and smart contracts functioning on the public proposal platform

Cons

Decred project is relatively new, and the market adoption of the coin is still somewhat minimal.
Maybe the biggest challenge that the network will have to go through is moving from a man-managed fund to a decentralized DAO.
Transaction time is relatively high. It can take roughly 5 minutes to confirm a transaction.