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Review on Decred by Anh Chuong
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
- It facilitates exchange between only cryptocurrencies, not fiat currencies.
Cons
- Project Fund Focus – Here’s where I’ll get some heat. When I initially conceptualized the project fund uses I assumed the community would see this as a resource to benefit decred specifically.
