Wappie posted on November 13, 2019 09:17:52
The most important thing I have learned about cryptoassets since I got into crypto, is that writing good code is really hard. Writing good code for crypto projects is even harder. There are not many people out there that are smart or capable enough to write good code for crypto projects. Despite that fact, there are thousands of cryptoassets out there claiming to be cutting edge projects.
That doesn't make sense at all. Alas the crypto scene is rife with scams. Where there is money to be made, scammers will come. https://www.weforum.org/agenda/2018/04/questions-blockchain-toolkit-right-for-business/
In Decred, the founding members, who are from North America, were early developers on the core Bitcoin protocol, and experience building Bitcoin is a huge advantage for a competing team. Being involved early on in Bitcoin development is what allowed the founders to identify Bitcoin's problems before they were acknowledged by the greater community at large.
The strong advisory team even includes Jimmy Song, a well-known and transparent Bitcoin maximalist and smart contract platform cynic, who stated that the team has some of the most amazing developers in the industry; highlighting the fact that Decred’s developers formerly built btcd, which is one of the best commented, organized and accessible codebases for learning Bitcoin.
Despite what you may read about Decred, it is NOT a fork of Bitcoin.
- Decred uses the Blake256 algorhythm and Bitcoin uses the sha256 algorhythm.
- Decred does have similar characteristics as Bitcoin.
- Only 21 million will ever be mined.
- But rather than using POW, Decred uses a POW/POS hybrid model.
Furthermore, Decred uses the Politeia system to vote on proposals. If consensus is achieved then the changes can be implemented into the chain without forking.(BCH/BSV)
From the Decred homepage:
Decred’s governance is based on the principle of ticket-holder voting. To participate in governance, users must time-lock DCR to purchase tickets. Tickets can then be used to vote on validating blocks, consensus rule changes, or proposals in Decred’s web-based proposal system, Politeia.
Validation of blocks and voting on consensus rule changes occurs on-chain. Voting on higher-level issues, such as how to spend Treasury funds, or significant policy decisions (e.g. amend the Decred constitution) occurs off-chain in Politeia, a web platform where the community at large can submit, discuss and vote on proposals.
To compensate ticket holders for validating blocks and securing the network, 30% of the block reward (PoS reward) is sent to ticket holders for voting on blocks; the remaining block reward is split between PoW miners (60%) and the Treasury (10%) to fund ongoing development. The ticket price (the amount of DCR that must be time-locked) is adjusted dynamically every 144 blocks (~12 hrs), in an attempt to keep PoS returns stable over time.
What Decred is trying to do is to create sound money. The Decred community believes that with good governance you can have any feature you want. That is actually really powerful the more you think about it.
Check out the Decred homepage if you are interested in more information. Or check out this ( https://medium.com/@_Checkmatey_/decred-following-in-bitcoins-footsteps-f8d0e0bbaff5 ) very interesting article by checkmate. It is very technical, but an interesting read nonetheless!
Furthermore. Am I biased because I'm holding DCR? Yes! Most certainly so!
Am I qualified to review cryptoassets? No. I'm just a guy. DYOR!
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