Recently, Paradigm research partner Dan Robinson said on Twitter that it turns out that it is impossible to have a secure POW blockchain without blockchain rewards, and launched a vote on "how you prefer Bitcoin to change". /b12>A number of KOLs then interacted, with V God's point of view gaining the broadest support, saying he had high hopes for the hybrid mechanism of POW+POS. One stone stirs up thousands of waves, which has sparked a heated discussion among many communities about the "best consensus mechanism"......
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Crypto's "soul."”
Where is the best consensus mechanism?
In recent years, as the most important infrastructure in the crypto industry, the design and development of public chains has been valued by everyone. It is no exaggeration to say that the value of crypto assets stems from the "consensus", and the consensus mechanism is the "soul" that ensures that the consensus can be condensed.
The background of the question raised by the Paradigm research partner we mentioned at the beginning is precisely that Bitcoin has undergone several halvings, and now the block reward has dropped to 6.25 BTC, as the main incentive for proof-of-work, the future block reward is getting less and less or will cause serious security problems, which is also what many people have worried about for many years. /b12>V God proposed the solution "POW + POS hybrid consensus mechanism", in fact, as his Twitter said, 2013-2015 has been used innovatively in some projects, POW + POS > 1 means that this hybrid consensus mechanism makes 51%. Attacks are harder.
When it comes to the POW+POS hybrid consensus mechanism, the most successful is undoubtedly The Credited, which once entered the top 30 market capitalization. Its distribution mechanism is a classic, after the new block is generated through proof-of-work (PoW), the block producer receives a 60% reward, and then enters the voting stage of POS consensus, allowing Holder to freely participate in the voting and receive the 30% reward allocated by the system, and the remaining 10% into the community vault, Use at the discretion of the community.
DecredThere are many advantages that attract many community members, but also many disadvantages that set the stage for later evolution and evolution:
1. The main advantages of Decred
a. Solves multiple problems left over from the history of Bitcoin
DecredThe special consensus mechanism and distribution mechanism not only improve the efficiency of block production, but also ensure security, and the monetary reward reserved for the developers ensures the development support of the software itself, and through the voting system, each decision will not be decided by a small number of people. This allows Decred to form an efficient and harmonious community of block producers, Holders, and developers.
b. Effectively circumvent the problem of "mining hegemony"
Through the decreasing POS reward over time, just like the continuous cutting of the cake, the scarcity of the remaining cake is getting higher and higher, and the distribution of pos holders + 10% OF THE DAO vault eliminates the phenomenon of "mining tyrants" dominating everything, forming a balanced constraint of separation of powers, and this distribution mechanism brings natural anti-inflation and anti-depreciation capabilities.
2. The main problems and contradictions in Decred
a. There is an unfair phenomenon of resource monopolists lying down to win
Under the high-proportion distribution mechanism of Decred, the blocker only needs to continue to put the reward in his hand to the POS to pledge, and it will inevitably appear as a person or institution who is both a holder and a large account of computing power, and over time, these community members will accumulate more and more "chips" that affect the entire system. It is equivalent to returning to the era of "mining hegemony".
The Decred project team gradually began to inactively and the community was dissatisfied
The Decred project side gradually began to buddhist system, the development efficiency and enthusiasm gradually retreated, the emergency work that should have been carried out such as regular foundation upgrades and BUG repairs was delayed again and again, and the community activity was getting lower and lower, resulting in the competitiveness of Decred gradually unable to keep up with many "blood-boiling" new-generation projects. Seeing that the market value has fallen to the edge of the TOP100, more and more elderly people in the community are complaining.
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POW+POSMixed consensus mechanism best practices
DecredIn Evolution: Decred-Next
Many of the backbone and core developers of the community who have participated in the creation of The Credited and contributed in the fields of technology and operation still have ideals, and they are very sorry for the projects and communities that have been dominant but continue to decline and backward, and want to pass on the original intention and vision of the Credited community. So, such a group of people and developers from all over the world began a new journey, Decred evolution fork, Decred-Next came:
1. Inherit and optimize excellent consensus mechanisms and allocation models
Decred-NextIt is still a POW + POS hybrid mechanism, the block is generated through the POW mechanism, and then verified by the POS mechanism, but the difference is that the verification can become a legitimate block, and the original POW packaging accounting + POS voting decision consensus mechanism. The optimized consensus mechanism of POW+POS effectively solves the problem of computing power monopoly, realizes complete decentralization, and perfectly solves the governance mechanism problem of decentralized projects.
23. Keep pace with the times and move towards Web 3.0 and metaversics
With the strong hybrid consensus mechanism highly recommended by V God as the foundation, the public chain Decred-Next, which continues to be the best practice of the POW+POS hybrid consensus mechanism, has set its sights on the blue ocean market of crypto applications that are recognized as representing the future Web3.0 and metaverse, providing DApps with security, Reliable technical solutions and community support have become a public chain with more potential and value.
According to the roadmap released by the Decred-Next community, Decred-Next will launch a series of incentive programs specifically for EVM project compatibility, driven by the hybrid consensus mechanism and the charismatic democratic community, encouraging Ethereum developers to port their DAPP to the Decred-Next ecosystem. 1>. Decrypt-Next, and at the same time bring very high user traffic and create topic heat for the development of DCRN. It can be expected that in the near future, decred-Next will not only have a lot of gameFi, users can even develop their own NFTs.
3, new community, fresh "blood"
Decred-NextThe fork not only inherits the technical advantages of the project, but also attracts many like-minded people who recognize the original vision of the original crypto, in addition to the original community members, coupled with some people in the Bitcoin community who are worried about the security problems caused by the reduction of blockchain rewards, they have also joined in to actively participate in community co-construction, and have gradually flowed into the fresh blood.
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brief summary
In the long history of the crypto industry, many community stars have risen and fallen, just like The Credited, EOS community, a vivid case is extremely regrettable, they could have done better, but due to human nature, some people who only maintained the "three-minute heat" just came to sleep and never been awakened. me. decred-Next, the fork initiated by the original community activists, will give us the answer in time.