Has there been a successful case for the consensus mechanism that V God has high hopes for?

Recently, Paradigm research partner Dan Robinson tweeted: It turns out that it is impossible to have a secure POW blockchain without blockchain rewards, and launched a “how would you prefer Bitcoin to change”. vote. Afterwards, many KOLs interacted. Among them, Buterin’s view received the most extensive support. He expressed high hopes for the hybrid mechanism of POW+POS. One stone stirred up a thousand waves, which sparked heated discussions in many communities about the “best consensus mechanism”…

Has there been a successful case for the consensus mechanism that V God has high hopes for?


Where is the best consensus mechanism for the “soul” of encryption
?

In recent years, as the most important infrastructure in the crypto industry, the design and development of the public chain has always been valued by everyone. It is no exaggeration to say that the value of encrypted assets originates from “consensus”, and the consensus mechanism is the “soul” that ensures the cohesion of consensus.
The background of the problem raised by the Paradigm research partner we mentioned at the beginning is precisely that Bitcoin has experienced several halvings, and now the block reward has been reduced to 6.25BTC. As the main incentive for proof of work, the future block reward will be more Fewer and fewer may lead to serious security problems, which has been worrying many people for many years. The solution proposed by Buterin “POW+POS hybrid consensus mechanism”, in fact, as he said on Twitter, it has been innovatively used in some projects from 2013 to 2015, POW + POS > 1 means this hybrid consensus The mechanism makes 51% attack even more difficult.
When it comes to the POW+POS hybrid consensus mechanism, the most successful one is undoubtedly Decred, which once entered the TOP30 market cap. Its distribution mechanism is a classic. After a new block is generated through proof of work (PoW), the block producer gets 60% of the reward. , and then enter the voting stage of the POS consensus, allowing Holder to freely participate in voting and receive 30% of the rewards allocated by the system, and the remaining 10% will enter the community treasury, which is determined by the community.
Decred has many advantages that attract many community members and also has many disadvantages that paved the way for later evolution and evolution:

1. The main advantages of Decred

a. Solved many problems left over from Bitcoin’s history.
Decred’s special consensus mechanism and distribution mechanism not only improves the efficiency of block production, but also ensures security. The currency rewards reserved for developers ensure the software itself. Development support, through the voting system so that every decision will not be decided by a few people. This allows Decred to form an efficient and harmonious community of block producers, holders, and developers.

b. Effectively avoid the problem of “mine tyrants”
Through the POS rewards that decrease with time, just like constantly cutting cakes, the remaining cakes are becoming more and more scarce, and at the same time, the distribution of POS ticket holders + 10% DAO treasury has put an end to ” The phenomenon of “mine tyrants” dominating everything creates a balance and restriction of the separation of powers. This distribution mechanism brings natural anti-inflation and anti-depreciation capabilities.

2. The main problems and contradictions of Decred

a. The unfair phenomenon of resource monopolists lying and winning
Under Decred’s high-proportion allocation mechanism, block producers only need to keep putting their rewards into POS to pledge, and they will inevitably appear one after another as a large Holder and an operator. In the case of powerful people or institutions, these community members will accumulate more and more “chips” that affect the entire system over time, which is equivalent to returning to the era of “mine tyrants”.

b. The Decred project team gradually began to do nothing, and the community was dissatisfied with
the long-distance knowledge of horsepower. The Decred project team gradually began to become Buddhist, and the development efficiency and enthusiasm gradually receded. The routine basic upgrades, BUG repairs and other urgent work have been delayed again and again. Due to delays and lower and lower community activity, Decred’s competitiveness has gradually been unable to keep up with many “hot-blooded” new-generation projects. Seeing that the market value has dropped to the edge of the TOP100, more and more elderly people in the community are complaining.

Best Practices of POW+POS Hybrid Consensus Mechanism
Decred is Evolving: Decred-Next

Many community backbones and core developers who have participated in the creation of Decred and have contributed in the fields of technology and operation still have ideals in mind. The original intention and vision are passed on. So, such a group of people and developers from all over the world started a new journey, Decred evolution fork, Decred-Next is here:

1. Inherit and optimize the excellent consensus mechanism and distribution model
Decred-Next is still a POW+POS hybrid mechanism. Blocks are generated through the POW mechanism and then verified by the POS mechanism. However, the difference is that only after the verification can become a legal block, The original consensus mechanism of POW packaging bookkeeping + POS voting decision. The optimized consensus mechanism of POW+POS effectively solves the problem of computing power monopoly, realizes complete decentralization, and perfectly solves the problem of governance mechanism of decentralized projects.

2. Keeping pace with the times and heading towards Web3.0 and the Metaverse With the strong hybrid consensus mechanism strongly recommended by Buterin as a foundation, Decred-Next, a public chain that continues to be the best practice of POW+POS hybrid consensus mechanism, has its sights set on Decred-Next To the blue ocean market of encrypted applications that are recognized to represent the future Web3.0 and Metaverse, provide DApps with safe and reliable technical solutions and community support, and become a public chain with more potential and value.

According to the roadmap announced by the Decred-Next community, Decred-Next will launch a series of incentive plans specifically compatible with EVM projects driven by a hybrid consensus mechanism and a charismatic democratic community, encouraging Ethereum developers to port their DAPPs to Decred-Next ecology, these transplanted contents can quickly increase the ecological richness of Decred-Next, and at the same time can bring very high user traffic to the development of DCRN and create a hot topic. It can be expected that in the near future, not only a lot of GameFi will emerge on Decred-Next, but users can even develop their own NFTs.

3. New community, fresh “blood”
Decred-Next fork not only inherits the technical advantages of the project, but also attracts many like-minded people who recognize the original vision of encryption, in addition to the original community members, plus Bit Some people in the currency community who are worried about the security problems caused by the reduction of blockchain rewards have also joined in and actively participated in the community construction, and fresh blood has gradually flowed in. 

summary

In the long history of the crypto industry, many new stars in the community have risen and fallen. Just like the Decred and EOS communities, every live case is very regrettable. They could have done better, but human nature dictates. , some people who only maintain the “three minutes of heat” just came and fell asleep and have never been awakened.However, it is certainly something worthy of recognition that latecomers will pick up the treasures left by their predecessors and innovate. The future of the fork initiated by the original community activists, Decred-Next, will wait for time to give us the answer.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/has-there-been-a-successful-case-for-the-consensus-mechanism-that-v-god-has-high-hopes-for/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2022-07-13 10:11
Next 2022-07-13 10:13

Related articles