Original link: https://www.hellobtc.com/kp/du/07/3971.html
Author: Bob / Source: Vernacular Blockchain
Author | Bob
Produced | Vernacular Blockchain (ID: helloBTC)
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”…
01
Encrypted “soul”
Where is the best consensus mechanism?
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 because 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, 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. Solve many problems left over by Bitcoin 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 development support of the software itself, and each decision is made through the voting system. will not be decided by a few. 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 the cake, the remaining cakes are becoming more and more scarce. 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. The balance of the separation of powers is restricted, and this distribution mechanism brings natural anti-inflation and anti-depreciation capabilities.
2. The main problems and contradictions of Decred
a. The injustice of resource monopolies lying and winning
Under Decred’s high-proportion distribution mechanism, block producers only need to keep putting their rewards into POS to pledge, and it is inevitable that there will be people or institutions that are both large holders and large computing power. Over time, these community members will accumulate more and more “chips” that affect the entire system, 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
Knowing the horsepower from afar, the Decred project side gradually began to become Buddhist, and the development efficiency and enthusiasm gradually receded. The routine basic upgrades, bug fixes and other urgent work that should have been delayed again and again, the community activity is getting lower and lower, resulting in Decred Competitiveness has gradually been unable to keep up with many new-generation projects that are “hot-blooded”. Seeing that the market value has fallen to the edge of the TOP100, more and more elderly people in the community are complaining.
02
Best Practice 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-making is created. . 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. Keep pace with the times and move towards Web3.0 and the Metaverse
With the strong hybrid consensus mechanism strongly recommended by Buterin as a foundation, Decred-Next, the public chain that continues to be the best practice of the POW+POS hybrid consensus mechanism, has set its sights on the blue ocean of encryption applications that are recognized as representing the future Web3.0 and the Metaverse. Market, 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 enhance 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”
The 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 the original encryption. In addition to the original community members, there are some concerns in the Bitcoin community that the reduction of blockchain rewards will lead to security The people with problems also joined in and actively participated in the community building, and fresh blood flowed in one after another.
03
summary
In the long history of the encryption 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 maintained 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.
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