V God's expectation and Decred's salvation

V God's Hope: What is the best consensus mechanism?

Paradigm research partner Dan Robinson recently tweeted that it turns out it's impossible to have a secure POW blockchain without blockchain rewards, and launched a "how would you rather Bitcoin change" poll. A number of KOL interactions followed, with V's view gaining the widest support. As the creator of ETH Ecology, God V expressed his opinion on Twitter on June 24. V believes that a hybrid consensus of PoW and PoS will make attacks more difficult and thus more secure and compatible.

Decred: The first attempt of POW+POS hybrid consensus mechanism

In recent years, as the most important infrastructure in the encryption industry, the design and development of public chain has been paid attention to by all. It is no exaggeration to say that the value of crypto assets comes from consensus, and consensus mechanisms are the soul that ensures consensus.

Beginning we mentioned lot issues raised by the background research partners, is the currency has experienced several times in half, now block has been reduced to 6.25 BTC reward, as the main incentives of effort to prove that, the future block less reward or will cause serious security problems, it is also a concern by many people for many years. V God's proposed solution, "POW+POS hybrid consensus mechanism", was actually used innovatively in some projects in 2013-2015, as he tweeted. 1 means that this hybrid consensus mechanism makes 51% attacks harder.

When it comes to POW+POS hybrid consensus mechanism, the most successful one is undoubtedly Decred, which once entered the TOP30 market value. Its allocation mechanism is classic. After generating new blocks through proof of work (POW), the block-makers get 60% of the reward, and then enter the voting stage of POS consensus. Holders are allowed to vote freely and receive 30% of the rewards allocated by the system, while the remaining 10% goes into the community coffers and is used at the discretion of the community.

The developments of the past year are very worrying. First of all, from the perspective of project development, DCR in the past year in addition to the launch of DCRDEX is some basic upgrades and BUG fixes for Decrediton and wallet, obviously insufficient response to the demand of the current new development of blockchain. It also missed GameFi, NFT, Web3.0 and other concepts that became hot last year. At the same time, there are few voices in the publicity, the same old things, and the ecological and community popularity has been declining. Even in the great bull market last year, the number of followers of such a high market enthusiasm social platform was not significant.

Hybrid consensus Redemption: Hard fork refactoring decred-Next

The consensus mechanism used by Decred-Next, PoA, is the consensus mechanism Vitalik mentioned. All blocks of DECred-nex are generated through PoW mechanism and verified by PoS mechanism. Only after verification can they become legal blocks.

If decred-Next after the hard fork just left Decred where it was before the block rewards were changed, the outcome would be no better than the current DCR.

From past experience, when the public chain network starts to lag behind in ecological construction, the fastest way to catch up is to integrate the best public chain and migrate the applications on their network. Therefore, EVM integration has become the preferred choice for many public chains. Decred-next is now part of its roadmap, with an expected launch date of June 2023.

EVM compatibility is important, but the development and underlying architecture of the public chain itself also need to be improved. In March 2023, Decred-Next expects to adopt ZK or sharding technology to improve scalability across the network before completing EVM compatibility. In addition, Decred-Next will add support for the OmniLayer protocol, allowing users to complete NFT and digital asset distribution.

For Decred-Next, getting back to the top of Decred is a very challenging task these days. Over the past few years, the entire crypto industry has moved beyond the point at which a novel consensus mechanism concept can be embraced. Public chains that have been able to gain market recognition in the past have made ecological achievements.

Of course, Decred-Next is not without opportunities. From the official plan of Decred-Next, it seems that decred-Next has found its past drawbacks and shortcomings, and the most suitable environment in the current bear market is ecological construction. According to the core members of the project, Decred-next will continue to encourage ecological developers through the Treasury and promote the prosperity and development of Decred-Next ecology.

The fierce pass is really like iron. The interesting and cruel part of the encryption industry is that star projects also need to constantly learn from each other and continue to learn with the development of the industry. Whether Decred-Next can replace Decred will be left to the market to see.

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