Decred (DCR), the token of a blockchain-based project based on the facilitation of open governance and community interaction was the top crypto gainer last week, soaring ahead of new Robinhood Markets Inc HOOD debutants Shiba Inu (INU) and Compound (COMP).
|Cryptocurrency||7-Day % Change (+/-)||All-Time High Value/Date Reached||% Change (+/-) Since All-Time High|
|Decred (DCR)||+29.95%||$250.02 On Apr 17, 2021||-70.3%|
|Audius (AUDIO)||+24.93%||$4.99 On May 27, 2021||-72.8%|
|Compound (COMP)||+11.7%||$911.20 On May 12, 2021||-84.8%|
|EOS (EOS)||+5.3%||$22.89 On April 29, 2018||-89.81%|
|Bitcoin Cash (BCH)||+3.9%||$4,355.62 On Dec. 20, 2017||-92.7%|
|OKB (OKB)||+3.6%%||$44.17 On May 3, 2021||-56.1%|
|Shiba Inu (SHIB)||+2.4%||$0.00008845 On Oct. 28, 2021||-72.8%|
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Why Decred Found Momentum Last Week
Decred gained alongside a host of other privacy-centric tokens such as Mask Network (MASK) in the backdrop of the Russia-Ukraine war and the European Union voting to outlaw anonymous cryptocurrency transactions, according to a CoinDesk report.
Recently a 60.14% majority voted in favor to change the proof-of-work (PoW)/proof-of-stake (PoS) subsidy split on the Decred network. The new rules are due to be implemented in the coming days.
Decred’s co-creator Jake Yocom-Piatt said on Twitter that instead of “slavishly” celebrating PoW, there is a need to compare it with PoS.
Yocom-Piatt said on Twitter “Pow incentive alignment is weaker than pos.”
“With pure pow, miners can dump every coin they mine, and it does nothing to diminish their sovereignty in the consensus system.”
pow incentive alignment is weaker than pos.— Jake Yocom-Piatt (@behindtext) April 14, 2022
with pure pow, miners can dump every coin they mine, and it does nothing to diminish their sovereignty in the consensus system.
with pure pos, a miner that dumps all their stake rewards sees their sovereignty diminish.
Notably, PoW is the same mechanism that underpins Bitcoin. It involves solving complex mathematical problems using significant computing resources to mine a cryptocurrency. PoS requires staking coins owned to function as a validator instead.
Last week, Yocom-Piatt touched on the role of miners in both cryptocurrency mechanisms.
The Decred co-creator said that they found a hidden risk with Decred’s pow that a malicious mining cartel could accumulate a stash, instead of selling coins at market prices, and use it against positive price action.
“People who care about pow and its fairness should be aware of this hidden risk,” said Yocom-Piatt.
Photo courtesy: Decred
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