In this video, we look at how blockchain’s proof of work security, solved the double spend problem and how this has formed the foundation of Decred’s next generation innovation.
The digital currency movement, and the projects included in this distinction were aiming to solve the problem of how to transfer money between peers without the need for a trusted third party. The process should also be completed in a reasonable short period of time with the assurance that the money was legitimate and hadn’t been mass-created by a centralised controlling party.
To a degree these projects proved that creating a digital currency was possible but securing the system from a double spend attack was hard to achieve.
Decred is an autonomous digital currency. With a hybrid consensus system, it is built to be a decentralized, sustainable, and self-ruling currency where stakeholders make the rules.
Find out more about Decred: https://decred.org
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Matrix: https://chat.decred.org/