Bitcoin Developers to Start New Digital Currency

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A number of bitcoin developers and btcsuite creators have announced their intention to build Decred – a cryptocurrency and project which is aimed to fix problems that they say exist with project governance, the power of Pow miners and development funding in the bitcoin system.. One of the developers of Decred, Christina Jepson stated: “The intention is not to attack what we currently have ... PoW mining using BLAKE256 hash algorithm – Inspired by Bernstein’s Chacha stream cipher, SHA3 finalist BLAKE256 offers speed as well as high security. Compatibility with Bitcoin transaction scripting system – Decred’s scripting system has been derived from Bitcoin’s with care in ensuring that all future updates to the Bitcoin transaction script will be easily extensible to Decred. Bitcoin development is funded by external entities that create conflicts of interest between the developers and the representative power of the community that uses Bitcoin.” Decred developer Christina Jepson later explained how the new currency will tackle these issues: “The intention is not to attack what we currently have in Bitcoin. We ... Behind Decred there are well-known Bitcoin developers (for example Jacob Yocom-Piatt or Christina Jepson) who are disappointed and want to develop a better bitcoin with Decred. Bitcoin 2.0 developments meanwhile exist like sand at the seaside, but new developments rarely achieve such a press hype after mere announcement. The information is still a bit sparse at the moment, I will try to ... Christina Jepson1* Abstract Distributed, token-incentivized timestamping systems ledgers such as Bitcoin have become a mainstay of modern finance. We have implemented a platform combining elements of proof-of-work (PoW) and proof-of-stake (PoS) blockchains in an attempt to garner the benefits of both systems. Less major change to our consensus network include additional elliptic curve ...

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