Decred works according to a hybrid system mixing Proof of Work and Proof of Stake. The basic principle behind this system is that each block must be mined and then validated by at least three verifiers. This helps to mitigate the weaknesses of each of the consensuses taken individually. Miners receive a reward, and auditors also receive a small reward. The system is thus completely secure with extremely low chances of successful attacks against it.
Recently, many top projects have been implemented for public events or for various purposes simplifying some operations while guaranteeing a very high rate of quality and security. Decred’s blockchain is currently being used in Brazil’s 2020 Municipal elections to timestamp and record political donations during the entire event.
How Decred blockchain can benefit to this system
Decred’s unique governance system includes a transparent off-chain proposal and voting system named Politeia. Voto Legal has utilized dcrtime, the technology that makes Politeia viable, to track campaign donations. In total, 11 mayoral candidates are using this system to track the transactions simply.The 11 candidates started accepting donations on May 15 and will be receiving them until November 29. So far 24,139 donations have been tracked on the Decred blockchain, for about 607,373 dollars.
Jake Yocom-Piatt, Co-Founder and Project Lead at Decred.org stated:
Decred was created to champion individual sovereignty. Our governance system is ruled by the collective intelligence of our community to enable truly decentralized decision-making, so it’s rewarding to see our technology utilized in an election, which has the same goal. Visit https://mastersofnodes.com/complete-masternode-setup-guide/ to read about Complete Masternode setup guide.
By using Decred’s Blockchain, Brazil provides a complete revolution to replace current voting systems across the world. Thanks to blockchain technology the system has a greater transparency, security and legitimacy to be the main tool to vote, ensuring everything is public without risks of fraud.
More details about Decred adoption for voting at https://decred.org