Description
TL;DR: A proposal for Decrits, an experimental cryptocurrency that replaces proof-of-work mining with a voice ledger and scheduled consensus participation.
About This Document
Ryan Pfeiffer outlines the Decrits Consensus Algorithm through records, voices, consensus blocks, cycles, network time, fork resolution, and transaction confirmation. The paper first summarizes Bitcoin's proof-of-work security, then argues that a registered set of participating voices can secure transactions without continuous competitive hashing. It tests the idea against double spending, node isolation, network partitions, colluding voices, and attacks on lightweight clients.
Why Bitcoin People May Care
This is an alternative cryptocurrency design, not a description of Bitcoin consensus. It captures an early attempt to remove mining cost without giving up decentralized agreement, and it makes its security assumptions visible enough to compare with Bitcoin's hash-power model. The paper describes a system in development in 2014; its performance and security claims are proposals from that period, not proof of a production network.
What You Receive
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Document Details
- Title: The Decrits Consensus Algorithm: Decentralized Agreement Without Proof of Work
- Author / organization: Ryan Pfeiffer
- Year: 2014
- Language: English
- Document type: Cryptocurrency research paper
- Pages: 15
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