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August 01, 2018 . 5 min read

Storecoin Addresses “Rich Get Gradually Richer” Concern with its Leaderless Protocol and Decentralized Economics

A blog post on cointelegraph.com contends Proof of Stake blockchains create a “rich get richer” scenario for participants on the network. But Storecoin’s Chief Technology Officer Rag Bhagavatha argues Proof of Stake itself is not to blame.

Instead, it is the leader-based block production design used by Proof of Stake and Proof of Work protocols that creates a “winner take all” environment, skewing toward miners or stakers who have available resources to invest to try to “beat the system.”

BlockFin, Storecoin’s leaderless consensus algorithm with a decentralized economic model for block rewards, offers a more democratic process in which all validators have a chance to share the rewards of block production.

Bhagavatha shared this series of tweets recently to make his point:

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