The Decrits Consensus Algorithm: Decentralized Agreement without Proof of Work

Decrits is a cryptocurrency in development that makes use of a novel consensus algorithm that does not require proof-of-work. This paper describes how the Decrits Consensus Algorithm (DCA) is as trustless as a proof-of-work algorithm while offering superior transaction security at virtually no cost. Cryptocurrency: A digital construction of classical money that is protected from duplication and fraud by cryptography. Proof-of-Work: An algorithm which provides a computationally infeasible problem to solve, modified by a difficulty factor to allow partial solutions. These solutions are easy to verify and prove the performance of computational work.