Decred cryptocurrency has become one of the few projects that has abandoned third-party funding and has focused on constant interaction with the community. And the improvements planned for this year should have a positive impact on the value of the coin. What is Decred cryptocurrency and whether to invest in it? Understand this article!
- Designation – DCR
- In a back – 8,419,474 DCR
- Total Emission – 21,000,000 DCR
- Commencement of bidding – February 10, 2016
- Trading on the stock exchange – fex, Bittrex, Upbit, OOOBTC, Poloniex, Cryptopia 1, YoBit, Bleutrade, Tux Exchange, Nanex
- Project website
- Video about the project – What is Decred? An introduction
What is Decred cryptocurrency?
Decred is an open source blockchain platform with a hybrid consensus system PoW / PoS, with a focus on community input to its development, open management and stable funding. Holders of a sufficient number of DCR coins can vote for the further development of the project, as shareholders of this project.
Unlike many start-up projects, the Decred project did not conduct ICO, setting its goal to develop on the basis of self-financing.
Decred is a platform with principles that have been developed to form a stable and equitable structure that allows you to create an autonomous and fully decentralized currency:
Using a hybrid consensus protocol can significantly improve network security and reduce the impact of each PoW and PoS algorithm.
The Lightning network allows you to make instant payments without using the blockchain, thereby reducing the load on the network, which positively affects the scalability of the Decred network.
Atomic swaps make money transfers between different cryptocurrencies possible. Decred for the first time successfully implemented this technology with the LiteCoin network.
Zero Knowledge Communication technology enhances the privacy and security of the network using special communication channels.
Users have the ability to control the execution time of the transaction, in case of network congestion, when the transaction hangs and does not fall into the block for a long time, it can be canceled.
Key features of Decred cryptocurrency
Decred platform is based on the following principles:
A gradual increase in the level of system privacy and security through technologies that must be implemented on a permanent and phased basis, both proactively and as needed in response to fraudulent activities.
Inclusion implies the creation of a system with many participants and requires constant efforts to maintain the diversity of opinions and increase the number of users.
The principle of freedom of speech and the right to attention, in which everyone can express their ideas and opinions without fear of censorship. All constructive proposals that have reasons and are based on facts should be considered.
The availability of free software platform open source.
Any users can offer their ideas for the development of the Decred platform. On the basis of a vote, upon receipt of support in 75%, the proposals will be accepted and included in the development. At the same time, voting for the distribution of self-financing is carried out – users themselves decide which areas will receive more funds.
The Decred blockchain implements a hybrid consensus method, which includes both the principle of confirmation of ownership of shares – PoS, and the principle of confirmation of work done – PoW. This guarantees at the same time a “fair” issue and at the same time considers the annual income from the deposit. Thus, the system is protected from monopolization, because development requires the participation of miners of two types.
The total DCR emission is limited to 21 million coins. The Decred system provides for a gradual reduction in unit rewards.
Distribution of DCR coins is as follows:
- 60% – reward PoW-miners.
- 30% – remuneration of PoS-miners.
- 10% – for the development of the project.
- Premin was mined 8% of the total of 21 million coins (total 1.68 million). The extracted DCR cryptocurrency was split equally into development costs and “airdrop DCR” costs.
Decred Cryptocurrency: project team and roadmap
The founder of the Decred project is Jake Yocom-Piatt, who in the past was the developer of the bitcoin blockchain.
Decred employs 26 professionals who wish to remain anonymous. It is known that most of them were blockchain developers of the BTCSuite algorithm in Bitcoin, written in the Go programming language. The open source BTCSsuite algorithm Go is used in other projects.
The following steps are planned for 2018 beginning of 2019:
- Development of a purse with SPV technology that works through a P2P network.
- Launching Politeia Voting – a system that allows users and interested parties to publish offers, post requirements, choose which improvements and changes should be funded and which should not, and participate in decision making at the project level.
- Expansion of the Lightning Network.
- Increase transaction privacy.
- Creating smart contracts to decentralize project finance management.
- Optimize network scalability.
- Integration to the Decrediton wallet GUI interface with support for SPV, mobile applications, politee voting and use of the Lightning Network.
- Creating a decentralized exchange that will support the exchange only between cryptocurrencies.
- Improving marketing policy.
Is it worth investing in Decred cryptocurrency?
The features of Decred cryptocurrency, which have not been implemented anywhere else, make it an interesting product.
Project management by users is a very original way to make decisions about the future of cryptocurrency. This allows reaching consensus in most cases and is a good example of a democratic system. The team consists of professionals and is constantly expanding.
Planned improvements for security in 2018, mobile wallet, Politeia, atomic swaps and other technical solutions will certainly affect the market value of Decred.
The advantage of Decred is the integration of the development of other platforms based on similar Bitcoin code.
Scaling up transactions and increasing the speed of their confirmation.
Consensus principle based on combined PoW and PoS protocols.
Increase privacy in the use of cryptocurrency.
Decentralized system of self-government based on user voting.
The system of award distribution and self-financing.
Development of a platform for the active implementation of smart contracts.
The disadvantages of the project include a weak advertising and marketing campaign.
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