Decred is an altcoin which was launched officially in February 2016. It is an open sourced, decentralized altcoin, with the aim of establishing a sustainable developing and financing, and also to deal with the issues regarding scalability in the Blockchain which was faced by Bitcoin. It uses a hybrid consensus system that helps in the fair management of both users and miners. Written in the Golang (Go) programming language, it is a full-node alternate Bitcoin Implementation. Decred uses a proof of stake as well as a proof of stake mining system, thus establishing a well-controlled economy where groups cannot control the transactions or make any change to the system without the consent of the Community.
On April of 2013, the project of Decred began as a whitepaper outgrowth that was posted on Bitcointalk. The post was made for a coin named the memecoin two, and the idea was to combine both proof of work and proof of stake dominated system as opposed to the traditional single proof of stake or proof of work system. The idea of on-chain governance and the hybrid consensus system was what led to the start of the Decred Project.
Decred was launched on February 7 of 2016 by a company based in Chicago. The development team behind Decred consists of former Bitcoin developers and also chooses to maintain a pseudo-anonymous status, except for Jake Yocom-Piatt, who is the CEO of the company as well as the organizer of the project. Decred was developed with the goal of improving the governance issues of Bitcoin. It chose the democratic path of letting the users vote for the future possible developments. It was made with the goal of solving the problems that come with blockchain governance, starting from the very basics of creating a cryptocurrency. Prior to its launch, Decred held a pre-mine which amounted up to 8% of the total DCR supply and distributed among the developers. Decred did not hold an ICO to fund for their launch and was funded from the developer’s pockets. They managed to buy DCR at a rate of USD 0.49 for one coin.
You can use Decred for mining, buying tickets and sending and receiving DCR; the currency used within the Decred market community. To use the services of Decred, you will first need access to a Wallet where you can store your DCR. You can download the Decredition GUI wallet directly from the Decred official website. You can download Decredition for Windows, Linux and MAC. Once you have downloaded the wallet, Decredition will automatically download the blockchain. You will be provided with a seed which contains 33 words. You will need this seed to gain access to your wallet just in case you lose your computer or your hardware fails so make sure you store your seed in a safe location.
Decred uses a Hybrid Proof of Stake and Proof of Work consensus, a method that is essential in order to maintain a proper balance using mining as well as staking between the miners and the shareholders. This creates a non-toxic and healthy workflow within the Blockchain.
Privacy and Security
Decred takes a priority in maintaining the confidentiality and security of their users, additionally including security and privacy technology on a regular and an incremental basis. This is done both proactively as well as on-demand so as to counter possible attacks on the network.
Censorship resistant Blockchain:
The Blockchain system is censorship resistant, which means that the system is resistant to interference from government and other authority. Decred also improves and updates this daily.
A great feature of Decred is the fact that they feature cross-platform wallets, providing users with ease of access. Users can download and access their wallet from any devices including Android and IOS.
Decred is a large organization, and one of the reasons for that is that they provide universally fungible services, with the promise of protection of privacy and anonymity. With this, they also have countermeasures in case of attacks in the system.
Decred also has an atomic swap feature, which means that along with being a global entity, you can also now swap your currencies within the systems without having to refer to a third party entity, like decentralized intermediaries.
The currency that flows within the Decred ecosystem is called DCR tokens. You can’t get them for Fiat currencies yet, which means you will have to exchange some other cryptocurrencies for DCR, like Bitcoins or Ethereum. You will need a wallet. The best wallet to store DCR is on the Decredit, the official wallet provided by Decred which you can download and install from their website for free. The easiest way to buy Decred is by exchanging them for your bitcoins from a cryptocurrency exchange like Bittrex, Binance, Changelly, Cryptopia, Upbit and many more. Decred also features an OTC (Over the Counter) feature which allows users to buy and sell DCR in large quantity for a fixed price, with a minimum trading limit of USD 100,000.
Decred had been recently listed by Ku-Coin. KuCoin is one of the largest and most active exchanges which is targeted at both international as well as Asian Markets. As of today, the Current price of Decred is USD 39.86 with 8.77 million coins in the current supply. The total exchanged amount is USD 2, 053, 07. In the last month, Decred hasn’t faced any losses remaining at a constant USD 39.89.
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