Decred (DCR) - a blockchain-based cryptocurrency, launched in February 2016. The Decred token and protocol were created to promote open governance, community engagement and sustainable funding policies.
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Description of the Decred (DCR)
Decred was created in such a way that the community approves all transactions and changes, made to the protocol. Consequently, large cryptocurrency holders do not have the ability to manipulate the operation of the protocol. Decred was heavily influenced by Bitcoin and used many of the founding principles of the original cryptocurrency.
The network pays great attention to maintaining anonymity, this applies not only to users, but also to the project team itself. The names of most of the developers are unknown, judging by the information from the popular Bitcointalk.org forum, the following are working on the project:
- 14 blockchain engineers;
- 19 marketers;
- 8 designers.
The main group of programmers on the Decred team began their journey in the crypto industry as the developers of btcsuite, the well-known version of bitcoin, written in the Go computer language. The Go code has been used in several large projects, including BitGo, Factom, Ethereum and the Lightning Network. Several Decred developers also contributed to the creation of OpenBSD.
Platform features
Decred - an innovative project because it bets on the decentralized nature of blockchain technology to prevent monopoly in the project itself. One of the main goals of the protocol - to ensure that all DCR holders have the same amount of decision-making power and that large institutions cannot change votes in their favor.
Project description:
| Vote | By implementing ticket holder voting, Decred ensures that people who have enough DCR will be able to vote on the future and activities of the company/token. |
| Platform | Decred has also created a dedicated voting platform, called Politeia, that allows users to vote, submit proposals and start discussions. |
To secure these voting rights, Decred uses a hybrid consensus mechanism that combines both a proof of work (PoW) and a proof of stake (PoS) model. You can become the owner of one ticket by freezing 5 DCR on your balance. Tickets give you the right to participate in Decred PoS mining, vote on upgrades and have your network upgrade options, voted on by the community. However, for each offer you make, a commission fee of 0.1 DCR is charged. This measure helps to protect the Politeia engine from spam. Otherwise, ill-wishers could easily disrupt or even block the voting system by putting forward many irrational proposals.
Buying cryptocurrency
Decred plans to issue a total of 21 million tokens. Currently, about 60% of these tokens are in circulation. Decred's largest trading market (DCR) is Binance with a DCR/BTC trading volume of $2,493,254. Binance is also the most popular cryptocurrency exchange for DCR/USDT transactions. Other good Decred trading options include:
- Huobi Global;
- YoBit;
- BitAsset;
- OKEx.
Proof-of-Stake (PoS) consensus is used in organizing voting, and it allows users to participate in the ticket holder voting system. Voters, using PoS consensus, receive 30% of the block reward. The remaining 10% of block rewards are stored on the platform. Decred holds frequent Politeia discussions and votes on how Decred Treasury funds should be spent.