- Category: Cryptocurrency
- Coin Launched: February, 2016
- Resources: White Paper
- Official Website: Decred
- Reddit: Decred
DECRED History / Information / Buying / Staking
December 12, 2015, Decred was announced as a solution to Bitcoin's perceived problems, which included inefficient governance and capture by core developers, lack of development funding, and excessive miner power over the Bitcoin network. The proposal was for "an open, progressive, and self-funding cryptocurrency with a system of community-based governance integrated into its blockchain." At the core of the project was a hybridized proof-of-work proof-of-stake (PoW/PoS) consensus system that aimed to strike a balance between PoW miners and PoS voters to create a more robust notion of consensus.
On February 8, 2016 the Decred mainnet launched along with the Decred constitution, a set of principles and guidelines that provide users a clear understanding of the social contract between themselves and the project. At launch, 8% of the total supply was pre-mined, with 4% used to compensate the developers and 4% air-dropped to 2,972 people who signed up. In June 2017 Decred became the first blockchain to make a successful direct on-chain user-activated consensus vote. In October 2018 Decred's Politeia proposal system launched, allowing Decred users and stakeholders to propose, discuss, collaborate on, and fund new projects, initiatives, and consensus changes on an off-chain platform. Since then Politeia has been used for a wide range of governance decisions including research, bug bounties, and even public relations. Current initiatives launched on Politeia include privacy upgrades, support for Lightning Network, an expanded communications plan, and a decentralized exchange.
HOW DECRED WORKS
Decred is a hybrid proof-of-work proof-of-stake (PoW/PoS) cryptocurrency with a strong focus on community input, open governance, and sustainable funding for development. It utilizes its hybrid consensus and on-chain governance systems to ensure that a small group cannot dominate the flow of transactions or make changes to Decred without the input of the community. The project funds its own development from a decentralized treasury.
BENEFITS OF USING DECRED
Some of the benefits of using Decred are:
FULLY DECENTRALIZED NETWORK
Bitcoin is increasingly losing this characteristic (and the expected increase in blocks will only aggravate the situation).
Cost-effective Decred mining is available on video cards.
NETWORK CONTINUES TO IMPROVE
The developers working on the DCR cryptocurrency are trying to take into account the opinions of users, and thus solve some issues.
This is provided by the Schnorr program, which does not overload the blockchain and allows users to cancel the operation, return incorrectly transferred funds in manual mode.
CAN YOU STAKE DECRED
Decred runs a non-custodial and fully automated stakepool for Decred allowing you to delegate and earn rewards while keeping custody of your assets. Earn a 8% annualized yield from these rewards.
COINS SIMILAR TO DECRED
Direct competition to Decred which are considered similar coins are: