Decred (DCR) is an open source cryptocurrency launched in 2016, supporting cross-platform (Mac OS, Windows, Linux) that can be self-funded and managed by the community. Decred’s goal is to be a currency that represents the decentralized ecosystem commonly associated with Bitcoin. Like other decentralized coins, Decred uses crypto to secure transactions on the network, while controlling the generation of new coins on the system.
The Decred project team thinks that the technology is easy to use, allowing users to send, receive and mine DCR coins directly in just a few clicks. Decred offers a complete set of routing tools that allow you to customize your Decred experience. DCR is also trying to demonstrate the true meaning of decentralized crypto – not controlled by any power.
How does Decred work?
Decred focuses on community development, all governance decisions are based on the common opinion of individuals participating in the network. Decred uses a mixed PoW and PoS mining system to ensure that no small group can dominate the transaction flow or change Decred without going through the community.
One unit of Decred’s currency is the DCR. To ensure the integrity and transparency of the currency and to prevent fraudulent transactions or the creation of its own currency, Decred uses a well-known transaction recording method, blockchain.
Blockchain is at the heart of Decred, where every transaction is recorded. Blockchain ensures that all DCR transaction activities are recorded and authenticated as new transactions, while preventing fraudulent actions.
Each block in the blockchain is a record of transactions that have occurred since the last block (about 5 minutes of creating a block). Every computer (node) in the Decred network also shares a blockchain. Network nodes in the network run an algorithm multiple times on a block, which searches for a solution of known difficulty. The network then validates the solution. Decred uses an additional verification step called PoS. Stock-holders who purchase voting tickets can vote on the block. 5 votes will be randomly selected from the ballot box, if there are at least 3 “yes” votes, the block will be included in the blockchain forever and the transactions in that block will be passed. Both Pos and PoW miners will be rewarded with DCR.
The founder and CEO of the Decred project is Jake Yocom-Piatt and members of the programming, design, marketing and community management team. Most members of the Decred development team are passionate about their work and devoted to it quietly, without fame or recognition. The team also appears on Discord, Reddit, Telegram and other social media platforms. Decred has two famous advisors, Charlie Lee, the founder of Litecoin, and Jimmy Song, the developer of Bitcoin.
Jake Yocom-Piatt, Founder and CEO of Project Decred.
Features of DCR
DCR inherits many ideas of BTC, and has developed many different features to overcome the weaknesses of BTC.
Lightning Network: Similar to Bitcoin, Decred has also made improvements to the Lightning Network. This is an off-chain transaction method that reduces the burden on the network and increases transaction speed.
Atomic swaps: also known as atomic swaps or cross-chain swaps. Atomic Swaps allow cryptocurrencies to be exchanged with each other without intermediaries. All transactions are secure and immutable.
Combination of PoW and PoS: The most unique feature of Decred is the “hybrid” between PoW and PoS. The basic rule of this combination is that each block must be verified by at least 3 individuals. This mechanism helps to limit the weaknesses of PoW and PoS. Miners and stakeholders both receive rewards.
DCR . storage wallet
Decred has its own wallet version for DCR coins, fully supporting versions for Windows, Mac OS and Linux operating systems, but for starters, creating a DCR wallet on a computer is quite difficult. Therefore, you can use one of the following wallets to store DCR coins more simply:
DCR web wallet: This is also an online web wallet platform developed and supported by the Decred team, creating a DCR coin wallet is quite easy.
Third-Party DCR Wallet: There are several reputable third-party e-wallet services introduced by the Decred project on their websites such as Coinomi, Exodus, Bitbill, AnyBit, Atomic, Guarda and Cobo .
Exchange wallet: This is also an option to store DCR coins if you often trade.
You can see DCR prices here.
According to AZCoin News
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