One of the oldest cryptos convinces with principles

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Decred stands for Decentralized Credit. The idea of ​​the project goes back to 2013 and it saw the light of day only a few years after Bitcoin. The mainnet was officially launched with the Genesis block on February 8, 2016. And since then, the cryptocurrency has seen impressive growth.

Inspired by Bitcoin, back in 2013, Satoshi Nakamoto’s idea was continued, while at the same time placing greater emphasis on building and involving a strong community. This is also how the project was launched with a strong community focus: the announcement of an airdrop for the release of the white paper, in which 3,000 individuals took part.

This was necessary to decentralize Decred’s ‘government’ element and decision-making from the start. Many Bitcoin functions were taken over and expanded with their own hybrid consensus mechanism and a new type of governance system called Politeia. All decisions regarding the development and funding of Decred happen off chain. The Decred Stakeholders can vote in their Decrediton Wallet whether the respective measure should be financed by the Treasury.

Decisions regarding the consensus are made through so-called “Decred Improvement Proposals” on chain met. This guarantees protection against hard forks, as each PoW block must be validated by stakers with three out of five votes. In this way, stakers decide on the validity of the PoW miners and thus guarantee the security of the network.

Politeia thus guarantees the decentralization of the project and allows holders of the $DCR coin to actively participate in decisions regarding the development of Decred. They can easily vote on suggestions made or even bring in their own suggestions. Not least for this reason, Decred is a cryptocurrency with a huge community.

Thus, Decred’s values ​​are reflected at every level: an open-source cryptocurrency that sustainably finances itself and the projects of the ecosystem and makes decentralized decisions through Politeia. All in all, they want to set up a strong crypto network that contributes to the benefit of the general public. And you can always fall back on a huge team and a global online community.

To the Decred homepage

How Decred works: lightning-fast transactions and a hybrid consensus mechanism

The cryptocurrency (like Bitcoin) uses the Lightning Network. This is a Layer 2 protocol that allows fast, low-cost transactions and a higher volume of transactions. The coin is therefore an excellent means of payment. But that’s not all. Another key feature of Decred is the hybrid consensus mechanism, which relies on a mix of proof-of-work and proof-of-stake.

Through this consensus mechanism, both miners and stakers of $DCR are involved in securing and maintaining the network. This increases security against any attacks and at the same time guarantees active participation in governance decisions about the future of the network.

The Proof of Stake portion of Decred allows Decred coin holders to “stake” their coins and participate in decision making on the network. In the proof-of-work part of the consensus mechanism, miners can use computing power to add new blocks to the blockchain. Both Stakers and Miners receive the following rewards:

• 80% to eligible voters through proof-of-stake
• 10% to proof-of-work miners
• 10% to Decred Treasury

All rewards are distributed in the form of $DCR. This is the native cryptocurrency of the network. Treasury plays a central role in the sustainability of the blockchain network. They finance the project autonomously and at the same time contribute to the support of new projects.

In the future, there are plans to switch the hash algo to blake3, which would make the previous Asic miners obsolete. Furthermore, the block distribution of the coins will be redistributed (89% PoS, 1% PoW, 10% Treasury). This demonstrates how little control the centralized PoW miners have over the blockchain and how the coin holders have ultimate say through PoS.

To the Decred homepage

$DCR is the network’s native token that powers the community-based ecosystem

$DCR powers the cryptocurrency ecosystem and plays a central role in the operation of the network. $DCR holders are rewarded for staking their coins while also being able to participate in the project’s government decisions. This gives you the right to have a say in proposals regarding project developments and to directly influence the future of the project.

The project itself boasts strong principles. These include:

• The code of the software developed within Decred is always free and open-source
• Freedom of expression and respect are top priorities
• The involvement of many stakeholders
• Privacy and Security
• A fixed and limited supply of coins
• Universal use of the cryptocurrency

Decred is open to community member contributions in all areas. Including software development, design, communication, community support, research and documentation.

In case you want to actively participate in the project, $DCR can be obtained in several ways:

• Decred to buy with another cryptocurrency like BTC or fiat money
• Mining: Providing computing power to the network
• Staking and voting
• Contribute to the development of Decred
• Provide goods or services to someone paying for them with $DCR

If you want to find out more about Decred or participate directly in the project, then visit the official home page.