Decred (DCR) is a blockchain-based cryptocurrency launched in February 2016. The Decred token and protocol were created to facilitate open governance, community interaction, and sustainable funding policies. According to the official whitepaper, Decred was created in such a way that the community approves all transactions and changes made regarding the protocol. Hence, there is no way for big Decred holders to manipulate the operation of the protocol. Decred was heavily influenced by Bitcoin and utilized many of the underlying principles of the original cryptocurrency.
The main driving force behind the creation of Decred Coin is an enterprise called Company 0. Its mission is to use the capabilities of blockchain technology to create better personal data protection and to bring organizational liberty to projects.
Jake Yocom-Piatt is the founder and CEO of Company 0. Currently, he is serving as a project lead for the Decred project. His involvement with cryptocurrency and blockchain technology spans over more than ten years. Code written by Jake Yocom-Piatt has been used in the composition of several Bitcoin-related projects, including the creation of Lightning Network Daemon.
Marco Peereboom is the chief technical officer of Company 0. He is the direct supervisor of several teams on the Decred project, including development, security, and infrastructure. Mr. Peereboom’s career includes positions in companies like Dell, where he was a Senior Architect. He has been at Company 0 for more than five years, and his involvement with the Decred project is essential for the successful launch of the cryptocurrency.
What Makes Decred Unique?
Decred is an innovative project because it bets on blockchain technology’s decentralized nature to prevent monopoly over voting status in the project itself. One of the main goals of the protocol is to ensure that all DCR holders have the same amount of decision-making power and that large institutions cannot swing the votes in their favor.
By introducing ticket-holder voting, ensures that people who have enough DCR will have the opportunity to participate in votes regarding the company/token’s future and operations. Decred also created a dedicated voting platform called Politeia, which allows users to participate in votes, submit proposals and start discussions.
Not only that, but to ensure those voting rights, Decred is employing a hybrid consensus mechanism, which combines both the proof-of-work (PoW) and proof-of-stake model (PoS).
Decred Coin employs an innovative hybrid Proof-of-Work/Proof-of-Stake system that layers security and carefully aligns incentives. This system yields the best of both worlds, making it an order of magnitude more expensive to attack than pure Proof-of-Work or pure Proof-of-Stake.
Decred’s built-in governance systems empower its community with formal rights to make consensus changes and manage project-level decisions. These systems make Decred adaptable, allowing it to evolve per the will of the stakeholders, resist forks and incorporate new technology over the long run.
Decred Coin continuously funds its treasury with 10% of each block reward and employs a flexible contractor model that allows contributors to receive compensation for their work. This makes a sustainable and self-funded Decentralized Autonomous Organization.
How Is the Decred Network Secured?
Decred uses a hybrid PoW/PoS consensus mechanism, which combines features of the two most popular consensus models. The cryptocurrency uses proof-of-work (PoW) to mine new blocks on the blockchain; however, miners receive only 60% of the reward after a successful mining operation.
The proof-of-stake (PoS) consensus is used in the voting organization, and it allows users to participate in the ticket-holder voting system. Voters employing the PoS consensus receive 30% of the block reward.
The remaining 10% of block rewards are stored in the Decred Treasury. The hosts frequent Politeia discussions and votes on how the funds from the Treasury should be spent.
Where Can You Buy Decred (DCR)?
The largest marketplace for Decred Coin (DCR) is Binance, with a DCR/BTC trade volume of USD 2,493,254. Binance is also the most popular cryptocurrency exchange for DCR/USDT transactions. Other good options for trading Decred include Huobi Global, YoBit, BitAsset and OKEx. It is important to note that trading cryptocurrency involves risks, like any other investment.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.