Decred is a blockchain-based cryptocurrency that was created with the main goal of solving major scalability problems faced by first-generation cryptocurrencies including Bitcoin.
The Decred platform was built on top of the main codebase of Bitcoin, with an exception of significant improvements in the ecosystem. Unlike the hardfork of Bitcoin and Bitcoin cash which had major rifts within the community, ending in bad blood. The Decred network on the other hand was created under a protocol that completely prevents such a rift from happening. Unlike its predecessor, Bitcoin, Decred uses a hybrid governance scheme and consensus mechanism.
The creation of the new approach currently used in the system is in a bid to prevent further appearances of the challenges presented by hardfork. With the current system in place, it might lead to Decred sealing its position in the ranks of the top cryptocurrencies in existence.
Who are the Founders of Decred (DCR)?
The Decred blockchain was launched in February 2016 with an organization called Company 0 behind it serving as a driving force. According to the organization, its broad goal is to fully utilize the power of blockchain technology to create better protection for personal applications in real-time.
Decred was founded by Jake Yocom-Piatt, a successful entrepreneur who currently serves as the CEO of Company 0, the mechanics behind the creation of Decred. Over the years, Yocom-Piatt has been deeply involved with cryptocurrency and blockchain technology and currently prides himself in being a 10 year veteran in the field.
Presently, Yocom-Piatt leads a team of professionals working on a project in the Decred ecosystem. He is considered a professional as his code has served as the premise for a series of projects related to the Bitcoin system. One of which includes the creation of Daemon, the lightning network.
Yocom-Piatt works with other professionals to keep the Decred network at its best possible position. Marco Peerboom is one of the professionals working with Yocom-Piatt and he serves as the CTO to company 0. He is responsible for the direct supervision of several teams in the company including the security subset, infrastructure, and all-around development.
In the past, Peerboom has worked as a senior architect at Dell. He has been with the Decred team for over five years presently and can be directly linked to major developments in the network.
What is Decred (DCR) used for?
The Decred system is similar to the Bitcoin network and other subsets of the network. Apart from its major provision of solving the scalability problems as faced by several of the early cryptocurrencies that were created.
Similar to most of its predecessors, the Decred network has the inherent trading potential which makes it’s token valuable in the trading market. As such, it can be traded for other cryptocurrency pairs to make a profit for the participants on the network.
What Is the Unique Point of Decred (DCR)?
The Decred network is generally considered a major innovation in the world of cryptocurrencies and blockchain because it promotes decentralization and prevents a monopoly on the voting system of the network.
A major point in the platform’s whitepaper is making sure that all the participants on the network who hold DCR coins have equal voting powers and the facilitation of decision-making on the network. As such, the votes on the platform cannot be controlled or swung in the favor of one party over another.
Through its ticket-holder mechanism used on the platform, participants with enough DCR tokens to vote and partake in all decisions related to the future of the network. This is done through the system’s voting mechanism known as Politeia which allows for the submission of the proposals and engages in conversations with other network members.
How many Decred (DCR) coins are in circulation?
The Decred system was designed to release 21,000,000 tokens, an amount that already has 60% of its supply that is already in circulation.
Out of the proposed 21 million tokens to be released, 1,680,000 were already minted before the official launch of the system. Out of the total tokens that were printed before the launch, half of the tokens were dedicated to cover costs incurred by company 0, the brains behind the development of the Decred network. The other half of the tokens were assigned to the initial airdrop on the platform. The initial airdrop was designed to reward interested parties who registered on the network with DCR tokens.
Is the Decred (DCR) Network secured?
The security mechanism used by the Decred network is also another major strong point of the platform. The network uses a hybrid consensus mechanism which is a combination of the two most common consensus models in the world of cryptocurrencies.
The system uses both the proof of work and the proof of stake consensus mechanism. Its operation is in such a way that the proof of work process is used for the mining of new blocks on the blockchain. However, the miners on the platform are only rewarded with 60% farted executing a successful operation on the network.
On the part of the proof of stake application, it comes to life in the voting system. It awards participants on the network 30% of the block reward for participating in the voting process. The 10% leftover reward is dedicated to the Decred Treasury. The system occasionally hosts discussions between the participants on the network via the Politeia platform. These discussions generally include the voting processes and decision-making on how the network’s treasury should be spent.
How do I buy Decred (DCR)?
The Decred network is unique because of the provisions it brings to the cryptocurrency marketplace. This has effectively increased its general rate of adoption to several exchanges. To buy DCR tokens, the steps below provide the right direction to purchasing its tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy DCR through your trading account.