Decred Price

 

What Is Decred

Decred is a cryptocurrency known for being one of the earliest altcoins, where it copied some of the code Bitcoin had and modified it through a way in which it empowers the token holders that, in essence, contribute changes to the entirety of the network. In fact, it spent a lot of time trying to figure out ways to encourage the participation of its users in the governance program.

This being the case, the team came up with a consensus mechanism that took inspiration from two pre-existing mechanisms: Proof-of-Work (PoW) and Proof-of-Stake (PoS).

The PoW miners verify the transactions, while the PoS stakers can vote on the upgrades that occur within the network.

This proposal system is known as Politea, which brings all of this together. This means that the stakeholders vote on the project funding and initiatives and changes to the code as a whole.

Decred Founders

Decred was originally founded in 2013 by developers from TacoTime and _ingsoc. Obviously, they are pseudonyms; however, they released a whitepaper known as "Memcoin2: A Hybrid Proof-of-Work, Proof-of-Stake Crypto-Currency." which showcased what this could do.

Then as we move along to 2014, the project was introduced by a firm known as Company 0 or C0, which was run by Jake Yocom-Piatt, which launched the main net in 2016. 8% of the total tokens were pre-mined and split across the developers at C0, who received 4%, and 4% went to airdrop participants.

This meant that a total of 1,680,000 DCR were pre-mined. However, it has a maximum supply of 21 million DCR, so this was just a small portion of the entire pie.

How Does DCR Work

DCR's crypto key role is to maintain as well as operate the network. It is also used to maintain consensus, where the participants can be rewarded in DCR tokens when they provide resources to secure the network. DCR can be held, received, and sent; however, it can also be used in the form of staking, where users can vote on future project developments. DCR's supply is limited, and there can only ever be 21 million DCR in existence, much in the way of Bitcoin. It has a solid protocol with dependence on the DCR crypto.

However, unlike Bitcoin, the block time is 5 minutes long, and the mining difficulty is re-adjusted every 12 hours. The block reward is allocated to miners, stakers, and the treasury. 

Miners can provide energy to solve complex cryptographic puzzles with the intention of validating the transactions and even add blocks to the blockchain, after which the PoS system will allow those that stake DCR to validate and confirm those transactions and even participate within the network's governance process.

The stakers will be given tickets, which is an asset that cannot be transferred. The interesting part about these tickets is the fact that 20 of them are available within each block, where five are randomly chosen. Their owners can then validate the correctness of a block that is being proposed by miners, and when the block settles and is added to the blockchain, the reward is issued to the participants in the following manner: 60% goes to the miners, 30% goes to the stakers, and 10% goes to the treasury.

When we discuss Politea, it is a governance system that is implemented with the intention of creating an environment that can promote new ideas and voting systems. 

Many users have found it an appealing option due to the innovative, at least at the time, governance structure, and it proved to be one of the more solid alternatives to Bitcoin.

Where Can You Buy DCR

The project has a large community, an excellent website, and a lot of stakeholders. This crypto has a high level of security and an excellent protocol with a reliance on the DCR token.

You can review the Decred price and engage in trading on website options such as crypto exchanges with a high level of security, including Oceanex, OKEx, Binance, and MXC.