Decred is a cryptocurrency, similar to Bitcoin, with a strong focus on community input, open governance and sustainable financing and development.
Decred uses a hybridised consensus system to create a balance between miners and users to enable a more robust currency. It uses a hybrid proof-of-work and proof-of-stake mining system to ensure that a small group cannot dominate the flow of transactions or changes to Decred without the community’s consent. One currency unit is called the “Decree” (DCR, Decred Coin).
Decred Coin – The Cryptocurrency
Decred is a multi-platform digital currency with support for Windows, MacOS and Linux. Easy-to-use wallet apps allow you to send, receive and my crypto coins. Decred allows users to participate in the project without detours, without the need for expensive mining hardware. The project is bound by the Decred Constitution so that users can experience what to expect: a finite number of coins, decentralised governance and a place to share their views. Decred’s community plays an important role in making decisions, both informally through the forum and formally through the blockchain.
There are three ways to interact with Decred:
The Wallet – For sending and receiving funds as well as participating in PoS mining.
Through proof-of-work mining – with the computing power to validate network transactions and generate new decred tokens.
Through proof-of-stake mining – participation based on the Decred Coins that users have when it comes to voting on key network development issues and validating transactions.
The web wallet is the easiest way to start with Decred.
All users can access the eWallet online via the website without downloading anything.
The proof-of-work algorithm (PoW) groups transactions into blocks. PoW-Miners validate These blocks.
When a block is validated, it becomes an integral part of the Decred network.
Any user can become a miner by sharing his or her computer resources with the network. In return, the miners are rewarded with decred coins.
The use of mining pools is somewhat more efficient and convenient.
Mining pools are groups of miners who share the work and reward.
Joining a mining pool is an excellent way for smaller miners to get constant payouts for their work.
In contrast to PoW, proof-of-stake mining (PoS) requires little computing resources. This works through Decred Fonds. They are used to buy voting tickets on the network. Each block is worth five tickets.
So-called live tickets are randomly selected from the pool to vote on the validity of the previous block. PoS adds a level of decentralisation to Decred and also allows users to vote on suggested network changes.
Decred Coin – The Company
Decred promotes a multi-stakeholder development ecosystem that integrates participants and empowers them to improve existing system characteristics or develop new approaches. Anyone can submit feature suggestions.
The suggestions are then processed by developers to meet the community’s expectations. These activities are financed directly from the Decred Blockchain. Decred is building a superimposed governance organisation that goes beyond miners and users to represent insider and outsiders in the community.
Decentralization is a process, and the decentralised ledger is only the first step in this process. For those who like to develop their own, Decred offers a full range of command line tools that allow you to customise the Decred experience.
Decentralized processes allow people with different ideas, goals and opinions to shape the future. Part of the reward of new blocks goes into the development of Decred to ensure that it continues to evolve to meet the needs of the community. This means that the cryptocurrency remains adaptable.