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June Katz 4 min read

What Is Decred and How to Buy DCR?

What Is Decred and How to Buy DCR?

What is DCR?

Decred – abbreviated as DCR and short for Decentralised Credit – is a sustainable autonomously run digital asset with changes voted on and introduced directly by those who use and mine the crypto. DCR has adapted the most-liked features of Bitcoin combining them with total decentralization, democratic self-governance, and responsive framework. DCR coin was created by the same team that was involved in the early stages of Bitcoin development. The developers identified an inefficiency in the way BTC works: the decision-making process behind the crypto became excessively centralized and significant changes and upgrades were no longer possible without a hard fork. The team thus embarked on a quest to make Decred coin everything that Bitcoin could have been but failed at in the long run.

Pros:

  • DCR crypto uses a hybrid Proof-of-Activity consensus model to ensure a balanced ecosystem of miners, users, and stakers;
  • The project constantly looks to its followers for suggestions on improving and changing the network;
  • Miners, users, and stakers can adapt the blockchain to suit their own needs through a series of transparent election processes;
  • With DCR being user-oriented, anyone interested can do volunteering or contractor work for the project.

Cons:

  • The project heavily relies on community participation and may fizzle out without active support from DCR coin users.

How does Decred crypto work?

The team behind Decred coin is focused on keeping its decentralized community motivated to contribute. Unlike many other blockchains, Decred allows anyone to submit a proposal for improvement, which is approved or denied by the Decred Assembly – a group of verified senior DCR users. Once the improvement is approved by the Assembly, it is developed and tested before being added to the original code as “dormant code”. After this, the community of miners and stakers can vote on the improvement. Tracking is done through Politeia – an unregulated time-stamped software. Successfully passing an improvement required a 75% majority. If the majority cannot be reached, the voting is started over. Another innovation implemented by Decred crypto is the Lightning Network, which operates as an off-blockchain means of resolving payments. This decentralized network uses smart contracts to enable instant transactions across a network of participants.

Where to buy Decred coin?

The best options for trading DCR for BTC are Binance and Bittrex. You can also get Decred coin on the SwapSpace cryptocurrency exchange aggregator, which is a quick and easy way to obtain the required amount of DCR.

How to exchange DCR on SwapSpace?

  1. On SwapSpace homepage, select DCR in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the amount of DCR you want to exchange.
  2. Choose the instant exchange service that suits you most.
  3. Specify the recipient address and check if all the data is correct.
  4. Send your DCR coins to the address you will see on the screen.
  5. Wait until the exchange is complete.

Where to store Decred

The best Decred wallet is Decrediton – an official Decred GUI wallet for Windows, macOS, and Linux. Additional core software available to users includes the official Decred mobile wallet for iOS and Android and a cross-platform suite for command-line applications.Third-party wallets available to users include the following:

Conclusion

Decred's main strengths lie in its community of followers and developers. The team behind the crypto is made up of ex-developers of large crypto start-ups. The community supporting DCR cryptocurrency is dedicated and involved.If the team and the community manage to continue putting their efforts into the project, then DCR crypto will continue to grow with good governance driving further interest from the community and community participation driving rapid development. If either party fails to engage with the project, DCR may very well be overtaken by newer crypto-projects that offer a great deal straight “out of the box”.


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