What is Decred? How does Decred work? Find the answers in our article. Also, learn how to get DCR and where to store DCR. All facts about Decred crypto in one text.
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What Is Decred?
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 was created by the same team that was involved in the early stages of Bitcoin development and who created btcdsuite, a Bitcoin implementation in Go. 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 everything that Bitcoin could have been but failed in the long run.
The team behind DCR 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 voted on Politeia by the stakeholders who decide if it is approved or not. 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 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.
Pros and Cons of Decred
- DCR 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.
- The project heavily relies on community participation and may fizzle out without active support from DCR users.
Where to Buy Decred?
Storing DCR: Best Decred Wallets
The best wallet for storing your DCR 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:
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 are dedicated and involved.
If the team and the community manage to continue putting their efforts into the project, then DCR 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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