The price Decred today is 35.78 USD, and the trading volume in 24 hours - 6,154,434 USD. The crypto asset has grown by 1.03% over the day. Currently, the coin’s market capitalization is 510,331,026 USD, and has 14,264,700 coins in circulation with the max supply of 14,185,885 coins DCR.
What is Decred (DCR)?
Decred is a Proof-of-Work and Proof-of-Stake (PoW/PoS) hybrid cryptocurrency that emphasizes community input, open governance and sustainable development financing. It uses its hybrid consensus and chain management systems to ensure that a small group cannot dominate the flow of transactions or make changes to Decred without participating community. The project funds its own development from decentralized treasury.
Who is the creator of Decred?
Decred's story dates back to April 2013, when a developer under the alias Tacotime in a branch on Bitcointalk said they were coming up with a new cryptocurrency. Shortly after promising to share the technical specification of the idea, Tacotime launched a new branch, publishing a technical document called “Memcoin2 (MC2): Proof-of-Work hybrid cryptocurrency/ Proof-of-Stake.” The proposal expanded and combined the principles of Litecoin and Peercoin, and was developed using btcd, a platform created by current Decreds developers.
Throughout 2013, Tacotime tried to coordinate the development of the project with another alias - Ingsoc, eventually looking for a lead developer who would launch the project by the end of the year. In early 2014, Tacotime began work on another cryptocurrency, now known as Monero, becoming part of the project's core founding team. However, he was still working on MC2 in the background.
In early 2014, Ingsoc approached Company Zero (CO) and CEO Jake Yokom-Piatt with the MC2 concept, joining forces to develop the Decred system. In late 2015, CO published a series of blog posts in which they described the problems they saw in Bitcoin and suggestions to fix them.
Ultimately, on 12 December 2015 Decred was announced as a solution to the alleged WTS issues, including mismanagement and takeover by major developers, lack of funding development and excessive power of miners in the Bitcoin network. The proposal concerned “open, progressive and self-financing cryptocurrency with a community-based management system integrated into its blockchain.
On 8 February 2016, Decred's main network was launched along with the Decred constitution, a set of principles and guidelines that give users a clear view of the social contract between them and project.
In June 2017, Decred became the first blockchain to conduct a successful user-activated direct consensus vote.
What is the uniqueness of Decred?
The project is based on a PoW/PoS hybrid consensus system, which aims to achieve a balance between Pow-miners and POS validators to create a more robust view of consensus.
In October 2018, the Decred Politeia Offer System was launched, allowing Decred users and stakeholders to offer, discuss, collaborate and fund new projects, initiatives and agreed changes on the off-network platform. Politeia has since been used to make a wide range of management decisions, including research, reward for mistakes and even public relations.
Current initiatives launched on Politeia include privacy updates, Lightning Network support, an expanded communications plan, and decentralized sharing.
How many DCR coins are in circulation?
As of January 2021, 12,533,291 DCR coins are in circulation.
The maximum offer is capped at 21,000,000 DCR, with the award for the last block set for January 2039.
How is Decred network protected?
The Decred network uses a hybrid Proof-of-Work (PoW) consensus model and Proof-of-Stake (PoS), which can be viewed in stages. The first level is based on the Nakamoto consensus that the valid chain is the longest chain with the highest accumulated PoW.
The second level works on PoS, whereby participants check blocks before adding them to the block chain. The PoS level acts as a check for miners, ensuring that they do not send intentionally empty or invalid blocks.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.