Decred DCR Cryptocurrency in a Nutshell

Decred DCR Cryptocurrency in a Nutshell

Mineable? If so how is it mined?

DCR is mineable through proof of work and proof of stake consensus systems. Specifically, the Cryptocurrency uses a Blake256 14-rounds algorithm for mining. In the PoW or Proof or work, users will are rewarded for the work they invest.

It requires computational power to solve cryptographic puzzles and for each solution, there is a new block that is created. It focuses purely on the reward-investment ratio. On the other hand, the Proof of stake or PoS, users will be rewarded for the stake they invest. It requires storing away of coins temporarily in order to prove that you are a stakeholder. The reward will depend on the coins you invest.

Maximum circulating coins

Decred Cryptocurrency has 6,859,678 DCR circulating coins.

History

The Decred is launched in February of 2016 and it has made a big leap and bound of progress this past year. According to a whitepaper on Bitcointalk through Jake Yocom-Piatt in 2013, the idea of creating DCR Decred is to hybridize proof of work and proof of stake instead of focusing only on the PoW or PoS dominated the system. Decred allows an on-chain governance.

Thus, it was founded with the purpose of trying to solve a self-governance model of Cryptocurrency to empower stakeholders.

What makes it Different?

Similar to Bitcoin, the Decred is Cryptocurrency which strongly focuses on community input, sustainable funding, and development as well as an open governance. The decred’s unique proof-of-stake protocol serves multiple purposes. It provides end-user and stakeholder metrics to support any consensus updates. The DCR promotes governance as the key and the use of mining pools.

The usage of mining pools could be more efficient and more convenient. In the contrast to PoS and PoW, mining pool only requires little computing resources to share the work and reward from miners to miners.

Who is behind DCR Decred?

The founders of decred originally worked on the development of Bitcoin in a project called biscuits. The team is headed by Jake Yocom-Piatt with its strong community in Reddit, Telegram, Discord, and other social media networks. The organizer stated that the more time you spend in Bitcoin, you will learn about the issues in governance.

This fact puts a significant attention on the governance of cryptocurrencies and the birth of Decred. The DCR coins are based on an innovative consensus voting model to empower stakeholder in a 100% open source method. This allows the community to make the decision together which can also make the network grow with scalability.

The upcoming features for decred include a stakeholder-directed DAO, lightning network support, enhanced privacy, and decentralized control of development funds. This makes the project worth following.

Contacts

Official Website: https://www.decred.org/ and https://docs.decred.org/

Announcement Thread link to BitcoinTalk: https://bitcointalk.org/index.php?topic=1290358.0

Block Explorer Link: https://mainnet.decred.org/, https://explorer.dcrdata.org/, and https://stats.decred.org/

Github source code link: https://github.com/decred

See also

A Beginner’s Guide to Decred

3 Things You Need to Know About Decred

What is Decred? Decentralized Blockchain Governance

Decred: An Innovative Cryptocurrency or A Well Arranged Scam?

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