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Decred (DCR) is a blockchain-based digital currency platform that focuses on creating "decentralized governance" and "decision making". Launched on February 8, 2016, Decred's core network began using a proof-of-stake (PoS) hybrid and proof-of-work network consensus algorithm (PoW) in 2017.
The Decred platform aims to solve the problem of centralizing Bitcoin mining
Like the maximum bitcoin amount, the total number of Decred DCR tokens was limited to 21 million. The main problem that the Decred network aims to solve is the problem of centralizing the extraction of the Bitcoin network.
Although many BTC supporters and developers such as Jimmy Song claim that peak cryptocurrency is decentralized, the Decred development team believes that bitcoin mining is centralized or consolidated into a select group of miners who can afford the costs of electricity due to their strategic geographical position (among other factors).
According to the founders of Decred and other members of the community of cryptocurrencies, there is a relatively small group of miners who hold a large amount of BTC. This selected group of entities is able to "control the supply and demand for bitcoins," says the Decred team. In particular, Decred aims to "solve this fundamental problem" in the Bitcoin protocol "by reviewing its decentralization objectives".
Some of Decred's main features include:
- "Easy convertibility between currencies",
- "Incremental privacy and security",
- improved governance model,
- launch of a decentralized exchange (DEX) that supports atomic swaps in the future
"Autonomy in transactions", Faster settlement
The distribution of a DEX that allows atomic swaps will help to "eliminate" or significantly reduce the costs of trading, while "it will improve the efficiency of the trade", according to Decred's developers. The development team also believes that traders and investors looking for greater "autonomy" while conducting transactions and a faster transaction may want to consider investing in the Decred platform.
Collaborative Community Where "Everyone has a voice"
As a minutable cryptocurrency, the DCR is apparently financed by the community and owned by the community. Its community members come from many different backgrounds including software engineers, researchers and traders. As a currency and a platform, one of Decred's goals is to promote "financial independence".
As mentioned, another of Decred's design goals is to address the problem of centralizing miners and the problem of scalability and "destructive forks". DCR, the Decred native token, was created to function as an exchange medium (MoE)). However, the DCR cryptocurrency can not be considered a reliable or store-of-value (SoV) MoE at this point given the volatile nature of the prices of digital currencies.
Extreme price fluctuations, not suitable for payments
When the Decred DCR token was launched for the first time, it was trading at around $ 0.95. During the historic crypto bull run, which took place towards the end of 2017 and the beginning of 2018, the DCR currency was traded at $ 122. At the time of printing, each DCR currency is worth only about $ 17 , 87, which clearly indicates that it is not yet stable enough to be used for payments.
On October 23, 2018, the Malta-based cryptoasset exchange, Binance, announced that it would start listing the DCR token. DCR cryptocurrency also operates on other major markets, including Huobi, Bittrex, Upbit, Poloniex, OKEx and many others.
Interview with the development of Manager Of Decred
During an interview at the end of September 2018, Marco Peereboom, the former CTO of Conformal Systems and current CTO of Company 0, a company focused mainly on the ongoing development of Decred, revealed that he and his colleagues they started to "rotate" to cryptocurrencies in 2011. In particular, Peereboom worked with one of the previous implementations of the Bitcoin client (BTC).
In particular, the company 0 CTO claims to have "encountered hostility and resistance" when working together with some developers of the Bitcoin Core group. According to Peereboom, the Bitcoin community (BTC) had a "serious lack of governance" because "there were a lot of bad decisions". Given that miners on a labor-based cryptocurrency network have a lot of power since they have write access to the ledger, Peereboom explained that there was a need for a "mechanism to bypass" what the miners they could have recorded on the blockchain.
As explained by Peereboom, users and stakeholders (those who own the DCR tokens) are able to ignore what has been recorded on the Decred blockchain through their "veto rights". In the event of dishonest behavior by the miners, a DCR shareholder may exercise his right of veto to ensure that the integrity of the ledger is maintained (or not compromised). In essence, this means that a miner can not receive any compensation for his work in generating / validating a new block of transactions on the network if they act dishonestly.
A user can purchase tickets to vote, with each ticket costing approximately 9 DCR from end of September 2018 (although ticket prices are subject to change). For each new block extracted on the Decred platform, users can purchase up to twenty tickets, said Peereboom during the interview.
Tickets drawn at random from the large ticket office
Users can start to accumulate tickets and then tickets can be used to vote. The more tickets a user has, the more they can vote on decisions relating to the continued development of the Decred platform. There is also a large number of tickets that have been placed in the Decred pool of tickets. With each new block extracted on the cryptocurrency network, five tickets are randomly extracted and counted for the overall voting process of the platform. As mentioned, one of the main objectives of the vote is to determine and ensure that the miners behave honestly.
Voting takes place on the chain and all Decred ticket holders have the opportunity to vote and all votes are recorded on the platform blockchain. Each complete node on Decred can then fully verify that all participants in the network are following the rules outlined in the Decred consent protocol.
Features planned for descending platform
As mentioned on the official Decred website, some future updates planned for the platform include the integration or expansion of developments related to Lightning Network (LN), a second-level solution to accelerate payments on networks based on blockchain.
On October 15, 2018, the Decred offer system, Politeia was officially launched on the main network of the platform. With the release of Politeia, the development organization of Decred has also "transferred control over the subsidy for the accumulated project". The total amount of the grant was £ 570,000, which was valued at $ 23 million at the time. The large amount of funds was given to the interested parties of Decred, so that they could collectively make decisions about "project proposals", discussing, collaborating and funding new projects, initiatives and consensus changes ".
On hold
Unfortunately, most of the projects in the encrypted emerging and fragile space suffer from different challenges each time, which can lead to slow down development work or completely stop projects due to lack of funds. At the moment, Decred appears to have a relatively small community of less than 10,000 members in his Reddit group, a modest 39,000 Twitter followers and a very low level of engagement on YouTube.
This seems to be due to a low marketing budget. Furthermore, the Decred platform does not seem to have unique value propositions. Although it does not promise to offer much more than better governance and decision making, if Decred manages to provide some of the other features planned as a robust DEX, then the design and currency could be quite useful as a peer-to-peer ( P2P)) The cryptoasset exchanges have great potential for growth and adoption.
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