What is Decred (DCR)?
Future of DCR Cryptocurrency and know how to buy DCR

#1 - What is Decred (DCR)?

Decred (short for Decentralised Credit) is being anticipated to be Bitcoin 2.0, as it seems to have adopted Bitcoin’s most liked features, and coupled them with better governance, limited influence of miners and cross chain atomic swaps to switch between different cryptocurrencies. Its long-term financing and development quality makes it the dark horse in the digital currency space.

Decred: The Basics

  1. The Decred coin is a digital currency which offers complete autonomy to its stakeholders for decentralized decision making and nifty transition between the different set of rules. Its cryptocurrency is denoted by the symbol DCR, with a total supply of 21 million coins.
  2. The Decred mainnet was launched on February 8, 2016 by Company O, a Chicago based firm that develops tools for Bitcoins. Decred 1.0.0, which allows hybrid proof-of-work/proof-of-stake, was launched on April 25, 2017.
  3. Decred uses a modular codebase to adapt and scale changes in the blockchain technology - which means its features can be added or removed with more ease compared to other cryptocurrencies. The use of Lightning Network (LN) allows near-instant micropayments in DCR. This is similar to Bitcoin, but processes in half the time and thus, competes with the existing fiat system.

 

#2 - What are the Benefits of Decred?

Decred Development

  1. The Decreed team is head by Jake Yocom-Piatt, the organizer of the project and CEO of Company 0. Decred operates through a contractor model which lets new individuals, groups, and companies contribute to the project.
  1. Decred’s developers have worked as Bitcoin developers before and developed Decred to do away with Bitcoin’s governance issues. This led to the development of a distinctive hybrid of proof-of-work (PoW) and proof-of-stake (PoS) mining for decentralization. The community can join hands to activate features for the future which allows inclusive decision making.
  1. With more than 14 developers, it regularly develops new code, maintains current code, and implements roadmap features in Decred’s free and open-source software and repositories on a nearly daily basis.
  1. Decred v1.0 enabled Decred stakeholders to vote on one consensus change and one signaling vote. This allows censorship-resistant and blockchain-anchored public proposal system. This way users can submit own projects to Decred for self-funding from the project’s block subsidy.


Decred Technology

  1. Decred uses Lightning Network (LN) to process near-instant micropayments in DCR for smart contracts. This is similar to Bitcoin but the processing time is just 5 minutes as compared to 10 minutes in Bitcoin. It is an application of a low-latency off-chain system that gives it its autonomous feature.
  1. The hybrid proof-of-work (PoW) proof-of-stake (PoS) consensus voting system gives decision making power to stakeholders to activate rules and allows a seamless transition between them. PoW is used to validates transactions on the network & generate new Decred tokens through computing power. Proof-of-stake mining allows users with Decred holdings to vote on important developments on the network matters and option to validate transactions.
  1. Cross-platform wallets are available, and use graphical user interfaces (GUIs) across all major operating systems (Windows, macOS, and Linux) to give Decred users accessible wallets. Decrediton is its cross-platform GUI, written in node.js using Electron. It offers command line interface (CLI) wallets for more technical users.
  1. Decred was the first to implement a direct on-chain user-activated hard fork. This has made it more sophisticated in terms of stakeholder governance. It enables users to vote on-chain on project’s direction and make decisions together. Decred’s value over time is likely to increase due to active and dedicated development on a daily basis.

Features

  1. Better Governance:  This is Decred’s USP, as it allows inclusiveness in decision making through voting and makes it a peer-to-peer network with limited influence of miners. Its unique stakeholder governance feature allows its community to direct projects and also rewards them. A lottery system is used to determine which stakeholders vote on each block and collect a subsidy. In addition to this, it features bottom-up decision-making system through the Decred Assembly. Users can decide to vote yes or no, on empty mined blocks or on blocks created by a malicious POW miner. Stakeholders can earn 2.25% through participation in the governance model. This makes Decred extremely attractive to long-term investors.
  1. Incremental Privacy and Security: Decred uses SPV (Simple Payment verification) support for it's users’ - which allows them to make payments quickly without downloading the entire blockchain, whilst still maintaining the security of their transactions as their wallets interact over peer-to-peer network. It implements new technologies on regular basis and also on-demand in response to attacks. Schnorr signatures with threshold n-of-n support is also built in, which makes it impossible for participants to reveal which of them authorized, or did not authorise, a transaction.
  1. Easy Convertibility between currencies: Decred is not dependent on centralized exchanges for swapping different digital currencies. Its users can conduct trustless over-the-counter (OTC) trades through cross-chain atomic swaps without a third party. It improves interoperability between currencies and caters the demand for new efficiencies that boost investor value.With Lightning Network payment channels, atomic swaps are more powerful and easier to implement than whats on offer by Decred’s peer currencies.

#3 - How to Buy and Store Decred?

How to buy Decred / How to buy DCR

  1. Decred is still a new coin in the market, with the best way to purchase being using Bitcoin, as fiat currency cannot be used on most platforms. Once you have some Bitcoins, Decred can be traded for it at digital currency exchanges.
  2. Their major currency exchanges that support Decred trading are OKEx, Cryptopia, Bittrex, and Huobi.
  3. Other ways are PoW mining or PoS based Decred mining (which requires some pre-existing Decred in your account)
  4. CoinSwitch, the largest cryptocurrency exchange platform right now, can offer a seamless purchase through its platform and can help you buy or sell the DCR cryptocurrency. It assists users make the right decision on their trades by providing the prices for a DCR coin across multiple crypto exchanges.
  5. CoinSwitch supports over 45000 cryptocurrency pairs and provides the best rates to trade Decred at one place. With a simple and intuitive UI that will meet your DCR trading needs instantly within a few clicks, it is the ideal way to buy DCR.

Decred Storage

Decred’s Web Wallet is the easiest way for users to access it online via wallet.decred.org which does not require any downloads. A Decred wallet is also available on multiple platforms, including:

  1. Windows
  2. MacOS
  3. Linux

 

#4 - What is the future of Decred ?

  1. As of June 2018, Decred’s market capitalization stands at $647 million, putting it in the top 30 cryptocurrencies of the world. The total supply of the Decred cryptocurrency (DCR) is about 7.1 million, with a value of around $90 per unit as of June 2018.
  2. This is an increase of over 90x since January 2017 for its investors, putting it amongst the bigger gainers in recent times.
  3. In the future, DCR will launch a decentralized exchange through atomic swaps. This will eliminate trading costs and improve trade efficiencies, and could give it an additional boost in price.

Also Read: Complete Analysis of Decred | Live Decred (DCR) Price Charts And Predictions

Price History

Date

Open*

High

Low

Close**

Volume

Market Cap

Jun 01, 2018

93.75

98.31

93.05

96.26

2,672,030

669,936,000

Apr 01, 2018

39.79

40.41

37.25

39.32

301,190

280,180,000

Feb 01, 2018

97.83

99.05

78.81

83.38

2,265,020

652,279,000

Sep 01, 2017

38.10

41.74

36.86

41.35

1,876,320

215,536,000

Apr 01, 2017

12.67

13.31

12.20

12.80

612,191

57,887,700

Jan 01, 2018

4.30

4.91

4.16

4.91

16,697,500

215,502,000

Sep 01, 2016

1.43

1.51

1.42

1.46

29,262

3,607,470

Mar 01, 2016

2.06

2.11

1.34

1.72

69,219

2,056,790


#5 - How is Decred different from other cryptocurrencies?

The Decred token has multiple standout features making it unique from most other cryptocurrencies:

  1. It is autonomous, unlike its counterparts where the excessive influence of miners which affects small investors.
  2. It is also universally fungible - a characteristic every ideal cryptocurrency should have but is, unfortunately, lacking in many.
  3. Decred is also more decentralized since if you rely entirely on PoW you are able to spread coins fairly towards those who do the work. With its reliance on PoS as well, it makes for more equitable technology, and more resistant to power grabs from resourceful miners with powerful machines.
  4. Faster:It is faster due to Lightning Network integration, which reduces transactions times in half the time that Bitcoin takes.


(Decred’s onchain atomic swaps visualized by the Decred team)

 

#6 - Should you Invest in Decred?

  1. From an investment perspective, if you personally want autonomy in your transactions along with faster speeds, the Decred crypto becomes a fairly compelling decision.
  2. The Decred coin has been gaining mileage due to the common features that it shares with the top currencies but with more decentralization and better governance. But given the competition and the adoption of similar technology by Ethereum and other currencies, it may lag.
  3. However, the upcoming privacy release and first-of-its-kind decentralized exchange can give a fillip to this cryptocurrency and one may see crypto-enthusiasts pushing up its market cap rankings during the next crypto bull run.
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