Posted on April 1, 2018
Decred (Decentralized Credit) is an autonomous and open-source cryptocurrency with a system of community governance integrated into its blockchain. It was created by former Bitcoin developers to address concerns over the increasing centralization of power in Bitcoin and a growing conflict of interest between the user community and those funding the Bitcoin project. It utilizes a hybrid “proof-of-work” and “proof-of-stake” mining system to ensure that a small group cannot dominate the flow of transactions or make changes to Decred without the input of the community. A unit of currency is called a ‘decred’ (DCR).
– Very decentralized because they use a mix of PoW and PoS
– Decisions are entirely based on the community’s votes
– 46.7% of all DCR is currently staked for PoS. This defeats the purpose of a coin that’s only used as a currency
– Voting costs DCR
The Decred network has been up since February 2016.
The 2018 roadmap has not been released yet.
There is a two-phase process for voting to implement consensus changes that would create a hard fork.
The first Phase is meeting the upgrade threshold on the network. A majority of PoS/PoW nodes on the network must upgrade before voting can begin. This is measured in the following ways:
– For PoW, at least 95% of the 1000 most recent blocks must have the latest block version.
– For PoS, 75% of the votes cast within a static 2016 block interval must have the latest vote version.
The second phase is the voting itself. Voting takes place within a static 8064 block interval. If 75% of votes mined within that interval signal a ‘yes’ vote to the proposals, the changes are implemented. Implementation happens after one additional block interval to allow any remaining nodes to update prior to the fork.
Decred is similar to other coins that only aim to be a currency like Bitcoin, Bitcoin Cash, Bitcoin Gold, etc. It is also similar to Hcash and Aetenity since they all use a PoW/PoS hybrid consensus mechanism.
Decred has no notable partnership.
DCR is traded on Bittrex, Poloniex and Upbit.
Decred is a blockchain layer.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations