Decred

Victoria SavchukJune 6, 20180
Decred (DCR)

Decred (DCR) is a cryptocurrency similar to Bitcoin, with a strong focus on community input, open management and sustainable financing and development. It uses a hybrid “proof of work” and “proof of stake” to ensure that a small group cannot dominate the flow of transactions or make changes to Decred without the involvement of the community. The unit of currency is called “decred” (DCR). To ensure the integrity of the currency and to prevent people from committing fraudulent transactions or creating their own coins, Decred uses a transaction recording method known as a blockchain.
What is Decred?
This is a fully open and self-financing crypt, which began on December 15, 2015. Its management system was created on the basis of the blockchain. Experts say that this is a hybrid of two beginnings – PoW / PoS. Thus, a consensus is reached between the ministers and voters. This project was created with the idea of full and open participation of all comers.
Features Decred
Innovative consensus system based on the combination of PoW / PoS. In fact, it is a decentralized lottery, in which miners can determine the degree of their participation in the extraction of PoW-blocks.
Decentralized mining of shares. A participant in the system can create new coins without any risk. At the same time, those who have the least number of shares can participate in the confirmation of the network.
Miners can determine the progress of the system through the installation of bit flags, thus providing an advanced mechanism for resolving disputes about changing the blockchain.
Financial transactions have a limited time of action in order to prevent the inclusion in the blockchain system after a certain height.
Patches for bug fixes. As is known, the bitcoin system is imperfect. The developers proposed their own solution to its problems.
21 million coins. Sufficient amount of virtual money in order to ensure their value.
Self-financing development. To have a permanent financial resource to investigate the possibilities and development of the system, developers included in the code the rule of a 10 percent subsidy. Thus, the miner, having extracted the block, should transfer 10% for the development of the project. At the same time, the transfer is transparent, therefore the project is stable and does not depend on external financing. Users can be confident that the project will grow steadily and gradually improve, obeying only the participants of the system.
Using advanced hash algorithms. Developers began to advance their system with the cardinal improvement of the efficiency of mining and simplification of work. This was facilitated by the introduction of new hashes into the system.
Developed system of wallets
Especially for the convenience of users, the developers of the Decred system offered several types of wallets, as well as a simple miner for the production of coins.
Web-purse. Simple, convenient and prompt fork of BitPay’s purse. This keeper provides access to all the main features of the cryptocurrency: sending and receiving virtual money, making transactions with several multi-signatures.
A wallet with a command line. This is an option for those participants in the system who are professionally versed in the code. It gives an opportunity to extract PoS, and then receive rewards.
GPU-miner. A simple and, at the same time, powerful program for the extraction of blocks.
Starting the system
For a long time – about one and a half years – the project was in a state of development. It functioned but was tested more than it was fully represented in the market. On April 20, 2017, the Decred team announced the forthcoming release of the full version of the software for this platform – 1.0. The representatives of the project themselves believe that this release can be considered an “epoch-making event” for the entire virtual society. Confidence in their power is given to them by a simplified management system, as well as the opportunity provided to each participant of the system to influence the development of the project.
To support the confidence of holders of purses in Decred, the developers decided in the following way: they introduce their cryptocurrency into the Exscudo exchange, which will have different properties of centralized and decentralized exchanges. The creators believe that in this way they will protect their project from all sorts of abuses and fraudulent operations involving the use of blockchain-systems. Exscudo will only add secure cryptocurrency assets, which will have to pass a series of strictest checks.
There are three options for interacting with Decred
Wallet – for sending and receiving funds, as well as participation in PoS-mining.
Proof-of-Work Mining – the use of computing resources to check network transactions and generate new Decred coins.
Proof-of-Stake Mining – Use of voting tools on important network issues and verification of transactions for reward.

Victoria Savchuk