What is Decred (DCR)?
Designed as the perfect build on Bitcoin, Decred targeted the risk of Bitcoin becoming too centralized as well as its growing pool of miners with mining interests who will dominate the dialogue over the future of the blockchain. Decred seeks to rectify this by being as democratic as possible.
Resolving the problem of scalability has been one of Bitcoin’s biggest challenges over the recent years. This has caused serious debates and rifts within the Bitcoin community. The disagreement was instrumental to the controversial Bitcoin Cash fork in August 2017. To prevent a similar problem from happening in the future. Decred’s users enjoy the ability to vote on proposals with regards the blockchain’s future.
History of Decred
Many of the developers behind the design of the master of them all- Bitcoin, are also behind Decred. These developers grew increasingly frustrated with seeing a centralized development team that kept imposing their will on the community. Due to this, Alex Jacob-Pitt and other developers broke away to found Company O and launch Decred in February 2016.
They aimed to create a truly decentralized cryptocurrency that mining interests or developers could not dominate. To do this, they took a different but unique step of allowing the Decred community to vote on the future direction of the cryptocurrency.
Because the team felt that an initial coin offering would not be fair to users, members of company 0 self-financed Decred. On completion of the technology, the team conducted a pre-mine which consisted of 8% of the total supply of DCR (1.68 million DCR). Instead of allocating the entire balance to costs of development, Company O kept aside 4% to pay developers and organized an airdrop of the rest 4% to the community.
How is Decred Made?
The centralized institutions that print money are governments or banks. Decred follows other cryptocurrencies in being decentralized and the community creating new DCR through the mining process. Generally, cryptocurrencies like Bitcoin and Ethereum use Proof-of-Work as the primary method for token creation. Decred is unlike other cryptocurrencies in the sense that it combines two consensus methods which are Proof of Work (PoW) and Proof of Stake (PoS).
Proof-Of-Work: Proof-of-Work consensus involves users giving up computer processing power so as to to process network transactions and build network blocks for the blockchain. Users are encouraged to mine by being rewarded with a new block any time they mine. In Decred’s case, PoS users and the development fund split the reward.
Proof-Of-Stake: The Proof-of-Stake consensus is based on users obtaining a ticket and (therefore a vote) as well as a reward for “locking” some of their DCR funds. The locked DCR is taken as the “Ticket Price” and is untransferrable until it is unlocked. Upon creation of a ticket, it is transferred to the ticket pool to be processed in a block. Ticket-holders typically pay a fee to have their ticket included in a block. Once a ticket has been processed in a block, the user can then vote with the ticket price and a small reward returned.
Decred (DCR) will be Listed on Atomars
Decred (DCR) has announced that it will be listed on Atomars on 8th of October with trading pairs: DCR/BTC and DCR/ETH.
Atomars is a new trading platform for digital assets designed to connecting the world of fiat currencies with that of cryptocurrencies. At a time cryptocurrencies are becoming more vulnerable to hackers, Atomars seeks to make crypto trading safer and secure for anyone, from one part of the planet to another. This they ensure with a multi-layer security system that is made up of separate serves, a 2-factor authentication process, cold storages and more. At the moment, Atomars exchange currently supports all the major cryptocurrencies which include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and so on. Their mobile app is complete with all the set of tools like in the web version and allows for trading on the go wherever you are. The exchange platform is currently working on plans of introducing fiat currencies soon.