Decred is a multi-platform digital currency which allows its users to connect from three different platforms Wallet, Proof-of-work mining, and Proof-of-stake mining. Its cryptocurrency is called DCR and can be mined only if you have extensive hardware with high computing power.
DCR use hybrid PoW & PoS consensus to mine and process a transaction which makes it complicated and requires constant calculations to solve different formulas.
Here is the list of main lead names of this platform.
Decred has Contractors hiring program where contractors contribute in development, research, marketing, and management.
Hybrid Consensus algorithm: This the most amazing feature of Decred that it has assembled two amazing protocols to get the best out of them. By using this algorithm, it allows the user to participate in voting or either mining. It supports ASIC mining which is a barrier between many non-technical miners.
- Unique hybrid PoS and PoW consensus protocol; which ultimately improves security
- Visibly successfully in first 2 years after launch and market cap is increasing
- Active community support
- Comparatively fair distribution of tokens
- A number of similar coins are already in the market
- Slower in speed
- Difficult to mine for beginners & non-techies
Papers clearly outline the differences between bitcoin and Ethereum and how they have combined both consensuses to make some change.
There is not a lot about real life uses of Decred in the picture yet but there are few stores who are accepting payments in Decred i.e. Coin gate explains everything how to integrate this payment method on your web shop.
It is developed with the basis of bitcoin when a group of bitcoin developers experienced flaws in governance model of bitcoin they decided to develop another cryptocurrency which has goods of bitcoin but removed the centralized governance model. Plus, the whole project is totally community base, it allows its Decred owners to vote for the feature which should be developed.
The whole project is modular bases which enhanced the overall network scaling and larger opportunities to grow faster than ever. The modular system is easy to maintain and upgrade. Decred’s platform is voting based where developers are busy in adding up features which are pure of community interest to maximize the community governance over the platform.
Recently Decred has signed a partnership with a traditional company YBF to collaborate in Web 3.0 development.
Decred has in detail explained what we can expect in the upcoming months of 2018 & early 2019. Here is the list of those:
- SPV Wallet Support
- Politeia Voting
- Lightning Network
- Initial Privacy Release
- Decentralized Control of Funds
- Decentralized Autonomous Entities
- Scalability Optimizations
- Decrediton Integrations
- Decentralized Exchange
- Marketing Growth
There are a number of blockchain project providing the same features, but its community is active than any other which let them vote for the change. Along with voting its coin can also be mined which secure the coin. So, having a hybrid consensus it opens more than single options for it coin holders.
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