Decred (DCR) - a hybrid cryptocurrency better than Bitcoin?

The Decred cryptocurrency (DCR) was created to appear on the market "New and better version of Bitcoin". It is distinguished by the hybrid use of consensus "Proof of Work" and "Proof of Stake". This allows everyone to decide on its development, and even earn money on the direction in which it changes.

We continue the cycle of the Forex Club portal, in which we describe the most valuable, best valued, most interesting and also the most controversial cryptocurrency projects from around the world. Today, it's time for Decred (DCR) - a cryptocurrency that cares about the balance between its users and token miners, and allows everyone to feel like the leader of the development team.

The beginnings of the project date back to February 2016, when Company 0 started working on a new cryptocurrency. On April 25, 2017, the software was ready.

“Our goal is not to attack what Bitcoin represents. We want to appreciate what's good about it and improve it. The alternative is progress and a way forward in an increasingly perfect ecosystem. This is because Bitcoin's software is controlled by a small group of people who decide what can and cannot be changed. This is partly because there is a lack of mechanisms and money to develop the work in the direction suggested by the user community. As a result, Bitcoin's development is funded by external companies. This is how conflicts of interest arise between currency makers and users. We want to change it " - Christina Jepson, the leader of the group working on the DCR code, declared when she presented the assumptions of the new cryptocurrency.

How does Decred

What distinguishes DCR from Bitcoin, is a hybrid system that uses both the "Proof of Work" and "Proof of Stake" consensus. Thanks to this, a small group of miners is not able to dominate the flow of funds or make significant changes to the project without the approval of the entire community.

Decred is mined similar to Bitcoin units, using the Proof of Work system. However, they can also be obtained through the use of the Proof of Stake consensus algorithm, blocking already owned units and receiving a stacking bonus.

The hybrid consensus system stabilizes the cryptocurrency, preventing most of the "power" from being concentrated among the miners mining it. Everyone can be a miner here, you don't need to invest huge sums in specialized equipment. Everyone can also decide on the direction of cryptocurrency development - provided that their ideas are accepted by a wide community focused around the cryptocurrency. There is also no need to get involved in its pro bono development, because 10% of the awards from each block go to the foundation that finances work on the development of the project.

All this was possible thanks to a recognized team of developers with experience in implementing other cryptocurrencies. The team working on Decred previously participated in the implementation of Bitcoins in Go: Factom, BitGo, Lightning Network or Ethereum. He also dealt with OpenBSD.

Decred Quotation (DCR)

Decred (DCR) is currently listed on 50 cryptocurrency exchanges around the world. There are over 12,1 million units on the market, out of the planned 21 million tokens that may appear on the market. As of November 8.11.2020, 17,90, each of them costs USD 217, which translates into a market cap of more than USD 66 million. This gives Decred 8,8th place among all cryptocurrencies precisely in terms of capitalization with a daily turnover of over USD XNUMX million.

On April 25, 2018, DCR hit its all-time high at $ 139,94.