Decred (DCR)The exchange rate of one DCR at 14:01 UTC is 20.11$
“Decred” is a virtual coin that appeared through the hard work of the creators of bitcoin. The platform has a convenient consensus system. The team did not agree to third-party funding for the project. There is no global separation between miners and clients.
The service can be managed by holders of the coin from Decred, which is in 36th place in terms of its popularity.
Main technical features
The project was launched in February 2016. The main feature of the service was the combination of “proof-of-work” and “proof-of-stake”, which led to the creation of a consensus platform.
The founders of the project finance it themselves. Foreign crypto investments do not affect the development of the coin, which ensures the stability of this cryptocurrency.
The miners who mine the currency and resell the assets have usually always been responsible for the direction of the development of the projects. However, the system of this coin provides for a different order in which both miners and ordinary users can equally influence it.
The Decred coin has the following features:
• Consensus algorithms are more original due to the fact that they were developed by creating a hybrid of PoW and PoS.
• The system has a special Blake-256 algorithm, which makes mining more convenient.
• Problems with the system are settled almost immediately, as updates are constantly released in the service.
• Bitcoin scripts and transactions are fully compatible with this coin.
• Blockchain is self-governing. Its work is based on what the members of the community choose.
Any decisions on the introduction of new options are made on the service by voting.
How to create a Decred wallet?
The platform provides different types of wallets for interacting with the currency:
• online wallet
• desktop wallet
• multicurrency wallet
• command line applications designed for mining
The first option is the easiest. There is no need to download separate tools, only profile registration is required. However, browser versions do not ask for personal information, which is not very reliable for working with such a service.
To create a wallet, you need to go to the official page and confirm that the user accepts all the terms of the platform.
The profile page will show which payments were made and the state of the user's account.
Before you start using the wallet, it is recommended to create an additional backup copy so that in case of loss of access, the funds are blocked on the account. This option can be found in the corner of the screen where you need to select the desired command.
The code generated by the platform must be kept on paper. Copying it in the system is not allowed.
When creating a backup, the platform asks for a secret code. After that, you can start exchanging currency according to the exchange rate of the US dollar and other virtual coins.
Where to buy and where to store the token?
You can buy a coin token on any of the existing exchanges, the number of which is constantly increasing. In addition, it can be bought using electronic exchangers in exchange for another crypto coin or fiat account. The whole process is automated and does not take much time.
There are two main wallets for storing currency. The developers of this platform have created a special Web-wallet, which is the most preferable to use. There are also “BitPay” and “Copay” wallets that are secure for storing crypto. With them, you can make financial transfers with multi-signatures.
The platform provides a wallet with command line support. It is used to mine POS, receive rewards and participate in PoW. However, its functionality is poor, and therefore it is difficult to work with it.
Decred mining
PoS and PoW are algorithms that are responsible for mining coins within the service. There are two main ways for mining:
1. Buying tickets - this does not require the use of strong capacities. The network itself, by default, selects the ticket holder and assigns a reward for him. Mining via PoS requires the technique to be in operation at all times. Ticket activity must be maintained on an ongoing basis. Those who mine the currency use special pools.
2. Computing technics. Everything works through PoW mining. Users are assigned a reward for confirming money transfers. The disadvantage of this method is that it requires more powerful computing equipment.
So far, mining a coin brings a decent profit, but over time it will be more difficult to get it.
Storage of tokens
An e-wallet is the main tool that will come in handy when working with Decred. Its availability for any clients of the service is a very convenient aspect: those who prefer Windows can use Paymetheus wallets, and those who prefer Mac or Linux can use the Decredition wallet.
Valid wallets:
• Web wallet
• DCR wallet
• Decreditation wallet
Wallets have a number of important sections:
• Section for analyzing information about the user’s balance.
• Accounts section, which can be useful for businessmen who need to save data for tax purposes.
• Transfer of funds section – transfer can be made to several different addresses.
• Section for creating in the wallet of its own address.
• Section for checking all actions performed on the service.In addition to these sections, there are also tabs with a profile, tickets, support service, system settings and service security. The wallet is easy to use and set up. Storing coins in a personal exchange profile is not a very secure way.
In addition to the 5 main tabs, there are “Account”, “Tickets”, “Help”, “Settings”, and “Security” tabs.
Strengths and weaknesses of DCR
The positive aspects of the service include:
• An algorithm based on a hybrid of PoS and PoW.
• An ordinary video card is enough for mining, no expensive equipment is needed for it.
• Any client of the service can take part in the development of the project.
• The source code is open to all members of the community.
• The service is self-managed and self-financed.
• With the help of certain tools the translation is done anonymously.
• Atomic transactions allow you to make a transfer directly, without the participation of third parties.
• BTC platform is well compatible.
• You can save currency in safe places depending on the level of awareness.
Among the minuses is that at the very beginning of its appearance it was in 43rd place among 100 cryptocurrencies, which is understandable at the beginning of the development of a virtual coin. And the exchange rate remains low to this day. This fails to attract investors. In addition, to be honest, among the variety of existing coins, this currency is perceived as another empty shell.
Outlook and forecast
Among the plans for the future is the connection of the “Lightning Network” protocol. It will increase the privacy of actions on the service and solve problems with scalability. In the future, the developers plan to provide users with a ready-made opportunity to make transactions without contacting the blockchain.
Another significant development is that the creators want to implement DAO. These changes are voted on by those who have a certain stake in the service. For innovation to occur, there must be at least 75 percent of voters for the implementation of the DAO.
The developers also plan to change the request for proposals option. There is an idea to expand the staff of administrators for more convenient and faster work with the service.
It is also planned to introduce a system in which any client can contribute to the development of the service if he has good suggestions. First of all, work is currently underway to introduce support for financial transfers.
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