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Decred (DCR) Logo
$ 176.39 M
DCR 31.43 K
~ 21.00 M
Total Coins Mined
~ 11.57 M
*General last updated 06/01/20 6:00:14 PM
Decred is, according to their website, an ‘autonomous digital currency.’ The coin is built on a hybrid proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanism that allows for a decentralized public-proposal platform. As such, Decred exists as a fork of bitcoin, but lacks some of the features bundled into Bitcoin’s segregated witness (SegWit) change-set. Other notable features including smart contracts launched on the Lightning Network, and the ability to conduct off-chain transactions for smaller amounts via atomic swaps for different digital currencies, and an interoperable wallet system that can function cross-platform. Decred supports Windows, OS, and Linux. Delegates can engage in either PoW or PoS mining. The ticker for Decred is DCR.
DCR has a total supply schedule of 21,000,000 tokens, with a current circulating supply close to 9,000,000.
Decred is guided by the following principles: a free and open-source software, privacy and security, allowing free communication among stakeholders and users, and a multi-stakeholder system that builds on diverse views. Essentially, Decred plans to build out their own version of a decentralized exchange that is scalable and with the inclusion of the Lightening network, decentralized control of developer organization funds, atomic swaps, and the cross-platform wallet – Decred proposes to build one of the first truly scalable autonomous protocols in the blockchain space.
Decred was launched by former Bitcoin developers through a Chicago-based company (Company-o) in 2016. O’s CEO is Jake Yocom-Piatt. The team currently numbers 56. Notable members include Dave Collins (Lead Developer), Justin Santoro (Design & Video Production), and Jonathan Zeppettini (International Ops Lead).
Decred leverages community-based governance based on ticket-holder voting. Ticket holders can participate in both on and off-chain voting. Mining is done through either PoS or PoW, however, PoW miners only receive 60% of the block reward as opposed to 100% through BTC or other PoW-based protocols. The GUI wallet leveraged by Decred is Decredition which supports stake-pool mining with the option for advanced personal voting wallets through the Command Line interface. Decred is written in the GoLang programming language.
Users holding DCR can time-lock funds in exchange for tickets. On-chain voting is necessary for two reasons:
Further, Decred leverages a system called Politeia proposal voting, which does not occur directly on-chain but is a part of the overall Decred blockchain fabric.
Transparent Censorship – users can prove whether or not they have been censored using what is called dcrtime.
Projects like Decred aim to create more transparent ecosystems that support a variety of projects, and through the use of atomic swaps, incentivize the transfer of various digital assets in a way that would undercut centralized exchanges or community interfaces.
As the cryptocurrency space matures, Decred and projects like it will have wider implications for the health and sustainability of the overall marketplace. Decred is already being leveraged by the Lightening network, having successfully completed an atomic swap for DCR-LTC (litecoin) in 2017, and its development contributors include some of the Ethereum core staff.