Decred – Standalone Digital Currency
Decred is a cryptocurrency that uses a hybrid consensus system to achieve a balance between miners and users. Decred’s goal is to use this hybrid system to create a more reliable currency:
“As a rule, miners who manage the infrastructure have a significant impact, while users have a relatively small impact. Decred allows users to directly participate in the project without the need for expensive mining equipment. ”
A bit of history
For a long time – about one and a half years – the project was under development. It functioned, but was tested more than it was fully presented on the market. On April 20, 2017, the Decred team announced the upcoming release of a full version of the software for this platform – 1.0.
Representatives of the project themselves believe that this release can be considered a ‘landmark event’ for the entire virtual society. Self-confidence is given to them by a simplified management system, as well as the opportunity provided to each participant in the system to influence the development of the project.
- Decred combines the development of other platforms based on similar Bitcoin code. Assumes the active development of the following areas:
Scaling transactions and increasing the speed of their confirmation;
- Consensus principle based on combined PoW and PoS protocols;
- Increased privacy in the use of cryptocurrency;
- Decentralized self-government based on user voting;
- Dash-like reward sharing and self-financing system;
- Development of a platform for the active implementation of smart contracts.
Of particular interest is the promotion of the Lighting Network protocol. Its main goal is to increase the scalability of transactions, but it also increases user privacy.
The implementation of smart contracts at the current stage offers limited functionality. A full and free development of decentralized applications based on Decred is not yet supposed.
There are three main ways to interact with the Decred platform:
- Wallet: you use the wallet to send and receive funds, as well as to participate in the development of PoS.
- Proof of work: you use computing power to verify transactions on the network and create new Decred tokens.
- Proof of bidding: you use voting tools to discuss important network development issues and review reward transactions.
- Decentralization. Every day, the cryptocurrency Bitcoin is less decentralized, and is subject to more and more control by a certain team of miners.
- Availability of mining. Decred cryptocurrency mining is available using conventional video cards, which makes it more affordable than bitcoin mining, which is relevant only with the help of special equipment.
- Using the Proof of Stake Method. Using the PoS algorithm, all the innovations proposed by the developers to improve the network should be adopted by the Decred community. This allows you to make only those improvements that users and DCR holders really need.
Decred is a multi-platform digital currency available through clients for Windows, Mac OS, Linux, and Unix. The platform promises to offer easy-to-use wallet apps to efficiently send, receive, and develop Decred.
In the meantime, those who like to mess around can enjoy a complete set of command line tools that can customize your Decred experience.
The easiest way to get started with Decred is to use a web wallet. Anyone can access this wallet at wallet.decred.org. You do not need to download anything.
In addition, Windows users can use the Paymetheus wallet, while Mac and Linux users can use the Decrediton wallet.
Sending and receiving a decree
Once you have a Decred wallet, you can start sending and receiving Decred. You only need an address to send or receive funds. This address can be generated from any Decred wallet. The address always starts with the letter D and contains from 26 to 36 alphanumeric numbers.
After the transaction is completed, the funds will be cleared after about 5 minutes. You will be charged a small fee in addition to the amount of your transaction. The developers claim that a 100 DCR transmission will cost about 0.006 DCR.
Main Network Block Explorer
You can use the core network block explorer to search for all blocks and transactions in the Decred blockchain.
Mining involves checking transactions on the Decred network – similar to how they work on other chain platforms. In exchange for their validation work, miners receive newly created Decred tokens. There are two methods for verifying transactions on Decred, including Proof of Work (PoW) or Proof of Rate (PoS).
Using PoW mining, transactions are grouped into blocks, and these blocks are verified by PoW experts. After checking the block, he is a permanent member of the Decred network. Miners can allocate spare computing resources to the network in exchange for Decred.
PoS development, on the other hand, requires little computing resources. Cash is used to purchase online voting networks. Then each block, five tickets from the pool of live tickets are randomly selected to vote on the validity of the previous block.
This adds an extra level of decentralization to Decred, allowing users to vote on proposed changes to the network.
Buying and bidding
Since Decred is still a new currency, the easiest way to get Decred is to use Bitcoin. Once you have Bitcoin, you can purchase Decred by exchanging cryptocurrencies.
- Support for SPV Wallet. Instead of using the typical wallet approach when wallets connect to a centralized server, we added support for the proper SPV mechanism, which uses compact filters and works through a P2P network.
- Politeia Voting – our proposal system is nearing completion and will allow users and interested parties to make proposals, dictate what is funded and not funded, and participate in decision-making at the project level.
- Lightning Network. The bulk of the work of connecting Lightning Labs to ldd has already been completed, and it will be released shortly.
- The initial release of confidentiality – work with confidentiality began in earnest, and we will gradually release confidential information, where we will issue a working code and provide additional information about our plans and approaches.
- Decentralized control over funds – while Politeia voting will be used to control the flow of developers’ funds, we will create an intellectual contract that would completely decentralize control over dev org funds.
- Decentralized Autonomous Objects. Using a similar method used to decentralize control over dev org funds, we will allow the creation of DAEs in the Decred chain.
- Scalability optimization. Various changes are required to improve the scaling properties of Decred, some of which are consensus changes, for example, a new signature algorithm, multilanguage synchronization support, and header obligations.
- Decrediton Integrations – The Decrediton GUI will add new integrations to support SPV, mobile, Politeia polls and the Lightning Network.
- Decentralized exchange – we will develop a proposal for a decentralized exchange only with cryptocurrency and publish it publicly.
- Marketing Growth – Decred has built its presence on many of the leading cryptocurrency trading platforms throughout the remainder of 2018 and will continue to increase its marketing efforts.
Future Planned Features
Part of the remuneration from the new blocks goes to the further development of the Decrd system. This ensures that the platform is constantly evolving to meet the needs of the community. Some of the planned features for the future include:
- Payment integration
- Hard vote on the plug
- Enhanced privacy
- Continuous interface and design development
- Lightning network support
- Decentralized monitoring of development funds
- Stakeholder-oriented DAO
These issues are often discussed on the Decred blog. You can visit the blog to keep abreast of the latest news on planned future features.
An ambitious project uses a unique PoW / PoS system to reward depositors, as well as a wallet that you can use to easily send and receive funds (without any verification or registration). This project is fully funded from the pocket of its developers, and not with the help of the usual ICO method.
“Decred is an innovative cryptocurrency with great developers.”
– Jimmy Song, Bitcoin developer