What is Decred Coin (DCR)?

decred-coin

DCR Coin Price

What is Decred? A Quick Summary

Decred is an autonomous digital currency built with scalability and decentralization as main components.

Using a ground up build, it's aiming to help make on chain scalability and this complete open-source currency available for individuals, groups, and companies.

The History of DCR

Decred was first started as a whitepaper on Bitcointalk via Jake Yocom-Piatt in 2013.

From an interview on Epicenter Episode podcast Piatt said(1):

“The Decred project began as an outgrowth of a whitepaper that was posted on bitcointalk in April 2013. In April 2013, a whitepaper was posted for a coin called memcoin two, and it was posted by someome named Adam McKenzie.

It was an idea to hybridize proof of work and proof of stake, instead of a having a Proof of Work (or Proof of Stake) dominated system.

It allowed for on-chain governance, that’s what led to the start of Decred. Adam Mckenzie and another user pursued contact with me starting in July 2013, and then they pushed me for several months to pick up memcoin two as a project, and Decred is what comes out of that process in approximately March 2014.”

Then on January 4th, 2016 they conducted an Airdrop instead of participating in an ICO crowdfunding mechanism.

In fact, they self-funded all of Decred aiming to take it live before giving it to the public.

Main Names At The Beginning of Decred:

Jake Yocom-Piatt - Twitter - CEO of Company0

Masters of Science and Physics

An Open-Source Project - Being open-source, anyone can check out their GitHub and who is currently working on Decred here: Decred Github

The Purpose of DCR Coin

Decred was founded with the purpose of trying to solve a self-governance model in cryptocurrency.

See the problem is that with Bitcoin and other cryptocurrencies there can be 51% attacks and multiple different governance issues.

That’s why DCR coin uses an innovative consensus voting model to empower stakeholders.

With this direct user on-chain consensus voting mechanism in a 100% open-source method, the community makes decisions together.

Stakeholders are rewarded for their participation, and the network can grow with scalability.

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The Features of Decred

Atomic Swaps

One of the most critical exchange mechanisms is allowing for the completeness of a transaction.

This currency is built with atomic swaps in mind.

That means with cross-chain atomic swaps between different digital currencies, users can conduct trustless over-the-counter trades without a third party.

Consensus Voting

With a hybrid proof-of-work (PoW) and proof-of-stake (PoS) system, it gives stakeholders decision making power.

Utilizing this system, rules can be updated with consensus, and the blockchain doesn’t hard fork, but entirely stays intact.

Cross-Platform Wallets

Wallets are available across all major operating systems (Windows, macOS, and Linux) and uses a graphic user interface.

They also have a command line interface for more technical users.

The Lightning Network

Utilizing the lightning network is one of the applications of low-latency off-chain system that allows for near-instant micropayments in DCR.

This means that the smart contracts execute in a competitive and working system.

Politeia

A censorship-resistant blockchain-anchored public proposal platform.

Anyone can submit their projects for self-funding from DCR’s block subsidy, and politeia makes the ecosystem stay sustainable and thriving.

This will store all of the governance data off-chain to help reduce the on-chain footprint.

Although, its ultimate goal is to function as a verification area housing cryptographically secured data for anyone to ensure that the government is functioning correctly.

Soon

With active development, some of their current milestones are a full stakeholder-directed DAO (decentralized autonomous organization) and better user privacy.

The Principles That DCR Is Bound Too

  • Free and Open-Source Software
  • Incremental Privacy and Security
    • Being updated and implemented on a continuing and incremental basis
  • Free Speech and Consideration
  • Multi-Stakeholder Inclusivity

What We Think of DCR Coin

We at GCA like Decred.

Not only do they have a good model for keeping the industry pure, but with Atomic Swaps and a strong community, DCR coin is a great coin.

We are looking forward to watching them grow, and currently, we do hold some DCR.

If you liked this review and want to help support the academy donate some DCR below!

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February 22nd 2018, 23:36