Decred

Decred (DCR) is a cryptocurrency which has been designed largely based on Bitcoin. In fact, many people think that Decred represented everything Bitcoin was supposed to be from the outset – a truly decentralized cryptocurrency that runs autonomously.
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Consensus Mechanism:
Proof of Work & Proof of Stake
Development Community:
Community
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What is Decred?

Decred (DCR) is a cryptocurrency which has been designed largely based on Bitcoin. In fact, many people think that Decred represented everything Bitcoin was supposed to be from the outset – a truly decentralized cryptocurrency that runs autonomously. It is a community driven project that focuses mainly on payment like Bitcoin.

How does Decred work?

Unlike Bitcoin, however, Decred uses a different consensus mechanism. It runs on a hybrid system of Proof of Work and Proof of Stake. In Decred, miners discover the blocks through the proof of work mechanism and the blocks are validated by the DCR holders as validators. Each block must be mined with the correct nonce and be ratified by at least three verifiers.

In Decred, 60% of newly generated tokens go to the PoW miners, 30% to PoS voters, and 10% towards a development subsidy whereas for Bitcoin, 100% of the reward goes to the PoW miners. Decred focuses a lot on maintaining a community-based governance model. DCR holders can vote and decide the future development of the project and which competing development team should lead the project. Decred allows developers to get paid for their work on proposals if the community approves the payout, using funds from the development subsidy.

Like Bitcoin, Decred has a total supply of 21 million coins. Only 8% of DCR was pre-mined, of which 4% was used to cover the initial setup funding of the project and 4% as airdrop to participants.

 

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