Decred Cryptocurrency Review
What is Decred?
Decred is an autonomous digital currency that aims to overcome governance issues and give each user the same power about the cryptocurrency.
It is such a cryptocurrency that employs a hybrid consensus mechanism in order to maintain a balance between the users and the miners. It is an open cryptocurrency using community-based governance constructed on blockchain technology.
Usually, the miners operating the infrastructure exert considerable influences whereas; the users do not have much to say.
Decred provides the opportunity to directly take part in the project without necessarily having the costly hardware required for mining.
How Decred Works?
In order to use Decred, a user needs to install the software first. Users are free to choose from a number of clients to have a node on the network and to have the token in the wallet.
Unlike many other blockchain technologies and cryptocurrencies available, to start and to get used to the platform is not that much simple. For the starters, there is an online installation guide published by the developers.
Applications such as Paymetheus, DCRD, DCRWallet, DCRCTL, Decrediton etc, allow users to enter the Decred platform.
- Paymetheus is designed for Windows.
- Dcrd, dcrctl, and dcrwallet are especially availablefor Mac OS, Linux, Windows, and other Unix Operating Systems.
- Decrediton is designed especially for Linux and Mac OS. These applications, altogether, perform as the gateway to the ecosystem of Decred.
Features of Decred
Decred is a digital platform created to serve the users of Mac, OS, Unix-based OSes, and Windows and so on. The platform is committed to offering wallet apps which are very easy to use and efficient for mining, sending, and receiving DCR.
The Wallets of Decred
The simplest option is to take help of the web wallet. The wallet can be accessed at wallet.decred.org. Users need not to download any application. Side by side, there is Paymetheus wallet for the Windows users, Decrediton wallet for Mac OS and Linux users.
Receiving and Sending Decred
After having a Decred wallet, all a user needs is to have an address in order to receive or send funds. The address is generated from the Decred wallet and contains 26 to 36 alphanumeric characters with a ‘D’ at the beginning.
Fund is transferred within 5 minutes after the transaction is accomplished. A small amount of transaction fee is charged along with the transacted amount. According to the developers, 0.006 DCR is charged per transaction of 100 DCR.
The process and the purpose of mining in DCR are somewhat similar to those in other networks. Mining is a process of validating the transactions made on the network of DCR and the miners receive fresh tokens as rewards. In two methods, the transactions involving DCR can be validated: Proof of Work (PoW) and Proof of Stake (PoS).
PoW mines work on validating blocks, a cluster of transactions. Hardware resources are less prioritized in this method whereas; efficient computing resources are required for PoS mining.
Being a new cryptocurrency, Decred is available in many cryptocurrency exchanges from where the interested buyers can purchase Decred in exchange for Bitcoin. As of February 2017, The token is available at Bittrex, Bluetrade, and Poloniex.
The developers of Decred have future plans for payment integration, privacy enhancement, hard fork voting, and so on.