With the inception of cryptos within the financial markets, specifically Bitcoin, many companies began to create their own tokens with improved functionalities. Decred is such a token that is based on Bitcoin’s codebase and a unique governance process that is community-driven. Here every participant has the same amount of power, unlike the other platforms where-in only core developers, miners, or influential individuals have major access.
Decred after its inception, offering an improved version of the Bitcoin network, evolved itself to enable atomic swaps which is the ability of the cryptos from different chains to be swapped or traded by users without third-party interference. Further, the network implemented a lightning network to its mainnet to add smart contracts and off-chain transactions.
The project’s native currency DCR competes with the major cryptos within the market such as Bitcoin, and Ethereum but with enhanced features. The holders can participate in governance, interact with the community and also generate funds for network upgrades.
| Launch Date | 01 February 2016 |
| Founder | Jake Yocom Piatt |
| Blockchain Protocol | Bitcoin |
| Native Token | DCR |
| Market Cap | $317.45 million |
| Token Type | Governance/Utility |
| Circulating Supply | 14.55 million DCR |
| Max Supply | 21 million DCR |
| Consensus Method | Hybrid (PoW & PoS) |
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Who Are the Founders of Decred?
Decred was originally created in 2013 by pseudonymous developers named tacotime and ingsoc. Further in 2014, the project was introduced as an open-source development firm led by Jake Yocom-Piatt, who helped with the launch of the mainnet in February 2016. During the launch, 8% of the tokens were pre-minted and were evenly distributed, 4% among the developers & the CO (Jake) and the remaining 4% among a list of airdrop participants.
How Does Decred Work?
As mentioned earlier, Decred was created on the code based on Bitcoin, but with some modifications. The chain has been trying to be more efficient compared to Bitcoin in terms of block time, mining difficulty, block rewards, etc. However, to achieve this, Decred is made up of 2 main components,
- Hybrid Consensus Mechanism
Decred utilizes a hybrid consensus mechanism made up of both Proof-of-Work and Proof-of-Stake mechanisms which keep the network synchronized. Here, like any other PoW chains, miners solve the computational puzzle and validate the transactions. Further, the DCR holders who have staked their tokens, validate and confirm the transactions and also participate in the network’s governance.
- Politeia Proposal System
It is a built-in system aiming to manage community involvement fairly and efficiently. The system enables all valid community users to submit their proposals which can be upvoted and downvoted. A minimal fee is also charged, to prevent spam or any malicious activities.
Read more: Bitcoin Whitepaper Summary
What Makes Decred Unique-Uses Cases?
Decred is a popular chain with multiple use cases, some of which are mentioned below:
- Governance
The most unique feature of the chain is its unique governance system that intends to prevent monopoly over the voting status in the project. All the holders share equal power rather than some holders monopolizing the process
- Decred Mining: Proof-of-Work Consensus
The miners here use computational energy to solve the hash functions and create the blocks. Meanwhile, they receive 60% of each block they mine. This consensus emphasizes more on security more as it does not post the blocks to the chain immediately after it is mined
- Decred Staking: Proof-of-Stake Consensus
After the new blocks are mined, the transactions are validated using the Proof-of-Stake. Here the DCR holders stake their tokens to become validators and validate the blocks. These validators then receive 30% of the reward for each block.
- Treasury
The Decred treasury is a store of crypto tokens that is used by the chain to implement various changes over the network. The treasury is constantly swelling as a small portion of every new block goes to the treasury.
- Bug Bounty Program
The users can also get involved in enhancing security as this program allows the users to submit warnings or bugs. Further, they are also rewarded accordingly which offers more benefits to the blockchain and the community.
- Block Explorer
Decred blockchain explorer offers a transparent look up to the individual blocks and the transactions, votes, ticket purchases and other details.
Decred Price Analysis
Source: Tradingview
- The volume over time appears to have diminished to a large extent and hence the volatility also has been hampered to a large extent
- Meanwhile, after a huge stagnant trend, the DCR price broke down to reach the lower support and again appears to have inculcated a similar trend
- Bollinger bands appear to have squeezed which is compelling the price to trade within a narrow range and hence a significant price action may be underway
- Previously, a similar approach resulted in a notable breakdown and hence if it repeats, the price may form new lows
- However, indicators like RSI, and MACD are pretty bullish and hence an upper break out appears to be likely that may uplift the price close to $28
| Decred Price Today | $21.75 |
| Price Change <Yearly> | +2.02% |
| Market Dominance | 0.04% |
| Market Rank (as per CMC) | 91 |
| Market Cap | $316.75 million |
| Fully Diluted Market Cap | $456.81 million |
| ATH | $250.02 |
| ATL | $0.3948 |
Prices as of December,2022
Read more: Crypto Price Predictions
How to Buy Decred DCR Coin in India?
If you are planning to buy Decred (DCR), CoinDCX is the best platform to deal with. Being one of the simplest bitcoin app, CoinDCX is the leading crypto investment app for beginners. To start with, all you need to do is follow the below-mentioned steps,
- Download the CoinDCX App on your smartphone
- Enter the details required for registration
- Complete KYC
- After your profile is verified, fund your wallet and buy Decred (DCR)
