DECRED (DCR): The Autonomous Digital Currency
DECRED QUICK STATS
|CREATION DATE:||February, 2016|
|DEVELOPMENT STAGE:||Full Release|
|BLOCK TARGET:||5 minutes|
CoinPayments is proud to host Decred (DCR) payment processing to help further the adoption of DCR payments.
Decred is an independent community funded, community owned cryptocurrency built for the people and designed to be autonomous. The coins core foundation is built around governance and to ensure users have more say in Decred’s development, the project was built on a hybrid of two systems; Proof of Work (by miners) and Proof of Stake (by holders).
Decred is meant to be the governance coin for excellence and it is designed to do it better than anyone else.
By striking balance between infrastructure owners and fund holders Decred has found and built one of the most robust cryptocurrencies on today’s market.
How the Hybrid Works
Once a Decred block is found by a Proof of Work miner the validity of that block is decided by a consensus vote cast by stake holders, and only if majority deem the block is valid then the block is minted and split on a 60/30 basis. 60% goes to the miners for mining the block and 30 % goes to the stake voters for doing their part in securing the chain.
On June 5th, the Decred team proposed a new DEX (Decentralized Exchange) a non-blockchain
DEX eliminates the need for a Trusted Third Party by decentralizing that trust to the crowd and ensures speed by not weighing it down with an unnecessary blockchain, solving many of the problems associated with current attempts to decentralize how we trade decentralized currencies. This project aims to reach far beyond the Atomic-Swap system utilized by today’s decentralized exchanges.
“What is being proposed here is a multiplexing infrastructure for cryptocurrency exchange. In the same way that telephone and networking switches multiplex electromagnetic communications, cryptocurrencies and their exchange multiplex the storage, transmission and exchange of value.” – Decred Blog
Another really exciting feature about Decred is the implementation of The Lightning Network; The Lighting Network is a second layer solution that runs on top of an existing blockchain allowing users to send transactions near instantly, while storing a minimal amount of data on the blockchain. This scaling solution employs smart contracts to keep this process entirely trustless.
Recently tested in Beta on the Bitcoin Network, once this layer is available to the general public, Decred will be able to take advantage of its features.
As we know, blockchain has the potential to shift the paradigm on how we conduct our lives and businesses, but in order for that to happen, cryptocurrencies will need to be able to compete with fiat currencies and the traditional financial sector. The Lightning Network can play a huge role in making that happen.
Decred has disrupted the cryptospace with no marketing strategies and without an ICO. This team of highly skilled developers spent years coding and decided to give their mined and minted blocks to the community to test out the potential, and we can all agree, with Decred the potential is infinite!
Help further the adoption of Decred and starting accepting DCR payments in your store today!