Decred (DCR) is positioned to establish a community-based cryptocurrency with its decentralized autonomous structure. With its code inspired by Bitcoin, Decred’s hybrid-consensus mechanism employs both proofs of work and proof of stake to come up with the best of both systems and alleviate their weaknesses. Its hybrid solution offers a layered methodology, making it more secure and resistant to attacks.
As it is a replicate from Bitcoin’s code, Decred possesses similar features. It also has modifications. Decred’s block time, for instance, is only 5 minutes while that of Bitcoin’s is 10 minutes. Furthermore, Decred’s mining difficulty changes every 12 hours as opposed to Bitcoin’s 2 weeks. Bitcoin’s block reward is given to its miners while Decred awards them not only for miners but also to its treasury and stakers.
Like other proof-of-work digital monies, project miners need to solve puzzles to add blocks to the chain. Meanwhile, its proof-of-stake mechanism enables stakers to validate transactions and participate in governance. DCR stakers have non-transferable assets that go by the name of “tickets” with 20 tickets making up a block. As soon as the block is finalized and added to the blockchain, 60% of the reward will go to the miner, 30% to the staker, and 10% to the treasury.
The Decred Politeia
Politeia is DCR’s governing system. It establishes a network for new concepts as well as a vote oriented environment to implement them. Additionally, participants can put potential upgrades forward or even amend some policies through the Politeia public proposal network. The platform makes the submission and tracking of the changes of the protocol’s governance.
The DCR Token
The native cryptocurrency that powers the Decred environment is the DCR Token. It rivals other digital currencies such as dogecoin, litecoin, and bitcoin. DCR holders can participate in governance, communicate with the community as well as utilize the currency to finance upgrades.
Credits: https://www.decred.org/brand/
