What is Decred (DCR)? All information about DCR . coin

• Overview of the Decred project (DCR)
• What is Decred (DCR)?
• Who created Decred (DCR)?
• What is Decred (DCR) created to solve?
• Decred's Solution (DCR)
• What is the salient feature of Decred (DCR)?
• Decred Components (DCR)
• What is DCR coin?
• What is the DCR token used for?
• Basic information about the DCR . token
• DCR . Token Allocation
• What is the current transaction fee of the DCR token?
• How to earn and own DCR . tokens
• DCR . token exchange and storage wallet
• Decred project review (DCR), should I invest in DCR tokens?
• summary

Decred is an early project of the cryptocurrency market. Up to now, Decred has been around for quite a while and many of the project's founding team members come from Bitcoin Core . So what is Decred? What are the outstanding features of Decred? After years of being on the CDR token market, is there still potential? Let's accompany TraderH4 to explore the project and find the answer in the article below!

Overview of the Decred project (DCR)

Before learning more about the DCR token, let's take a look at the Decred project with TraderH4!

What is Decred (DCR)?

Decred, also known as Decentralized Credit (DCR) is an autonomous digital currency unit that is capable of supporting multiple trading platforms. Decred is an open source project, based on blockchain technology . The goal of the project is to focus on community and sustainable funding for development.

Decred's blockchain is a combination of two consensus mechanisms, PoW and PoS, with a transparent vote proposal. That purpose is to prevent some users from regrouping, causing attacks and changing the network structure.

Who created Decred (DCR)?

Backing the Decred project is a business called Company 0. The project was born with the goal of using the blockchain technology platform to better protect personal data and bring freedom to the organization. projects. Below is the founding member in the company's apparatus 0. 

• Jake Yocom-Piatt is the founder and CEO of Company 0. At the same time, he is the team leader and also the founder of the Decred project. Notably, Jacke has been involved in the blockchain technology and cryptocurrency market for more than 10 years. Because before that, he was a coder for Bitcoin and Lightning Network Daemon. It can be said that Jake is the first character, building the foundation of the cryptocurrency market. 

• Marco Peereboom is the Technical Director of Company 0. In particular, Marco is the direct supervisor in the Decred project in terms of development, security and infrastructure. Peereboom was a senior engineer at Dell before working at Company 0 and directly joining Decred. 

What is Decred (DCR) created to solve?

Bitcoin is the first blockchain platform creation project in the digital currency world. Although aiming for high security, decentralized and fair. However, BTC has a disadvantage in the PoW consensus mechanism. According to this consensus protocol, large miners owning huge mining rigs will decide how to operate and manage the network as new blocks are created. Blockchain's decentralization is likely to collapse.

Decred's Solution (DCR) 

To overcome the disadvantages of the consensus mechanism that exists in the PoW project, Decred has created a new and unique consensus protocol. It is a combination of PoW and PoS consensus protocols . Specifically, the management and operation of the network will be vested in the Council. All proposals and final decisions must be approved by the board to avoid attacks that change the network of giant miners. 

What is the salient feature of Decred (DCR)?

Decred is built and inherits many outstanding advantages of Bitcoin and at the same time develops many other features to overcome the weaknesses of this first cryptocurrency. 

• Lightning Network: Similar to Bitcoin, the Decred project also implements improvements to the Lightning Network, an off-chain transaction method that reduces the network's burden and increases transaction speed.
• Atomic Swaps: Also known as atomic swaps or cross-chain swaps. Atomic Swaps allows the exchange of cryptocurrencies with each other without the need for an intermediary. All transactions take place securely and are immutable because they are stored on the blockchain ledger.
• Consensus protocol combining PoW and PoS: This is the most special and novel feature of Decred. The basic rule of this combination is that each block must be validated by a minimum of 3 individuals. This mechanism helps to limit the weakness of PoW and PoS. Miners and stakeholders both receive rewards.

Decred Components (DCR)

In this section, we will learn about the DCR token in detail as well as its important components. 

What is DCR coin?

Decred token is a utility token, the main cryptocurrency in the Decred network. DCR plays the role of participating in governance and voting for changes of the network.

What is DCR coin used for?

DCR is a utility token in the Decred network and is used in the following cases:

 Using DCR as the main currency in the Decred network:

• DCR also has the function of storing and transporting value, similar to BTC
• DCR is used as a currency to pay when buying goods and using services at companies that accept DCR.

   Use DCR to participate in Decred Blockchain activities:

• DCR for staking in PoS mechanism and used to participate in Decred voting system.
• Use DCR coin to vote for proposals of blockchains and moderation anchors. At the same time participating in voting, you will also receive a DCR reward

• Smart contracts that act like Lightning Network
• Cross-chain atomic swaps between different cryptocurrencies
• Cross-platform wallet for ease of use

Basic information about the DCR . token

Here is some basic information about the DCR coin. 

• Ticker: DCR
• Blockchain: Decred blockchain
• Total Supply: 21,000,000 DCR
• Circulating Supply: 14,077,094 DCR

DCR . Token Allocation

With a total supply of 21 million DCR tokens, the project plans to allocate tokens as follows:

• Pre-mining: 8%
• Airdrop: 4%
• Development team: 4%
• Mining: 84%

What is the current transaction fee of the DCR token?

DCR is a native coin that runs on the Decred platform. Therefore, when making transactions on exchanges or exchanges, converting to coins / tokens between storage wallets, you will have to pay the following fees: 

• Transaction fees on the Decred blockchain network. This fee will be paid to the miners
• Withdrawal fee (if any), trading fee depends on the mechanism of the exchanges

How to earn and own DCR . tokens

The Decred project also has more mechanisms for investors holding tokens to earn more DCR. Here are ways to help you earn and own DCR.

• Buy directly on DCR . listed exchanges
• Staking DCR in PoS consensus protocol to receive DCR rewards
• Use your holding DCR tokens to participate in voting for proposals in the Decred network and receive DCR rewards
• Mining DCR with PoW consensus miner

DCR . token exchange and storage wallet

Decred is a long-standing and reputable project in the market, so there are currently many wallets that store this token. 

• Cold wallet: Ledger Nano S, CoolWallet S, Ledger Nano X
• Hot wallets: Coinomi, Cobo, Exodus, Decrediton
• Exchange wallets: Binance, Huobi Global, Bittrex…

Up to now, there are many big and reputable exchanges in the market that have listed DCR such as BW.com, CoinEx, OceanEx, Binance, Huobi, Bittrex… So you can easily trade tokens This with high liquidity. The number of coins/tokens paired with DCR is also quite diverse, including pairs: DCR/BTC, DCR/ETH, DCR/USDT.

Decred project review (DCR), should I invest in DCR tokens?

Decred wants to inherit Bitcoin to become a market leading peer-to-peer payment system. Decred also overcomes the disadvantages of Bitcoin's PoW protocol by incorporating a PoS mechanism, to ensure that Decred's network is more decentralized. In addition, the project's Lightning Network has become famous in the market, when used by many businesses, organizations and individuals, especially in the form of donations and tips in cryptocurrency. 

However, the project is inferior to many other projects in terms of transaction speed. Typically, ETH only takes 15 seconds to generate a new block, while this number for Decred takes up to 5 minutes. Therefore, Decred has the advantage of leading projects, but if the project development team does not improve and make a stronger breakthrough, the projects behind will compete and be eliminated from the market. In particular, the mission of the project if it still focuses on only one function, payment, it is unlikely that it will compete with projects with a rich ecosystem today in the market.

summary

The article on TraderH4 completed the sharing of the Decred project and the DCR token. This is one of the oldest, experienced and reputable cryptocurrency projects in the market. However, more and more new projects are born with a more diverse ecosystem, faster transaction speed and more optimal operation. Therefore, if there is no change, Decred will face many difficulties from young opponents. Therefore, you also need to carefully research the project amount, DCR token and transaction time before making an investment decision. 

• Could El Salvador's Bitcoin Acceptance Make It Lose Its Market Dominance?