What is Decred (DCR)? Things to know about the latest DCR coin 2020

Decred is a word that is a combination of 2 words Decentralized and Credits represents its ambitions and goals. So…

  • What is Decred? What is DCR coin?
  • Should I invest DCR coin or not?
  • Buy and sell DCR coin Where is the reputation?
  • DCR coin wallet Which should be used?

If you are looking to find out Decred and potential invest DCR coin, this article is what you need to find

What are you waiting for, let’s start the article!

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What is Decred? What is DCR coin?

Decred is a foundation blockchain, with improvements in the PoW consensus mechanism, there are many inadequacies in the Bitcoin blockchain.

You may not know: What is Blockchain technology? A step-by-step guide for beginners

Developers Decred are supporters Bitcoin (BTC) from the early period. However, they found inefficiencies in the way Bitcoins, from there the idea of Decred started to appear.

Decred was developed on top of Bitcoin’s source code, but it is a separate blockchain rather than a Bitcoin hard fork. Development work Decred started in February 2014 and is supported by Company 0, LLC until the mainnet launch in February 2016.

You may be interested: What is a hard fork? What is soft fork? Let’s learn about these terms

What is Decred’s problem and how to solve it?

As we all know Bitcoin’s consensus protocol is PoW, so when “miners” own specialized mining equipment, have strong configuration or link together to increase computing power, it will threaten the decentralization of the platform.

If you are interested in Bitcoin mining, you should definitely not miss the article: What is bitcoin mining? Detailed Beginner’s Guide from AZ

Therefore, a problem is how to ensure decentralization in governance for the entire community in an equitable manner.

To solve the above problem, Decred introduced a mechanism “Hybrid” new with the combination of PoS and PoW. In this hybrid mechanism, PoS will act as the governance of the platform and PoW will play the role of mining. DCR coin new.

How PoS and PoW work together on Decred

Transactions as well as new block creation in the Decred blockchain are all processed in a harmonious way through PoS and PoW.

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In this mechanism, miners with PoW-based miners will participate in the new block generation and will receive 60% of the new block reward.

With the PoS protocol, people hold DCR coin will use DCR to make staking. When staking, these holders will receive the right to vote to vote, and approve for PoW miners. Participants in this PoS process will receive 30% of the new block reward. The remaining 10% is held by Decred Treasury.

Also the votes of the participants stake above can also be used to vote on any proposed change that occurs in the network.

Maybe you don’t know: What is Proof of Stake (POS)? How to mine and mine POS . coins

What are the advantages of Decred?

As a platform blockchain towards a solution that combines PoS and PoW protocols, Decred has its own advantages. And some of the advantages include:

  • Security: .’s unique PoW/PoS hybrid consensus mechanism Decred would make an attack on its network 20 times more expensive than attacking networks using the PoW consensus algorithm because Decred provides layered security. By efficiently aligning rewards between miners and stakeholders, Decred provides long-term stability.
  • Adaptability: The integrated management systems of Decred facilitate change proposals and project-level decisions to be made in order to avoid community splits leading to hard forks.
  • Sustainability: ‘s block reward system Decred allow Decred Treasury maintain the platform over time without external funding (10% of block rewards will be transferred Decred Treasury).

What is DCR coin?

DCR coin is the base currency of the platform Decred Therefore, it plays a key role in maintaining the security and stability of the network as well as creating economic incentives for network participants.

Decered completed mainnet in Feb 2016 so DCR coin is operating on my own network Decred.

DCR coin not issued through an open sale but brought to market by early miners.

Basic parameters of DCR coin

Token symbol DCR
Blockchain Decred
Consensus protocol Combination of PoS and PoW
Maximum total token supply 21,000,000 DCR
Total tokens in circulation 11,490,463 DCR

DCR coin distribution rate

What is DCR coin used for?

With DCR coin you can use to perform payment and conversion functions at stores and services that accept, support DCR coin.

To refer to the platforms that support payment with DCR coin, you can visit the link: https://decred.org/exchanges/

In addition to these DCR . holder can use DCR to participate in the process of staking, voting in the network Decred to receive block rewards.

And like most of the base coins of other platform blockchains, DCR used to pay for transactions in the network Decred.

How to mine DCR coin

Do Decred using a combination of PoS and PoW protocols, so you can completely use the miner to participate in the PoW process and DCR coin mining.

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For detailed instructions and recommended configuration of DCR coin mining equipment, you can find out details via the link: https://docs.decred.org/mining/proof-of-work/pool-mining /gominer/

Particularly, DCR holders can participate in staking and receive block rewards without mining equipment.

Should I invest DCR coin or not?

Attention: no investment is 100% safe and every decision carries risk. In any case, it’s up to you to invest or not. Here is some useful information that can impact the return on your DCR coin investment.

Development team

decred-team

David Hill is the founder of Decred and is Company 0, LLC initial time support. By 2016, after Decred finished mainnet Decred Holdings Group Responsible for operating as well as providing capital for the team to operate.

Outside Decred Holdings Group responsible for operation, the development team also gathers other members who are often active on Discord, Reddit, Telegram. Along with that is the support from Charlie Lee – Founder of Litecoin in an advisory role.

Decred .’s competitors

With the desire to become a payment platform and a store of value, its competitors Decred are all “giants” in the crypto space. Some of the names that can be mentioned are: Bitcoin, Litecoin, …

For Decred To develop the ecosystem, the platform needs to increase the number of partners that accept payments in DCR coin. But it seems that currently the number of partners is very limited, which leads to demand DCR coin not high and mainly comes from trading between traders.

If in the future, Decred does not have a strong transformation, it will be very difficult to compete with other competitors, making the growth potential of Decred very difficult. DCR coin affected.

DCR coin price

gia-dcr-coin

Currently, at the time of writing price DCR coin is trading at 13.85 USD. Level highest DCR price so far is set at 99.74 USD (April 2018). That is, compared to the peak price, then DCR . price currently divided nearly 7 times, a not small difference.

Meanwhile, DCR’s all-time low of $0.396 was set on December 28, 2016.

Where to buy and sell DCR coin?

At the present time, investing in cryptocurrencies as well as buying and selling cryptocurrencies has become much more popular. It is considered one of the most popular ways to make money online. That’s why, the buy DCR, sell DCR has also become much simpler.

In this article, I will introduce to you the 2 most popular and simple ways to buy and sell at the moment.

How to buy and sell DCR coin in VND

Currently, there are many exchanges that support cryptocurrency trading in VND, but separately buy DCR For prestige, I think the best currently is the Bitmoon exchange.

See more articles: What is Bitmoon? Bitmoon Exchange Basic Guide for Newbies 2020

The advantage of Bitmoon is low fees, high liquidity, support for many coins and can store coins right on the exchange. Besides, Bitmoon has been operating for a relatively long time and the reputation level is guaranteed.

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Bitmoon has high liquidity and reputation, so I believe that for basic trading needs, cash out in VND, Bitmoon is enough to apply.

Prestigious international DCR coin trading platform

The advantage of all international exchanges is that they support many types of coins, besides also supporting other forms of trading such as Margin, Futures.

For those of you who have traded a lot and have experience, you can use and trade regularly on international markets.

Below is the name of the exchange and a comparison table of transaction fees for your reference.

If you want to learn about which floor, you can click on that floor’s name in the table, there will be a detailed article on that floor.

Exchanges Transaction fee
Houbi 0.070-0.20%
Okex 0.060 – 0.150%
Binance 0.015-0.100%
Kucoin 0.080 – 0.100%

Although the international exchange has the advantage of trading volume as well as high liquidity, the disadvantage is that you cannot trade in VND. Almost every transaction buy and sell DCR coin Your transaction uses USDT or BTC for transactions.

Decred wallet should use

Depends on usage DCR coin your wallet that you will choose for yourself the appropriate wallet.

Suitable for those who want to store DCR coin long term and few transactions.

The advantage of cold wallet is that it is safe and optimal for storage. Cold wallets you can refer to to choose from are: Ledger Nano S, Ledger Nano X.

Maybe you are interested: What is ledger nano S cold wallet? Latest User Guide and Security 2020

The best choice for this wallet is Trust Wallet, with a friendly and easy-to-use interface.

Maybe you are interested: What is Trust Wallet? How to create a Trust Wallet and use details

This wallet is suitable for those who regularly trade.

Some Reputable trading platform that you can refer to are: Bitmoon exchange, Huobi exchange, Binance exchange…

In addition, you can choose a wallet developed by Decred itself, Decrediton. Decrediton is a computer wallet. It has full versions that support windows, macOS, Linux operating systems. You can visit the homepage of Decred for reference

Conclude

This article has summarized the most basic information you need to know about Decred and DCR coin. With this article, I hope that readers can grasp some of its investment potential.

Although it will take some time to read the entire article, I hope that your time will not be wasted.

If you find the article interesting and useful, do not hesitate to share it with your friends.

Good luck!

[ccpw id=4997]

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