Decred cryptocurrency

Decred is a cryptocurrency, similar to Bitcoin, with a strong focus on community input, open governance and sustainable funding and development. It utilizes a hybrid “proof-of-work” and “proof-of-stake” mining system to ensure that a small group cannot dominate the flow of transactions or make changes to Decred without the input of the community. A unit of currency is called a ‘decred’ (DCR). To ensure the integrity of the currency and prevent people from making fraudulent transactions or creating their own coins, Decred uses a method of recording transactions known as a blockchain.

Autonomy is self-rule. Stakeholders make the rules

Since 2016, Decred has striven to solve blockchain governance. Our innovative consensus voting model empowers stakeholders and allows for the seamless transition from one set of rules to another. Decentralized decision-making and self-funding have enabled us to build a robust, evolving digital currency, free from third party influence.

Built from 100% proven open-source technology

Our modular codebase offers unique adaptability and can scale to the latest blockchain technology. Decred’s technology enabled the world’s first successful direct on-chain user-activated consensus vote. This represents a revolutionary approach to stakeholder governance where our community directs the project and makes decisions together.

Empowering individuals, groups, and companies.

We are community-powered. Stakeholders who participate in Decred’s decision-making are rewarded for their efforts. Sustainable funding and a resilient contractor model allow for anyone to join Decred at any time and engage in its governance. Decred’s value is in the people who work on it – together we’re building the decentralized future we want to see.

Features for the future

Decred is built to last. Our development activity and quality are among the highest in the space. Features of the Decred software include:

  • An innovative hybrid proof-of-work (PoW) proof-of-stake (PoS) consensus voting system
  • A censorship-resistant blockchain-anchored public proposal platform
  • Smart contracts that work such as Lightning Network
  • Cross-chain atomic swaps between different digital currencies
  • Cross-platform wallets for ease of use

Technology

Decred allows users to seamlessly transition from one set of consensus rules to another. This is a complex problem, as demonstrated by the difficulties experienced in Bitcoin governance. Decred uses an innovative hybrid proof-of-work (PoW)/proof-of-stake (PoS) system similar to proof-of-activity (PoA) to solve this problem and gives users of the currency decision-making power about the set of consensus rules to activate.

This hybridized consensus system is used to strike a balance between miners and users to create a more robust currency. Typically, the miners who operate the infrastructure wield considerable influence while the users have relatively little sway. Decred allows users to participate in the project directly without the need for expensive mining hardware.

Development

Decred fosters a multi-stakeholder development ecosystem that welcomes and empowers participants who want to improve on existing features or build new tools. Anyone can submit feature proposals, and developers are paid for work to fulfill requirements in full view of the community. Funding for this work comes directly from the Decred blockchain.

The main Decred development group started as the Bitcoin developers who develop btcsuite, a widely respected Bitcoin implementation in Go that has been used by several high-profile projects including, but not limited to, BitGo, Factom, Ethereum, and the Lightning Network. Several of Decred’s developers have also been contributors to the core of OpenBSD, among many other projects. Anyone is free to join development as an individual, a group, or a company – as many have already!

Community and Principles

Decred is constructing a layered governance organization that extends beyond the miners and users to bring forward and represent insider and outsider voices in the community. Decentralization is a process, and a decentralized ledger is only the first step in that process.

The project is bound by the Decred Constitution, so users can know what to expect: a finite number of coins, decentralized governance and a place to share their views. Decred’s community plays an important role in making decisions, both informally via the Decred infrastructure and formally via the blockchain.

20 thoughts on “Decred cryptocurrency


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