Developed and launched in 2016, this cryptocurrency has its primary focus on open governance, community input, sustainable financing and development. This altcoin makes use of a hybridized consensus mechanism that enables the creation of balance between miners and users, in turn enabling one of the most powerful altcoins.
The Decred platform makes use of the PoS (Proof of Stake) and the PoW (Proof of Work) mining system to ensure that a group on the network does not take full control of the changes as well as flow of transactions without the consent of all community members.
The Decred platform was developed to solve some of the problems that are facing the Bitcoin network. First, as the Bitcoin network experiences this unsurmountable growth, the network becomes more centralized. Most companies with the largest mining on the network now have total control of all major improvements that are made on the network. Another problem is that for any significant change to be made on the crypto network, a hard fork would be required. Most of the time, if all community members do not agree to the hard fork, the agreed faction would go their separate ways. The Decred platform seeks to solve these problems. The network seeks to drastically reduce or even completely eliminate hard forks.
On the Decred network depending on the mining and staking power, all on the network are able to vote when it comes to making major changes on the network. All on the network is able to submit a proposal for the improvement of the platform, but the proposal would have to go through the Decred Assembly before it is approved. The Decred Assembly is made up of groups of users that have been voted into the council. The use of the PoW algorithm on the network ensures that transactions are able to be verified, but ASIC miners would be restricted. The PoS algorithm, on the other hand, ensures that users are able to stake certain number of coins that they own in order to verify if they are eligible of becoming verifying nodes.
Features of Decred
- The Decred network makes use of both the PoS and PoW algorithms.
- Privacy and security; the Decred network seeks to ensure that the privacy and security of users are assured.
- Lightning network; the Decred network seeks to make use of the lightning network to ensure that users are able to carry out ultrafast transactions.
- Price $17.24
- Market Cap