Emerging Coins This Week: Decred – The Autonomous Digital Currency

Decred is a multi-platform digital currency 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. Decred is the only decentralized, self-ruling currency where every member has a real voice on. The Decred project was created in the spirit of open participation. Everyone can join and contribute and all stakeholders of Decred can decide to take part in the decision-making process.

It is said that Decred is Bitcoin as it should have been. The original goal of Bitcoin was to create a “decentralized currency”, but according to Decred, Bitcoin became a platform controlled by an “oligarchy,” mainly due to its mining industry. Decred is working on trying to solve this issue, by allowing the whole process of mining to be determined by the consensus rules of the currency. Decred has developed an innovative solution: a hybrid PoW/PoS system. Miners ‘mine’ to create blocks, and stakeholders ‘vote’ to verify the blocks created by miners. The process of creating consensus is thus balanced between miners and stakeholders. The hybrid consensus system has several advantages and most importantly, it increases the decentralization of the network. This means that Decred has a very safe and stable network.

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Decred officially launched on February 8, 2016, and it has made leaps and bounds of progress since then. At launch last year, 1 Decred was worth about $1.20. Today, it’s about to hit the $100 mark, marking it as a really successful coin. While other coins experience a rough time being in red most of the time during 2018, Decred showed constant growth. With a current market cap of over $717,161,050 USD and a circulating supply of 7,145,743 DCR out of the 21,000,000 DCR available, they have shown incredible growth since first launching. The DCR coin is a mineable cryptocurrency, which can actually be used for dual mining with certain coins; which is why it makes it so attractive to a lot of community members.

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