Bitcoin, Crypto currency, Blockchain

Decred: An Autonomous Cryptocurrency with great potential?

ff7bccb4093c9a295990f7b2f7a5aa9f - Decred: An Autonomous Cryptocurrency with great potential?

Decred to be an Autonomous crypto currency is the next Generation that wants to find a strong Community, and great self-determination your way in the crypto market. A hybrid consensus algorithm, as well as many other innovative Features to make the Coin. How much potential is really behind it?

After a rally and a temporary verhundert plying his course within a year, of about 1 Euro in January 2017 106,40 Euro on 16. January 2018, the rate for a Decred to the editors time with 49,12 EUR. With a market capitalization of close to 337 million euros, the Coin ranked 39 according to Market capitalisation.
Behind the Decred Coin are an experienced developer team that was involved to Share in the development of the BTCSuite for Bitcoin. This is reflected to some extent in the Decred Coin. The biggest difference for Bitcoin is reflected in the implementation of a Proof-of-Work/Proof-of-Stake Hybrid consensus algorithm.

That does not mean that the decision-making power, as, for example, Bitcoin only miners. The full block reward is not paid to the Miner. Instead, the owner of the Coins will be rewarded for the “Hodlen” and also receive a portion of the Rewards. You will also be involved in the consensus, and can have a say about the future of the currency.

The breakdown is as follows:

  • 10% of the block rewards will be created by the developer,
  • 30% shall be paid to the “Hodler” (PoS),
  • only the remaining 60% are attributed to the miners, the entire network due to their available computing power to maintain and secure

The basic idea behind this hybrid algorithm is to distribute the decision-making authority of the network and thus the Community fair, to maintain a relatively stable exchange rate and to prevent mass sales.

A further step to the “basic democracy” of the Community is in a censorship-free platform for proposals to the network. Everyone can contribute his ideas in the Community and try to steer the currency in the desired direction.

In terms of user-friendliness, however, there is still some catching up to do. Although Wallets for Windows, macOS and Linux are available for Download, however, there is still no Mobile Wallet.

Functions, such as anonymous transactions, due to the ZeroCoin Protocol, or Instantpay is not currently implemented. The Team is planning for the future, a whole series of Features to come in the next time:

  • Hard-Fork-Vote
  • A Stakeholder-oriented DAO
  • Decentralized control of development funds
  • Support Lightning Network
  • Continuous development of UI and Design
  • Advanced Data Protection
  • Payment integration

The project Decred followed a very interesting approach, which creates, through the implementation of the hybrid consensus algorithm new possibilities for the participation of the Community, but the competition on the field in other areas, is ahead of him.

Smart cash, for example, puts its focus on a strong Community with a great voice. In contrast to Decred SMART but also puts a value on the anonymity and quick transaction verification.

From the eyes, one should not lose Decred anyway. There are rumors of an upcoming Hard Fork to become loud, which could offer a lot of space for Innovation and implementation of the missing functions.

Furthermore, Lightning is supposed to be, we already know of Bitcoin or Stellar lumen, integrated. The next time will show, whether the Coin can survive in the market in the long term.

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