Continuing with the series of reviews about those altcoins that resonate in the cryptomobile world today is the turn of a project called Decred (DCR), a decentralized and sustainable digital currency, designed to generate a solid governance in all its processes. Before continuing with the analysis, it is necessary to warn that this publication does not represent any kind of financial advice or recommendation regarding this cryptocurrency.
Decred bases its activity through the use of a unique hybrid proof of work and proof of acceptance to validate the available blocks, in this way those who have any interest in this currency or have any wallet with funds in DCR generate the validations towards the miners that generate the blocks for the rewards. This is a system that makes it unique since in this way the miners see a return on their investment in their hardware in a short period of time.
Using a hybrid system that works with both Proof-of-Work and Proof-of-Stake means that Decred uses PoW to establish the computing power to validate transactions on the network and generate new tokens, while PoS involves the use of funds to vote on important network development issues and validate transactions for rewards, which are available to DCR holders.
Both systems work together under the particularity that PoW miners receive 60% of the total rewards while those who opt for PoS receive 30% of the block's total profit. The remaining 10% goes towards subsidizing the project, which gives Decred an advantage as it has the power to market and advertise using this 10% subsidy rewards.
DCR tokens are readily available and can be purchased by any investor with basic knowledge in cryptocurrencies. To purchase them you need to first obtain Bitcoins or Ethereum from the exchange platforms of your choice, which usually accept fiat money to make it easier for their users to purchase them. Decred has its own wallet called Decred Wallet where it establishes a decentralized and secure means of RCD storage.
Decred started its journey as a consequence published in April 2013 by Adam Mckenzie, then its current project leader and CEO Jake Yacom-Piah took it over for development and subsequent launch in March 2014. Over the years, he has added many other members to his team, the lead developer being Dave Collins. The team is focused and fully committed to making Decred the first ever decentralized standalone entity.
So far 31% of the 21 million units circulating in the market have been mined. However, the use of hybrid PoW and PoS has led to less activity in mining the coins due to the increased concentration in the staking system. This greatly increases the scalability of DCR. As of today one DCR holds a price of US$119.75 maintaining the 76th position in the cryptocurrency market capitalization ranking.
