February 8, 2016
DescriptionDecred is an open-source, blockchain-based cryptocurrency, similar to Bitcoin. Decred was launched in February 2016 by the bitcoin developers that engineered btcsuite, an alternative full-node Bitcoin implementation written in the Go (golang) programming language and used by development projects such as Ethereum, Factom, BitGo, OpenBazaar, and the Lightning Network. On February 7, 2016 Decred was released by Chicago-based Company 0. Decred v1.0.0 was released on April 25, 2017. Decred developers executed an atomic swap between Decred (DCR) and Litecoin (LTC) in September 2017. Decred is built from 100% proven open-source 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. There are several features of this software such as 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 and cross-platform wallets for ease of use. The Web Wallet is the easiest way to get started with Decred. All users can access it online via wallet.decred.org, without the need to download anything. The term mining represents the process of validating transactions on the Decred network and keeping it secure. In return for work, miners are rewarded with newly generated Decred coins. Decred has two methods of validating transactions: Proof-of-work (PoW) and Proof-of-stake (PoS). In summary, Decred is everything Bitcoin was designed to be but failed at when released into the wild. It’s not the most well-known cryptocurrency, but it’s a solid project many analysts believe will remain sustainable for a long time to come.