What is Decred (DCR)? Here’s What You Need To Know
Decred (DCR) aims to be the next best cryptocurrency to come after Bitcoin. It tries to set itself apart from the rest by stating that the project’s community is the one fully in charge.
While this augurs well with decentralization, it remains to be seen if that will be the case going forward.
The most striking feature of Decred is its hybrid consensus algorithm. The platform is designed to support both proofs of work and proof of stake systems.
That means you can either be a miner or participate through voting. The only problem seems to stem from the fact that the team supports ASIC mining that locks out a majority of would-be miners.
Other than that, the project will offer smart contracts and have cross-chain capabilities that will also allow atomic swaps. In addition, there’s support for cross-platform wallets. This is important as it makes it easy for an investor to have a single wallet for several crypto assets.
The platform’s modular architecture is also advantageous to it. The network’s scaling is enhanced, providing the platform with opportunities to grow.
It is in line with its modular infrastructure that allowed developers to code the pioneering user-activated voting protocol. It is hoped that this feature will help make the project’s governance to be fully run by the community.
The DCR token seems to benefit from a lot of hype generated around the project. Although this may obscure the novel ideas behind the crypto, the long-term outlook is quite positive.
The token is among the top performers this week with a spike in value pushing it past the $85 level before it dropped back to $78. The 7-day price movement has seen the token gain by +38% and by +18% in the last 24 hours.
There are many coins on the market with huge price moves, but don’t have any underlying strength. Decred (DCR) is a genuine platform that can go on to become successful cryptocurrency projects.