What Is Decred (DCR)?
Decred is a cryptocurrency project meant to fix decentralization issues plaguing other crypto and blockchain projects. It does so with a more democratized distribution and voting mechanism. The project supports the Lightning network and launched Politeia in 2018. DCR is the voting and staking token used by the platform.
Who Is Decred?
The Decred network was launched by Chicago, Illinois-based Company 0 and is operated and maintained by the Decred Foundation. It was created in 2017 by co-founders Alex Yocom-Piatt, Dave Collins, David Hill, Jake Yocum-Piatt, John Vernaleo, and Josh Rickmar to improve upon Bitcoin’s design.
Use Cases of Decred
Decred is meant to be used as a digital currency, although an actual use case hasn’t really been developed yet. We’ll have to wait and see if the community or development team actually pursues partnerships and onboards new users like successful tech projects always do.
Otherwise, it’s just another vanilla crypto with no real use-case and nowhere to spend, like an in-game currency with no game, the bare minimum you can possibly do to be considered a cryptocurrency. You built an impressive voting platform, but what of substance is anyone voting on?
How to Mine DCR
DCR is generated through a hybrid Proof-of-Stake (PoS) and Proof-of-Work (PoW) algorithm called Proof-of-Activity). This creates a balanced ecosystem between whales created by either method individually and encourages balance and community involvement.
Learn More About Decred
If you want to learn more about Decred, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.