Decred 101

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Decred Logo
Decred Logo

Decred Logo

Who was Decred made by?

Decred was created by Company 0, they are a Chicago based company behind BTCSuite

 

What is Decred?

Decred is a peer to peer based currency, a user to user connected network, without any central server for data. It allows for the sending of money digitally, without the need of a centralized financial institution, like a bank. Decred can be bought in fractions, making the technology and currency available for everyone.

 

How does Decred work?

Decred is a blockchain based network, as much as it’s a currency or store of value. In order to power the blockchain, and confirm blocks that have transaction data, Decred utilizes a process called Proof of Work mining. Proof of Work as stated helps confirm and process blocks, and in turn helps process the transactions, as well generates blocks generates new blocks. The network uses the blocks created by the mining process, to organize transactions.

Decred also utilizes Proof of Stake, these are used for community governance voting; staking also helps confirm blocks, as well mint or forge new blocks. Minting or Forging is a similar process to generating blocks with Proof of Work, though requires far less power. Community voting is used to help decide which direction the Decred team should take, this helps gauge exactly what coin holders hope for the future. Though this method of governance has been criticized by some, it still remains vital in understanding, and experimenting community driven voting on blockchain.

 

How do you store, send, and receive Decred?

In order to store, send or receive Decred; you will need a wallet to generate an address to use. Check out Decred Wallets for wallets that we like using!

 

How you buy Decred?

To purchase Decred using fiat based currencies, like USD or EUR, you will need to purchase off a cryptocurrency exchange. Check out Exchanges for platforms that we enjoy!

 

Symbol/Ticker: DCR

Hashing Algorithm: Blake-256

Max Total Supply: 21 Million

Whitepaper: None