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What Is Decred ?

Decred is focused on creating a transparent and evolved cryptocurrency. This project plans on using a community-based governance model that is still based on the blockchain model. This currency can be mined and uses a proof-of-work system.

Decred uses an original unique hybrid system, due to the fact that it’s using proof-of-work. However, it is not always easy for the miners to agree with the rest of the community. In order for this to happen, PoW mixed with PoS for improved results. One of the reasons why Decred is popular is that everyone can mine currency, regarding of whether they own expensive mining software.

 

The project has gained quite a lot of popularity since its September 2015 launch  Its smart technical features and the voting system are designed in such way to benefit its users. The democratic voting system allows for any arising conflicts to be solved quickly.

Furthermore, Decred can easily provide permanent transaction hashes because it separates the signatures of the transaction from its data which is in a way very close to SegWit’s plans for Bitcoin.

 

There are two ways Decred allows users to sign their transactions: off-chain and through Schnorr. These features put Decred above Bitcoin for the later still has a long time until it can implement such practices.

 

Unlike other blockchains, Decred offers a feature that enables transactions to expire when a set period of time has passed. This is possible due to users filling in an expiration date, which protects them from being included in the blockchain when the block reached a certain height. These transactions are cancelled by default when delays occur, such as in confirming them. It is well known that users of both Bitcoin and Ethereum would like this feature available to them as well.

 

These are not all the features planned for Decred. In the future, Decred will have a stakeholder-directed DAO, Lightning Network support, decentralized control over the development of funds, and improved privacy. It should be noted that these features are decided upon by the community and the team of developers. Clearly, this is a project worth following since the mentioned features sound exacting, and will make this cryptocurrency stand out.