Decred Review. January 2019
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You can find our previous reviews here:
OmiseGO Review. December 2018
Lisk Review. December 2018
Waves Review. December 2018
Ontology - Review November 2018
0x Protocol [ZRX] Review. November 2018.
Maker. Review - October 2018
Why Cryptoindex is unique?
Tezos. Review - September 2018
Binance Coin. Review
IOTA. Review. August - 2018
Cardano - review. Future plans.
Ripple - review. Further Perspectives
Litecoin. June'18 overview
The Dow Jones index. From where did it come to us?
Bitcoin Cash. June 2018 overview
Are cryptocurrency indices a new crypto market trend?
EOS. End of May'18 overview
Ethereum. May 2018 overview
Here on our Cryptoindex blog, we will be posting 100 articles about each of the top performing coins selected by our powerful AI algorithm#CIX100coinreview.
Today’s review: Decred
Decred is a fully open and self-financing cryptocurrency, which began its existence on December 15, 2015. Its control system was created on the basis of the blockchain. Experts say that it is a hybrid of two principles - PoW / PoS. Thus, a consensus is reached between miners and voters. This project was created with the idea of full and open participation of all comers. It is a cryptocurrency feature and the creators put an emphasis on this component before the ICO.
Decred combines the development of other platforms based on similar Bitcoin code. It assumes the active development of the following areas:
· scaling transactions and increasing the speed of their confirmation;
· the principle of consensus based on the combined protocols of PoW and PoS;
· increased privacy in the use of cryptocurrency;
· decentralized self-government system based on user voting;
· Dash-like reward distribution and self-financing system;
· development of a platform for the active implementation of smart contracts.
Of particular interest is the promotion of the Lighting Network protocol. Its main goal is to increase transaction scaling, but it also increases user privacy. The introduction of smart contracts at the current stage offers limited functionality. Full and free development of decentralized applications based on Decred is not expected.
Especially for the convenience of users, the developers of the Decred system offered several types of wallets, as well as a simple miner for mining coins.
- Web wallet. Simple, convenient and operational fork of BitPay wallet. This keeper provides access to all the basic possibilities of cryptocurrency: sending and receiving virtual money, making transactions with several multi-signatures.
- A wallet with the command line. It is an option for those participants in the system who professionally understands the program code. It gives you the opportunity to get PoS, and then receive rewards.
- GPU miner. A simple and at the same time powerful program for the extraction of blocks.
Once you have a Decred wallet, you can start sending and receiving Decred. You only need an address to send or receive funds. This address can be generated from any Decred wallet. An address always begins with the letter D and contains from 26 to 36 alphanumeric numbers.
After the transaction is completed, the funds will be cleared after about 5 minutes. You will be charged a small fee in addition to the amount of your transaction. The developers claim that a 100 DCR transmission will cost about 0.006 DCR.
Talking about the development of the system, a part of the reward from the new blocks goes on the further development of the Decred. This ensures that the platform will constantly evolve to meet the needs of the community.
Some of the planned features for the future include:
· Payment Integration
· Hard vote on the plug
· Improved privacy
· Continuous interface and design development
· Support network lightning
· Decentralized control of development funds
· Stakeholder-oriented DAO
These issues are often discussed on the Decred blog. You can visit the blog for the latest news on planned future features.
Decred cryptocurrency cost has grown in several hours by more than 25% after Binance, the largest in terms of trading volumes exchange, stated about the beginning of its support in October 2018.
Cryptocurrency will have to pass a lot of rigorous tests - after all, each innovative system must be tested by time, as well as the experience of specific users. Meanwhile the project is functioning and attracting new customers.
At the time this article was published, Decred makes up 0.127% of the total of CryptoIndex portfolio.
You can always check the current CIX100 composition on our MVP platform: http://cryptoindex.ai/
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