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project icon for decred

Decred

DCR
$11.96
0.04%
Positive delta icon

Decred is a governance-focused cryptocurrency with a hybrid PoS/PoW consensus mechanism.

Overview

Project Stage

Live status icon

Amount Raised

Market Cap

$144MM

Sector

Cryptocurrency

Blockchain

Native token icon

Decred

Funding Source

Project Profile

For a comprehensive explanation and commentary, read the Decred Cryptoasset Report

Jake Yocom-Piatt, Decred’s founder, developed a series of concerns about Bitcoin while working on btcsuite, including:

  • Ineffective and inefficient governance
  • Lack of funding for protocol development
  • Outsized influence of Proof of Work miners on development decisions

Jake Yocom-Piatt, who would later lead Decred project development through Company 0, discusses these issues at length in a late 2015 blog post. Indeed, the Bitcoin community has debated each of these areas considerably, with many viewing these factors as significant roadblocks to Bitcoin’s progress. Bitcoin has no formal governance structure, and decisions to alter the protocol are made entirely off-chain, typically by insiders/early adopters and heads of large mining operations. Changes to the Bitcoin protocol must be approved by consensus of the Bitcoin Core developers and adopted by miners, and there is no direct way for Bitcoin users or associated groups to vote on protocol changes. In particular, the Bitcoin Improvement Proposal (BIP)system provides a collaborative repository for proposing protocol upgrades, though no formal system for implementation.

Project Details

Decred utilizes neither solely the ‘1 CPU = 1 vote’ of Bitcoin/PoW nor the ‘1 token = 1 vote’ of a pure PoS protocol, opting instead for a hybrid approach. Transactions on the Decred network are validated through a hybrid PoW and PoS system. At a high level, PoW miners generate blocks that a randomly selected set of PoS validators must validate before the block is appended to the main chain. This consensus architecture is part of Decred’s overall goal of giving various stakeholders input in managing the network. PoS validators act as an explicit check on PoW miners; the former can reject invalid blocks or those that use software versions not preferred by token holders. The block rewards are split 60/30/10 between miners, stakers, and the development pool. The 60% PoW miner reward is reduced proportionally if the block is not approved by all five randomly chosen PoS validators. As of mid-2018, the annual PoS reward is approximately 15%.

Decreddark(1).png

The PoW component of Decred uses the Blake-256 hashing algorithm. In early 2018, ASIC mining units for Blake-256 hashing algorithms were released, quickly increasing the total hashing power of the Decred network by a factor of 20. These ASICs can also be used in Sia. Similar to Bitcoin, hashing power in Decred is relatively concentrated to a small number of mining pools. Due to Decred’s hybrid consensus mechanism, where PoS stakers can reject fraudulent blocks, the introduction of ASICs and mining centralization are arguably not as crucial issues as in Bitcoin or other pure PoW networks. However, the development of ASICs will likely contribute to greater security for the network and generate miner interest in DCR.

project icon for decred

Decred

DCR
$11.96
0.04%
Positive delta icon

Decred is a governance-focused cryptocurrency with a hybrid PoS/PoW consensus mechanism.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
$144MM
Native token icon

Decred

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Cryptocurrency

Project Profile

For a comprehensive explanation and commentary, read the Decred Cryptoasset Report

Jake Yocom-Piatt, Decred’s founder, developed a series of concerns about Bitcoin while working on btcsuite, including:

  • Ineffective and inefficient governance
  • Lack of funding for protocol development
  • Outsized influence of Proof of Work miners on development decisions

Jake Yocom-Piatt, who would later lead Decred project development through Company 0, discusses these issues at length in a late 2015 blog post. Indeed, the Bitcoin community has debated each of these areas considerably, with many viewing these factors as significant roadblocks to Bitcoin’s progress. Bitcoin has no formal governance structure, and decisions to alter the protocol are made entirely off-chain, typically by insiders/early adopters and heads of large mining operations. Changes to the Bitcoin protocol must be approved by consensus of the Bitcoin Core developers and adopted by miners, and there is no direct way for Bitcoin users or associated groups to vote on protocol changes. In particular, the Bitcoin Improvement Proposal (BIP)system provides a collaborative repository for proposing protocol upgrades, though no formal system for implementation.

Project Details

Decred utilizes neither solely the ‘1 CPU = 1 vote’ of Bitcoin/PoW nor the ‘1 token = 1 vote’ of a pure PoS protocol, opting instead for a hybrid approach. Transactions on the Decred network are validated through a hybrid PoW and PoS system. At a high level, PoW miners generate blocks that a randomly selected set of PoS validators must validate before the block is appended to the main chain. This consensus architecture is part of Decred’s overall goal of giving various stakeholders input in managing the network. PoS validators act as an explicit check on PoW miners; the former can reject invalid blocks or those that use software versions not preferred by token holders. The block rewards are split 60/30/10 between miners, stakers, and the development pool. The 60% PoW miner reward is reduced proportionally if the block is not approved by all five randomly chosen PoS validators. As of mid-2018, the annual PoS reward is approximately 15%.

Decreddark(1).png

The PoW component of Decred uses the Blake-256 hashing algorithm. In early 2018, ASIC mining units for Blake-256 hashing algorithms were released, quickly increasing the total hashing power of the Decred network by a factor of 20. These ASICs can also be used in Sia. Similar to Bitcoin, hashing power in Decred is relatively concentrated to a small number of mining pools. Due to Decred’s hybrid consensus mechanism, where PoS stakers can reject fraudulent blocks, the introduction of ASICs and mining centralization are arguably not as crucial issues as in Bitcoin or other pure PoW networks. However, the development of ASICs will likely contribute to greater security for the network and generate miner interest in DCR.

Recent News

Summary of the first year of Decred's Politeia governance module.

In its first year of existence, the on-chain governance system has considered over 50 proposals and allocated over $3.5 million in DCR to various initiatives across areas including marketing, software engineering, and market making. Proposal voting rights are conferred to Decred ticket holders, who participate in the Proof of Stake aspect of its consensus. The average voter turnout was 30% of tickets; this does not imply that 30% of DCR token holders participated, as individuals can own zero or multiple tickets. Dash's treasury and public proposal system allocated over $4.5 million in DASH over the past year, though it is likewise difficult to infer how many individuals participated.

October 20, 2019

Sources:

more

Decred releases roadmap for privacy features, leveraging its staking system to anonymize transactions through mixing.

The project adopts a mixnet approach to anonymizing transaction outputs based on the CoinShuffle++ protocol, allowing users to opt-in to private ticket purchases. Subsequent research and development intends to improve GUI wallet UX, reconfigure virtual storage platforms to be privacy compatible, and investigate whether Bulletproofs can be implemented in a manner resistant to silent inflation attacks so to enable confidential transactions.

August 28, 2019

Sources:

moreThe Block

Poloniex de-lists 9 cryptoassets, citing uncertainty over their status as a security in the US; all except Decred conducted token sales

May 17, 2019

Sources:

more
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project icon for decred

Decred

DCR
$11.96
0.04%
Positive delta icon

Decred is a governance-focused cryptocurrency with a hybrid PoS/PoW consensus mechanism.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
$144MM
Native token icon

Decred

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Cryptocurrency

Project Profile

For a comprehensive explanation and commentary, read the Decred Cryptoasset Report

Jake Yocom-Piatt, Decred’s founder, developed a series of concerns about Bitcoin while working on btcsuite, including:

  • Ineffective and inefficient governance
  • Lack of funding for protocol development
  • Outsized influence of Proof of Work miners on development decisions

Jake Yocom-Piatt, who would later lead Decred project development through Company 0, discusses these issues at length in a late 2015 blog post. Indeed, the Bitcoin community has debated each of these areas considerably, with many viewing these factors as significant roadblocks to Bitcoin’s progress. Bitcoin has no formal governance structure, and decisions to alter the protocol are made entirely off-chain, typically by insiders/early adopters and heads of large mining operations. Changes to the Bitcoin protocol must be approved by consensus of the Bitcoin Core developers and adopted by miners, and there is no direct way for Bitcoin users or associated groups to vote on protocol changes. In particular, the Bitcoin Improvement Proposal (BIP)system provides a collaborative repository for proposing protocol upgrades, though no formal system for implementation.

Project Details

Decred utilizes neither solely the ‘1 CPU = 1 vote’ of Bitcoin/PoW nor the ‘1 token = 1 vote’ of a pure PoS protocol, opting instead for a hybrid approach. Transactions on the Decred network are validated through a hybrid PoW and PoS system. At a high level, PoW miners generate blocks that a randomly selected set of PoS validators must validate before the block is appended to the main chain. This consensus architecture is part of Decred’s overall goal of giving various stakeholders input in managing the network. PoS validators act as an explicit check on PoW miners; the former can reject invalid blocks or those that use software versions not preferred by token holders. The block rewards are split 60/30/10 between miners, stakers, and the development pool. The 60% PoW miner reward is reduced proportionally if the block is not approved by all five randomly chosen PoS validators. As of mid-2018, the annual PoS reward is approximately 15%.

Decreddark(1).png

The PoW component of Decred uses the Blake-256 hashing algorithm. In early 2018, ASIC mining units for Blake-256 hashing algorithms were released, quickly increasing the total hashing power of the Decred network by a factor of 20. These ASICs can also be used in Sia. Similar to Bitcoin, hashing power in Decred is relatively concentrated to a small number of mining pools. Due to Decred’s hybrid consensus mechanism, where PoS stakers can reject fraudulent blocks, the introduction of ASICs and mining centralization are arguably not as crucial issues as in Bitcoin or other pure PoW networks. However, the development of ASICs will likely contribute to greater security for the network and generate miner interest in DCR.

Recent News

Summary of the first year of Decred's Politeia governance module.

In its first year of existence, the on-chain governance system has considered over 50 proposals and allocated over $3.5 million in DCR to various initiatives across areas including marketing, software engineering, and market making. Proposal voting rights are conferred to Decred ticket holders, who participate in the Proof of Stake aspect of its consensus. The average voter turnout was 30% of tickets; this does not imply that 30% of DCR token holders participated, as individuals can own zero or multiple tickets. Dash's treasury and public proposal system allocated over $4.5 million in DASH over the past year, though it is likewise difficult to infer how many individuals participated.

October 20, 2019

Sources:

more

Decred releases roadmap for privacy features, leveraging its staking system to anonymize transactions through mixing.

The project adopts a mixnet approach to anonymizing transaction outputs based on the CoinShuffle++ protocol, allowing users to opt-in to private ticket purchases. Subsequent research and development intends to improve GUI wallet UX, reconfigure virtual storage platforms to be privacy compatible, and investigate whether Bulletproofs can be implemented in a manner resistant to silent inflation attacks so to enable confidential transactions.

August 28, 2019

Sources:

moreThe Block

Poloniex de-lists 9 cryptoassets, citing uncertainty over their status as a security in the US; all except Decred conducted token sales

May 17, 2019

Sources:

more
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