Decred

Last updated
Decred
Decred logo full color.svg
Decred
Denominations
Ticker symbol DCR
Subunits
 ​1⁄100000000atom
Development
White paper "Decred: Overview"
Code repository github.com/decred/dcrd
Website decred.org
Ledger
Ledger start8 February 2016(2 years ago) (2016-02-08)
Hash function BLAKE-256
Block reward12.08 DCR(as of 14 September 2018)
Block time5 minutes
Block explorer explorer.dcrdata.org
Circulating supply8,468,245 (as of 14 September 2018)
Supply limit21,000,000

    Decred (/ˈdi:ˈkred/, /dɪˈkred/, dee-cred) is an open-source cryptocurrency, [1] Released in February 2016. [2] [3]

    Cryptocurrency digital medium of exchange

    A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.

    Contents

    History

    Decred is a distributed public ledger which operates via a hybridized Proof-of-Work (PoW), Proof-of-Stake (PoS) blockchain consensus protocol. [4]

    A Proof-of-Work (PoW) system is an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing time by a computer. The concept was invented by Cynthia Dwork and Moni Naor as presented in a 1993 journal article. The term "Proof of Work" or PoW was first coined and formalized in a 1999 paper by Markus Jakobsson and Ari Juels.

    Proof of stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS-based cryptocurrencies the creator of the next block is chosen via various combinations of random selection and wealth or age. In contrast, the algorithm of proof-of-work-based cryptocurrencies such as bitcoin uses mining; that is, the solving of computationally intensive puzzles to validate transactions and create new blocks.

    Blockchain distributed data store for digital transactions

    A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

    On February 7, 2016 Decred was released by Chicago-based Company 0. [2] Decred developers executed an atomic swap between Decred (DCR) and Litecoin (LTC) in September 2017. [5]

    Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011. In technical details, litecoin is nearly identical to Bitcoin.

    In June 2017 Decred became the first cryptocurrency project to approve a change to its protocol through a binding on-chain vote. [6] [7]

    References

    1. ↑ "Digital Currency Divide: Bitcoin, Decred and the Virtual Finance Future". Security Intelligence. Retrieved 2017-10-23.
    2. 1 2 Elahi, Amina. "Chicago developers launch Decred, a Bitcoin alternative". chicagotribune.com. Retrieved 2017-10-24.
    3. ↑ Cimpanu, Catalin. "Amid Bitcoin Centralization Worries, Developers Start New Currency Called Decred". softpedia. Retrieved 2017-10-23.
    4. ↑ "A (Short) Guide to Blockchain Consensus Protocols - CoinDesk". CoinDesk. 2017-03-04. Retrieved 2017-10-23.
    5. ↑ "Decred Adds Atomic Swap Support for Exchange-Free Cryptocurrency Trading". NASDAQ.com. 2017-09-20. Retrieved 2017-10-24.
    6. ↑ Filippi, Primavera De; Loveluck, Benjamin (2016-09-30). "The invisible politics of Bitcoin: governance crisis of a decentralised infrastructure". Internet Policy Review. 5 (3). ISSN   2197-6775.
    7. ↑ Shin, Laura. "Why Bitcoin's Greatest Asset Could Also Spell Its Doom". Forbes. Retrieved 2017-10-23.
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