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What is Decred and how to exchange DCR on Swapzone?

What is Decred crypto? How to convert DCR | Swapzone
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When Bitcoin came into existence, it brought a lot of cryptocurrency to life and it changed the face of finance forever. Many cryptos established themselves in the market taking advantage of the open-source code of Bitcoin. One of the early crypto to do that is Decred. Decred coin (DCR) took Bitcoin base code and added some modifications to introduce something different to what Bitcoin offers. That is rewarding and empowering DCR token holders who participated in the DCR network. It is needed to motivate users to participate in the process of governance of the network.

What is Decred?

What is Decred?

Decred crypto is aimed at enabling sustainable funding policies, community interaction, and open governance. It was launched in February 2016 to solve the scalability issue rampant in the Bitcoin network. Its documentation states that the Decred DCR is built in a way to enable the DCR community to approve every change made to the protocol and transactions done on the network. This is done to prevent whales from manipulating the DCR protocol’s operation. Since the Decred token is based on Bitcoin’s code, it has several underlying features of Bitcoin.

Since the Decred token is based on Bitcoin’s code, it has several underlying features of Bitcoin. We are aware of the clash of interest that occurred during the Bitcoin hard fork that gave way to Bitcoin Cash and Decred wants to avoid repetition of such occurrence. Therefore, its design is done in a way to prevent it. By ensuring every member of the community has a say on the future of the Decred blockchain, the DCR protocol ensures rifts in its community are prevented. Besides, for a Hard Fork to occur on the Decred blockchain, an overwhelming majority has to agree to it.

The primary driver of the DCR protocol is a company called Company 0 and its mission is to utilize the blockchain to build an improved personal data protection network and introduce organizational liberty to projects. The founder of the company is Jake Yocom-Piatt, and he is also the project lead for Decred protocol. Another member of the company is Marco Peereboom who serves as the CTO of the company and direct supervisor of many teams on the DCR network. He played a key role in the launching the Decred crypto.

What is Decred?

Decred blockchain

The key component of the Decred algorithm is its hybrid consensus mechanism that combines Proof-of-Stake (PoS) and Proof-of-Work (PoW) to keep the nodes and Decred masternode running on the blockchain simultaneously. Just like other cryptos that use PoW, miners on the Decred blockchain validate transactions by solving complex mathematical puzzles to create new blocks on the chain. PoS enables DCR token holders that stake their Decred tokens to carry out validation and confirmation of those transactions while participating in the governance of the protocol.

Token stakers are assigned tickets, which are non-transferable and unique to the Decred protocol. There are 20 tickets available per block and five of these tickets are chosen randomly. The owners of the chosen tickets are the ones to validate the correctness of blocks that Decred blockchain miners propose. The reward per block is distributed to all parties involved in the process, when the blocks are validated and joined to the blockchain. This is how the tokens are distributed: miners get 60%, stakers get 30% and 10% go to the treasury. Decred hashrate is the total computational power combined that is used for mining activities and processing of transactions. 

The governance system

The governance system used on the Decred network is called Politeia and the goal is to have an open environment welcoming fresh ideas with a voting system used to decide whether to accept and implement these ideas. Those who want to provide a policy change or potential upgrade will be able to do so through the Politeia public proposal web platform. This is the platform that enables the submission, tracking, and discussion of proposed changes to governance on the DCR protocol.

The governance system of Decred

Advantages of DCR coin

  • Adaptability

The protocol has in-built governance systems that endow the DCR community with voting rights to decide on changes to the consensus as well as management of decisions concerning the project. These settings make the protocol adaptable to changes and enable it to grow according to stakeholders’ will and make hard fork difficult while integrating new technology over time.

  • Sustainability

DCR network constantly injects funds into its treasury using the allocated 10% it gets from every block reward. It uses a flexible contractor model that enables contributors to be compensated for their activities, turning the protocol into a self-funded Decentralized Autonomous Organization that is sustainable.

  • Security

The Decred algorithm combines PoS and PoW to create an innovative hybrid that covers the security of the protocol and aligns incentives. This banks on the best attribute of both types of consensus mechanism.

Advantages of DCR coin

Decred vs Bitcoin

The Decred token was built by copying the code of BTC, which gives both crypto certain similar attributes. For example, both have a maximum supply of 21,000,000. However, the code was modified and that means there are distinct features unique to just Decred. So, naturally, people will want to pit Decred vs Bitcoin.

 

Decred

Bitcoin

Hashing function

BLAKE-256

SHA256

Block Halving

Every 6,144 blocks, which is approximately every 21 days with a block reward of 31.19582664 DCR

Every 210,000 blocks, which is approximately every 4 years with a block reward of 50 BTC

Block reward distribution

Shared between stakers, miners, and the protocol’s treasury

Solely to Miners

Mining Difficulty

Adjusted every twelve hours

Adjusted every two weeks

Block time

5 minutes

10 minutes 

Why is Swapzone the best place to exchange DCR?

How to get a Decred token? You can get DCR coins from Swapzone, which is a Decred coin exchange aggregator for the best Decred coin value in the market. This positions Swapzone as the best place to geta Decred coin.

Why is Swapzone the best place to exchange DCR? 

Before you proceed to select the DCR coin exchange you want, ensure you know the exact amount of DCR token you want to buy. This will help determine the Decred profitability, as you will know the amount of DCR coins you are getting for your BTC.

Step 1. On Swapzone, you can select any DCR pair from the list of tokens then the site will pull up from all the Decred exchanges.

Step 2. Input the number of Decred tokens you want to exchange.

Step 3. Select the DCR exchange that suits you by clicking on the exchange button.

DCR Exchange page for BTC to DCR.

Step 4. Input the address where you want to receive the DCR crypto. There is also an option for a refund address, which is the address where the asset you are swapping will be refunded to incase of any issues.

Step 5. Click on proceed to exchange button to carry out the exchange. 

Step 6. Please, rate the exchange and leave an honest review on the review page.

What is Decred crypto? How to convert DCR | Swapzone