Decred

Decred

 DCR

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.

Decred Exchange Rate

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.

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.

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.

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.

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.

  • On Swapzone, you can select any DCR pair from the list of tokens then the site will pull up from all the Decred exchanges.
  • Input the number of Decred tokens you want to exchange.
  • Select the DCR exchange that suits you by clicking on the exchange button.
  • 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.
  • Click on proceed to exchange button to carry out the exchange.
  • Please, rate the exchange and leave an honest review on the review page.

Popular pairs to convert Decred

Frequently asked questions

What is the Decred exchange rate?

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An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.

There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.

Where to find the lowest transaction fees?

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Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.

If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.

What is average transaction time?

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Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.

The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.

The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.

How to choose a cryptocurrency wallet to store Decred?

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To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.

There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.

If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.

What is the best cryptocurrency exchange for beginners?

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There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.

To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.

What is Swapzone?

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Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.

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Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.