Decred (DCR)

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Decred.png

Decred (DCR) is an open-source, blockchain-based cryptocurrency similar to Bitcoin which uses a hybridized system of proof-of-work and proof-of-stake.

Overview[edit]

Firmware (device) support Trezor One 1.6.2, Trezor Model T 2.0.7
Available in Trezor Wallet? No
Third-party wallets No

Support of Decred was added to Trezor One and Trezor Model T firmware. There is no wallet integration yet. See also Trezor Supported coins & tokens page

Technology[edit]

Consensus Mechanism[edit]

Proof-of Work and Proof-of-Stake are used to provide the consensus that confirms new blocks and transactions. This hybridized system is also referred to as Proof-of-Activity (PoA).

Governance[edit]

Decred became the first cryptocurrency project to approve a change to its protocol through a binding on-chain vote. This changed the Proof of Stake staking algorithm to simplify the process of buying tickets. This change was contentious in the sense that participants in Proof of Work mining were incentivised to reject it because it decreased the fees they could expect to receive, but stakeholders (i.e. PoS Miners) were able to enforce their decision that it should be accepted.

  • Project subsidy

Ten percent of the Decred block reward goes into a project subsidy wallet, to be used to fund development and promotion of the project.

Atomic Swap[edit]

Decred developers executed an atomic swap between Decred (DCR) and Litecoin (LTC) in September 2017.

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