Published on Feb 21, 2020
Decred is an autonomous digital currency. Since 2016, Decred has striven to solve blockchain governance. Our innovative consensus voting model empowers stakeholders and allows for the seamless transition from one set of rules to another. Decentralized decision-making and self-funding have enabled us to build a robust, evolving digital currency, free from third party influence.
Built from 100% proven open-source technology.
Our modular codebase offers unique adaptability and can scale to the latest blockchain technology. Decred’s technology enabled the world’s first successful direct on-chain user-activated consensus vote. This represents a revolutionary approach to stakeholder governance where our community directs the project and makes decisions together.
There are three main ways to interact with Decred:
The Wallet - For sending and receiving funds as well as participating in PoS mining.
Proof-of-work Mining - Using computing power to validate transactions on the network and generate new Decred tokens.
Proof-of-stake Mining - Using funds to vote on important network development matters and validate transactions for rewards.
An address is the only thing needed to send or receive funds. It can be easily generated from any Decred wallet. Decred addresses always begin with D and contain 26-36 alphanumeric characters.
After a transaction is made, funds will usually clear in about 5 minutes. There is a small fee to help with the upkeep of the network. This fee is in addition to the transaction amount. That is, a transfer of 100DCR would incur a fee of about 0.006DCR.
The block explorers mainnet.decred.org and explorer.dcrdata.org allow users to search all the blocks and transactions in the Decred blockchain.
SPV Wallet Support - Instead of taking the typical wallet service approach where wallets connect to a centralized server, we have added support for a proper SPV mechanism that uses compact filters and works over the P2P network.
Politeia Voting - Our proposal system is nearing completion and will allow users and stakeholders to make proposals, dictate what does and does not get funded, and participate in project-level decision-making.
Lightning Network - The bulk of the work to port Lightning Labs’ lnd to Decred has been completed and it will be released soon.
Initial Privacy Release - Privacy work has begun in earnest and we will make an incremental privacy release where we release working code and give further information about our plans and approach.
Decentralized Control of Funds - While Politeia voting will be used to control the flow of dev org funds in the meantime, we will be creating a smart contract that will fully decentralize control of the dev org funds.
Decentralized Autonomous Entities - Using a similar method as that used to decentralize control of the dev org funds, we will allow for the creation of DAEs on the Decred chain.
Scalability Optimizations - A variety of changes, some of which are consensus changes, are required to improve the scaling properties of Decred, e.g. a new signature algorithm, multipeer sync support, and header commitments.
Decrediton Integrations - The Decrediton GUI will be adding new integrations to support SPV, mobile, Politeia voting and Lightning Network.
Decentralized Exchange - We will draft a proposal for a cryptocurrency-only decentralized exchange and share it publicly.
Marketing Growth - Decred has lined up a presence at many of the premier cryptocurrency trade shows for the rest of 2018 and will continue dialing up its marketing efforts.
Decred is built to last. Our development activity and quality are among the highest in the space. Features of the Decred software include:
An innovative hybrid proof-of-work (PoW) proof-of-stake (PoS) consensus voting system
A censorship-resistant blockchain-anchored public proposal platform
Smart contracts that work such as Lightning Network
Cross-chain atomic swaps between different digital currencies
Cross-platform wallets for ease of use
