Decred is a native cryptocurrency created on Decred blockchain whose transaction takes place from one peer to another without involvement by the government thus is being considered to be decentralized. Decred cryptocurrency was created to enable stakers to earn interest by purchasing voting tickets on the Decred network and trying to validate the previous block added to Decred network through mining. If your ticket is valid you will earn a certain percentage of the previous block mined while if it is not you will not be rewarded.
Decred transaction
Decred transaction takes place on the Decred blockchain Explorer based on blocks height and timestamp. To view how Decred transaction takes place on the Decred blockchain explorer, simply follow the link below;
Date Launched
Decred cryptocurrency was created in 2016 with the main objective of ensuring that the transaction on the block is valid. This is done by its combination of proof-of-work and proof-of-stake.
Founder Of Decred cryptocurrency
Decred was created by Jake Yokom Piatt who is a Chicago based technologist.Jake Yokom Piatt created Decred with the main objective of making it easier for miners and stakers to easily get accessed to power unlike in other cryptos through the combination of proof- of -work and proof - of - stake mechanism.
Process of creating Decred cryptocurrency
Decred is a proof - of - work and proof - of - stake cryptocurrency. Being a proof - of - work cryptocurrency, it is therefore created through the mining process in the presence of internet and power using GPU and CPU. The algorithm used to mine Decred cryptocurrency is Blake-256 algorithm. The miners can either choose to mine Decred as solo miner which is very slow since to discover a block, it takes a lot of time or they can decide to join a pool and share their computing power which is very fast and more rewarding. Out of the 100% block added to Decred blockchain, 60% will be rewarded to miners, 10% for development of Decred network while 30% will be rewarded based on proof -of stake. Furthermore, when the miners stake their mined Decred for a given period of time by purchasing a voting ticket on Decred network, their ticket will remain pending on Decred network for a given period of time for the validation of 30% previously added block. If your ticket is being validated, you will be rewarded a certain percentage out of 30% based on your staking while if it is invalidated, you will not be rewarded
Maximum circulation of Decred cryptocurrency
1,680,000 of Decred coin was created during its launch.The maximum supply of Decred cryptocurrency expected to be in the Decred upon its completion of mining process and staking process is 21,000,000.After this maximum supply has been capped, the staking will still continue.Unlike cryptocurrency like bitcoin where block reward keep on halving after every 4 years. For Decred cryptocurrency, that will not be the case. Instead, the block reward will keep on declining by 1% after every 21 days.
Decred Price
Currently, 1 Decred is worth more than $27 and its price is expected to increase over the next period of time. Decred is being abbreviated as DCR.
Converting my Decred to other cryptocurrencies
To convert your Decred to other cryptocurrencies such as bitcoin , you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Decred to bitcoin
https://www.binance.com/?ref=10776203
Storing my Decred
To store your Decred, you need a Decred wallet or other supported cryptocurrency wallets. You can use Decred web wallet or other supported Decred wallets. For the safety of your Decred, you can use offline Decred wallet like Ledger hardware wallet or you can download Decred wallet.
Transferring my Decred to other Users
If you want to transfer your Decred to another user, the two of you must have trust in each other. The trust should be the Decred address provided by the receiver while the sender must have the Decred balance in their account to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;
Knowing more About Decred
If you feel that you need to learn more about Decred cryptocurrency, then you can follow them on their site. Here is the link redirecting you to Decred website site
Now that you know, i think that it is time for you to start Mining some Decred as well as purchasing them and start staking them to earn some interest if you don't have some computing power . If you feel that i should also own some for helping you to know more about this cryptocurrency, here is my Decred address ;
DsiSLkTTBByjdfm9afTPd3tP96KejyEQKN2
