What you need to know about Decred

In this addition of giving a brief overlook of a cryptocurrency, its most recent state, what it is about and how well it can possibly fair in the near possible future, we talk about Decred.

Decred is based on a proposal for the Memcoin2 cryptocurrency from April 2013 on the Bitcointalk forum. The user, TacoTime, proposed the new cryptocurrency and worked with _ingsoc, another Bitcointalk user, and Jake Yocom-Piatt to implement the hybrid (combining elements of public blockchains that are characterized by decentralized data and control and distributed governance and private blockchains that are primarily characterized by low latency and high scalability) Proof-of-Work (“PoW”) / Proof-of-Stake (“PoS”) consensus system from Memcoin2 as a new project, called Decred.

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Essentials of Decred

PoS was a major development in the blockchain world where the users can stake their coins and as a result, get a vote in the governance system of the blockchain. People are selected to participate and as a result are given the power to come to a consensus regarding the governance.

There are three essential processes when describing Decred:

  • First is the security as the Proof-of-Work (PoW) – Proof-of-Stake (PoS) consensus mechanism makes it significantly more costly to attack than other PoW or PoS consensus chains.
  • Second is the feature of adaptability that allows proposals to be reviewed and implemented quickly and fairly.
  • Third is the resilience of Decred ecosystem. It is focused on long-term goals and sustainable growth. From the beginning, the project has advocated for decentralisation. This is demonstrated by Decred’s self-funding solution, which was developed to address the drawbacks commonly associated with traditional crypto project fundraising.

Price Movement and Prediction

Decred had displayed a phenomenal performance in the bull run of 2021. The cryptocurrency was operating at a price level of around $12 before the bullish momentum started during the fourth quarter of 2020. DCR token went all the way up to $250 – establishing it as its all-time high – which is nearly a staggering 2,000% gain. Despite the subsequent bearish momentum in the market, DCR coin established itself above $100.

In the last month, Decred has suffered a serious blow with its value plummeting from $175.16 to $96.53. It has been recovering over the past week with its current value of $123.18 at the time of writing of this article. It is a surprise as a lot has happened since Decred launched its mainnet back in 2014 and new and innovative kinds of technologies are being employed. But Decred has rallied through the tumultuous storm quite bravely and now future outlook of the coin does look bright. Judging by the prediction of Wallet Investor, its value by the end of the year will be at $242.885. Digital Coin Price is a little bit more conservative as it estimates a value of $215.14 by the end of 2022.

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