Review on Decred by Robiul Islam
Democratic Governance Puts Users in Control.
It is a well-decentralized project with a well built financial and organizational structure. It is an altcoin that is very similar to Bitcoin. Decred is a payment coin that was developed as an alternative to Bitcoin. It developed various essential features such as governance, high security, adaptability, and a well established self funding system, which increases its longevity. Decred offers payment solutions for a wide range of customers. It can make its contribution to the global remittance market which is expected to reach $8.59 billion by 2025.
Consensus Voting: Consensus voting in Decred is characterized by a hybrid approach combining both Proof-of-Work (PoW) and Proof-of-Stake (PoS). The hybrid approach enables users to move from one set of rules to another while staying within the blockchain ecosystem.
Lightning Network: The Lightning Network enables Decred to function using smart contracts with an off-chain system that allows for quick payments in DCR.
Cross wallet Platforms: Decred wallets are supported in Windows, MacOS and Linux through graphical user interfaces. Command line interface (CLI) wallets are an option for users as well.
Fees: Transaction fees on the Decred network are lower than those of Bitcoin and Dash, and almost the same as on the Cardano blockchain. Overall, from the point of view of transaction fees, Decred is quite competitive.
There are many payment coins in the blockchain industry that target the same market as Decred. Its competitors have strong infrastructure, large merchant networks and a high level of global recognition which creates tough competition. It is unlikely that Decred will become the market leader in the short-term, but its technology and decentralized governance could help it survive in the long-term.
Updated 5 years ago
Rating changed from 4 to 5
Decred done some big releases!
Budgets approved on Politeia for Ditto (PR), iOS Wallet v1.0 released on the App Store on Jul 10.
dcrdata v5.0 released. New charts and data visualizations for exploring Decred data, improvements in performance, security and architecture.
Smoother experience for contractors submitting invoices with bug fixes and UI improvements in the Contractor Management System (CMS) — an important milestone in rolling out the DCC and financial reporting.
Overall i see some major movement hopefully Decred will fly like bird!
Pros
- Aims at building a democratic community where the users can take decisions regarding the coin on the basis of consensus.
- Community wielded and enable decentralized decision making and exhorts by offering rewards.
- It’s hybrid mining mechanism also makes it 51% resitant to attacks.
- Offers an innovative hybrid proof-of-work, proof-of-stake consensus voting system based on a modular codebase.
- No pre-mine, no ICO.
- Rather than spend money on marketing Decred, Company has chosen to focus on expanding its functionality.
Cons
- The system entails that whoever has more coins, can secure more votes that can turn the system into oligarchy.
- The transaction time taken is higher 5 MTS.
- The market adoption is minimal still which could be a drawback.
