Review on Decred by Fanuel PORPORTY
Decred is a decentralized virtual currency, entirely managed by its community.
Decred (Decentralized Credit) should be Bitcoin 2.0, as it appears to have adopted the most popular features of Bitcoin and paired them with better governance, limited miner influence and multi-chain atomic swaps to switch between different crypto-currencies.
Decred is a digital currency that offers complete autonomy to its stakeholders for decentralized decision-making and an easy transition between the different sets of rules. Its acronym is DCR, with a total supply of 21 million tokens.
The use of the Lightning Network (LN) allows almost instant micropayments in DCR. It is similar to Bitcoin, but processes in half the time and therefore competes with the existing fiat system.
Pros
- This is the USP of Decred, because it allows inclusion in decision-making by voting and makes it a peer-to-peer network with limited influence from minors. Its unique stakeholder governance characteristic allows its community to lead and reward projects
- Decred uses Simple Payment verification (SPV) support for its users - allowing them to make payments quickly without downloading the entire payment chain, while maintaining the security of their transactions through the interaction of their portfolios on the peer-to-peer network.
- Decred does not depend on centralized exchanges to exchange different digital currencies. Its users can perform over-the-counter (OTC) transactions without confidence through cross-chain atomic swaps without the help of a third party.
- With Lightning Network payment channels, atomic swaps are more powerful and easier to implement than what is offered by Decred's counterpart currencies.
- It is also universally fungible - a feature that any ideal cryptocurrency should have, but which, sadly, is lacking in many others.
Cons
- In addition, DCR tokens cannot be purchased with fiat currency such as the Euro or the Dollar. To become a DCR holder, you must purchase BTC, ETH or LTC before trading them for DCR on a cryptocurrency exchange.
- The drawback is the use of the Lightning Network box. Its mode of operation is very complex. This difficulty hinders users from using this new system, even if virtual currency has generated real excitement since its creation.
