Review on Decred by Huseyn Akberov

Hi there. Today I am going to talk you about Decred cypto.

Decred is an early cryptocurrency that copied the Bitcoin code and modified it to authorize and reward token holders who contribute to its network.

In this way, Decred tried ways to encourage users to participate in its governance process and provided a novel idea for this.

With this in mind, the Decred team designed Decred as a hybrid consensus mechanism with components from Proof of Work (PoW) and Proof of Stake (PoS). PoW miners verify transactions, and PoS participants propose transactions and vote. Network update.

Decred uses a proposal system called Politeia to tie all of these together, where stakeholders vote on project funding, new plans, and various other protocol code changes. The project’s native cryptocurrency, decred (DCR) competes with other cryptocurrencies, such as Bitcoin (BTC), Dogecoin (DOGE) or Litecoin (LTC), while adding additional functions such as participation in governance and interaction with the community. It comes to fund network upgrades.

Decred was created by copying the code of Bitcoin, so the cryptocurrency has similar characteristics, but with various modifications.

For example, Decred's block generation time is 5 minutes (Bitcoin is 10 minutes), its mining difficulty is adjusted approximately every 12 hours (Bitcoin is two weeks), and its block rewards are allocated to miners and gamblers. And a treasury (rather than 100% issued to Bitcoin miners) Decred's core is its hybrid Proof of Work (PoW) and Proof of Stake (PoS) consensus mechanism to keep distributed computer networks in sync. They run their blockchain.

Similar to other PoW cryptocurrencies, Decred miners spend their energy solving computational puzzles to verify transactions and add blocks to the blockchain.

Decred's PoS allows those participating in DCR to verify and confirm these transactions and participate in the network governance process.

Stakers received "tickets", which are a specific non-transferable asset of the Decred network, and each block has 20 tickets. Then five of the tickets are randomly selected, and their owners verify the accuracy of the block proposed by the miner.

Once the block is finally settled and added to the blockchain, the block reward will be distributed to the relevant parties as follows: 60% to miners, 30% to bettors, and 10% to the national treasury.