Review on Decred by David Olayide
Decred As a Community Based Crypto
Decred is an altcoin developed as a community driven cryptocurrency. This means that it is designed to be decentralized and fair, with members of the community having a say in the affairs of the crypto system of the coin. In Decred those who hold coins have more say or influence over those who don’t. The project was launched in 2016 as an alternative to bitcoin, that solves issues of mining and also governance. Decred actually means Decentralized credits in full.
So like I said earlier, holding DCR means that you have the right and the power to control certain aspects on the network. I suppose this can also work in a vote system where fellow holders vote to decide on issues concerning the progress of the network. This is a very good system because it solves the problem of decentralization.
However personally I like cryptocurrency networks and platforms to be as uncomplicated as possible but Decred seems to take a deeper approach to making its purposes understood.
For you to understand the structure of Decred a lot of studying and examination is needed. For example the developers of Decred maintain that, even though Decred was built on an existing Bitcoin skeletal frame, it is not a Bitcoin hard fork. And they even gave their reasons.
For security, Decred makes use of both the PoW and the PoS consensus system to provide a double layer of security. I have to say that the model of governance that is being built by the Decred network is a very good one because it is open and not monopolized and restricted. DCR is actually very profitable and the price is likely to go up so I can call it a profitable coin. I don’t mind holding some of the currency in my wallets.
My overall view of the project is that it can be adopted and used worldwide.
Pros
- Decred utilizes both the PoW and the PoS consensus system for a double layer of security
- It is also a community based cryptocurrency
- It is deentralized
- The DCR coin is actually profitable in the market
Cons
- It is yet to receive worldwide acclaim
- The structure of the project is difficult to understand
