Decred is another representative of the decentralized platform, which wants to improve the management of the chain of blocks and achieve autonomy in the network, where user participation is a priority for the further development of the shell. The Decred network is based on Bitcoin cryptographic codes, but, thanks to fundamental changes in the block architecture, it represents an improved model of the decentralized system.
Many experts are inclined to believe that Decred is not absolutely unique in the cryptocurrency market, as the use of peer-to-peer networks and decentralized exchange is available on many similar platforms. The creators of Decred are confident that their child is the most perfect cryptocurrency in the market and meets all the needs of potential users. At the time of this writing, Decred's capitalization is about four hundred million dollars, which guarantees it hits the TOP-50 most sought-for tokens on the market.
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The main benchmark in the cryptocurrency market is still Bitcoin, which has undergone a series of tough changes, resulting in the appearance of such tokens as Bitcoin Gold, Cash and Diamond. Considering that the majority of Bitcoin's mining capacities are concentrated in large data centers, the network is gradually sliding down to centralized management. The matching algorithm, pre-installed in Decred, allows participants in workflows and operations to vote for the future of the network. The voting protocol is organized on a chain of blocks and can be approved by at least three authorized users.
Just as in the blockchain of the Bitcoin platform, the miners are rewarded for confirming the transactions. Coins used in the Decred network have the abbreviation DCR and are used when creating blocks. Participation in the network is always rewarded with digital currency, but can be delayed in time, up to four months.
The shell process combines a system of rates and long-term investments. Buying DCR and using them in transactions, you expect while network users do not create a new block, after which it will be possible to receive dividends. Another option of Decred's work will be participation in decision-making. Voting lasts a certain amount of time, namely as much as is necessary to create the 8064 block. After completion of voting, the corresponding decision comes into force.
Decred's plans include the implementation of the Lightning Network transaction model. This is a new kind of cryptographic system that can pay without using blocks. Lightning Network Payments do not depend on time and are based solely on the debt obligations of two users. Thus, Decred eliminates the scalability problem and expands the network capabilities.
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According to experts' forecasts, Decred will be able to strengthen its positions in the investment field in case of expanding its capabilities and adding demanded functions. Popularization of the cryptocurrency will positively affect not only Decred, but also on other platforms working on Blockchain technology.
Editor: Yuliya Soroka