Decred FAQ: What is DCR? Why was this cryptocurrency created?

Frequently Asked Questions (FAQ) about the Decred project.

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What is Decred?

In the current system, a centralized authority such as a bank or government holds the power. With Decred, the community members own and operate the system, make the rules, and determine the direction of the project.

DCR is community money.

Everyone is invested and actively involved in helping Decred succeed.

Who created Decred?

_ingsoc approached Jake Yocom-Piatt, the CEO of Company Zero, with tacotime’s MC2 concept. At the time Company Zero was primarily focused on the development of btcsuite, an alternative full node Bitcoin implementation written in Go. Their code is highly-regarded in the crypto community and used by many leading projects such as Ethereum, BitGo, Factom, OpenBazaar and the Lightning Network team.

Eventually the two teams joined forces to develop Decred.

Why was Decred created?

Decred gives more power to the people who hold the currency.

Is Decred a fork of Bitcoin?

When did Decred go live?

How does Decred work?

How is Decred different from Bitcoin?

  1. Secure: Decred is proven to be more expensive to attack than pure PoW thanks to its hybrid PoW+PoS model that aligns incentives between miners and voters. This ensures long-term stability.
  2. Adaptable: Decred has built-in formalized governance that allows it to make changes to its consensus rules while avoiding hard forks.
  3. Sustainable: Decred is funded through block rewards. Only stakeholders with actual skin in the game can vote to authorize spending from the Treasury, which makes the project sustainable in the long-term.

Can I make money with Decred?

Staking can deliver a decent ROI and allows long-term investors to have a voice in decisions to change the consensus rules and to approve spending from the Treasury (funded by the remaining 10% of block rewards).

Extra opportunities arise when you provide value to the Decred ecosystem, since the Decred Treasury could potentially pay for your services.

Why haven’t I heard more of Decred?

What‘s on the roadmap?

Notable achievements in 2019:

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Further study

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