What is Decred
Decred (Decentralized Credit) is a crypto-currency that is focused on superior governance through decentralization. Decred can be transferred as a digital currency (like bitcoin). It has one key advantage, which is Decred can be used to create additional Decred over time, like interesting in a bank account. This is possible by a system called Proof of Stake, where people who hold Decred can help the system process transactions (and get paid for it).
Over the past 3 months, Decred has exploded in value, rising 1000% in value in a short period of time. Some believe that Decred is a sleeping giant that has awoken, whilst others accuse it of being a pyramid scheme.
Decred vs DASH:
- Reward Distribution: Decred uses a highly advanced reward distribution system – rewards are split between miners, Decred holders, developers. DASH uses a similar system with a slightly different distribution ratio.
- Proof of Stake system – Decred or Dash holders get “interest” by holding on to the currency. More specifically, holders vote on issues and get rewarded for it. DASH uses a masternode system which requires 1000 DASH before they can start voting (this cannot be transferred out unless the masternode is shut down). Due to the high buy-in price, DASH master nodes are extremely valuable. Decred uses a ticket based system, and tickets holders are chosen randomly to vote. This allows for a much smaller buy-in and greater participation.
- Improved Voting system: The biggest objection with Bitcoin is that the community cannot easily vote on issues regarding updates to the protocol. With both DASH and DECRED, community voting is done by stakeholders (masternodes (DASH) or voting tickets (Decred).
- InstantSend and Private Send – DASH has additional features to instantly process transactions (Instant Send) and anonymous transactions (Private Send). These features are unique to DASH
Where to Buy Decred
Decred is traded on the exchanges Poloniex, Bittrex, and Bleutrade. Decred is abbreviated as DCR.
Can you Mine Decred
Decred can be mined using the Blake256 algorithm (Minable with AMD / Nvidia GPUs). DASH can be mined using the X11 algorithm on special machines called ASICs (no longer profitable to use GPU to mine)
DASH Cloud Mining.
DASH cloud mining is possible (a process where you pay for a professionally managed machine that mines DASH). Check out our guide here: Genesis Mining DASH.