Decred (DCR) is a cryptocurrency launched in 2016 that combines proof-of-work and proof-of-stake consensus mechanisms. It focuses on community-driven development and decentralized governance through an on-chain voting system.

The project emerged in 2013 from discussions about creating an alternative to Bitcoin, initially conceived as Memcoin2 before being developed by Company 0 into Decred.

Key Features:

• Hybrid consensus mechanism (proof-of-work and proof-of-stake)
• Community-governed development through voting
• Built-in privacy features using CoinShuffle++
• Support for atomic swaps and Lightning Network
• Decentralized exchange (DEX) capability

Governance Structure:

• DCR holders can stake coins to acquire voting tickets
• Stakeholders vote on blockchain changes, DAO budget, and consensus rules
• 10% of block rewards fund project development
• Community proposals handled through Politeia Proposal System

Reward Distribution:

• Miners: 40.34% of block rewards
• Voters (stakeholders): 49.63%
• Treasury: 10.03%

Recent Developments:

• 2019: Implemented Lightning Network
• 2020: Launched Decred DEX
• 2023: Changed PoW algorithm to support GPU mining and reduce centralization

Technical Details:

• Maximum supply: 21 million DCR
• Current circulating supply: 16.49 million DCR
• Mining: CPU-based
• Supports private transactions through mixing techniques

Differences from Bitcoin:

• Community-driven governance
• Hybrid consensus mechanism
• Different reward distribution system
• Built-in privacy features
• Dedicated treasury funding

Decred continues to evolve with regular updates and community-driven improvements, maintaining its focus on decentralized governance and security.

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