Decred is decentralized in many ways, escaping any single point of failure.
Decred wallets are not controlled by a single entity, they are decentralized and controlled by each user.
The Decred blockchain is not run by a single entity, it is decentralized and run by hundreds of server nodes.
Mining is not operated by a single entity, it is decentralized and operated by each miner.
The treasury funds are not controlled by a single entity, it is decentralized and spent by voting stakeholders.
Coin trading (DCRDEX) is not controlled by a single entity, it is decentralized and anyone can run an exchange server, and anyone can trade.
Decision making is not controlled by a single entity, it is decentralized and controlled by voting stakeholders.
The code is not controlled by a single entity, it is decentralized and anyone can work with it.
It is no exaggeration to say that Decred is currently the most decentralized cryptocurrency in the world.
Decred is very special for having its own independent source of funding stored in its own Treasury. Very few cryptocurrencies have this, not even Bitcoin.
Every time a new block is mined, new Decred is generated for the Treasury. Decred is added to the treasury approximately every 5 minutes. There is currently 638,000 Decred in our Treasury, equivalent to $17.2 million USD at current prices.
The Decred Treasury finances the development of Decred. It is an independent source of funding that no external entity controls. This helps Decred remain free from the influence/control of external entities, a situation most other cryptocurrencies find themselves in.
About the Art Piece
Gold and silver is being delivered to the Decred Treasury.
Poseidon and Athena act as guardians of Decred and our Treasury, continuing their work protecting reason, freedom and democracy as they once did in Athens, in Ancient Greece. We see the classical symbols for both Poseidon and Athena decorating the Treasury building.
The ocean represents great wealth and diversity, including mighty whales that act as faithful custodians of Decred.
Stakey, the Decred mascot, stands proudly and defiantly on the golden horn of Poseidon. The horn represents a strong call and the victory of Decred's marketing efforts. Stakey represents the democratic approval of these marketing efforts by the ticket bearing stakeholders of Decred.
Decred has a hard limit of only 21 million coins. No more than this can be created according to our constitution. This equals less than 0.003 DCR for every person on the planet. This scarcity guarantees Decred will not be devalued due to an expansion/inflation of supply.
Hundreds of currencies have been destroyed due to excessive supply expansion/inflation.
How does Decred presently come into existence? When a new block of Decred transactions is "mined" and approved, a reward in Decred is created. This is called the block reward and this is how new Decred is created.
This block reward is reduced every 6,144 blocks (approximately 21.33 days) by a factor of 100/101, nearly 1%. This is about ~14.71% less Decred issued per year. The block reward started at 31.19 in Febraury 2016 and is now at 13.65 in December 2020.
This means that over time, the issuance of Decred is becoming more and more scarce. This was decided to help the value of Decred increase over time.
All the Decred code is open source. This means that anyone can download, copy, review, audit or contribute to the code.
This has many benefits. It makes the code safer and more stable, as it can be reviewed/audited by anyone. It speeds up innovation, since anyone can contribute. It brings transparency, because anyone can see and verify how the code works. It gives freedom, the code is not hidden or controlled by any entity. And finally, it supports the broader mission of honest money and honest governence, since anyone can copy our code and build on top of it in their own projects.
You can explore and download the code here.
Most trading today is done at centralized exchanges like Binance and Huobi. Although many of these exchanges have great service, this model presents several problems inherent to centralization.
Read on to learn what these problems are and how Decred has solved them by creating a truly decentralized cryptocurrency exchange called DCRDEX.
When you trade at a centralized exchange (CEX), you pay a percentage fee on each trade. With the DCRDEX, you pay absolutely no trade related fees.
You only pay on-chain transaction fees to mark your coins as traded on the blockchain. But this is paid to the miners of each traded pair, not to Decred or the DCRDEX.
Also, remember that at a normal centralized exchange you also pay these on-chain transaction fees to move your coins in and out of the exchange. In other words, you always pay on-chain transaction fees either way, but with DCRDEX you eliminate all trade related fees.
When you trade at a centralized exchange, you are usually required to give a lot of your private information: name, email, address, picture, government id, and sometimes more. The exchange tracks all your trade activity. This information could be hacked and in many ways used against you.
With DCRDEX, we respect your privacy. We do not discriminate you based on your race, identity or country. You can trade with anyone in the world, without being spied on. At DCRDEX, people and machines are free.
When you trade at a centralized exchange, you send them your coins and they take custody of them. This is a huge problem. Centralized exchanges have been hacked many times worth billions of dollars in total.
At DCRDEX, we never take custody of your coins. You trade peer-to-peer directly with other users, using a secure atomic swap. This means your coins can never be stolen, hacked or siezed at the exchange level.
At DCRDEX, your coins never leave your custody.
Centralized exchanges sometimes charge exorbitant fees in order to list an asset for trading. Sometimes a listing is entirely denied. They act as gatekeepers, not always being fair to all participants.
At DCRDEX, any developer can connect and list an asset to trade. We never charge any listing fees. DCRDEX is not only the most fair and open exchange marketplace, it is also the first in the world that charges no fees trading via atomic swaps.
Just how innovative is Decred? Turns out very. In October 2020, Decred launched the worlds first exchange that charges zero trading fees via peer-to-peer atomic swaps. These swaps can happen between different blockchains, like Bitcoin to Decred, or Decred to Litecoin.
This is a major achievment that speaks volumes of the powerful, innovative nature of the Decred ecosystem.
The DCRDEX was funded by the Decred stakeholders for the benefit of all human beings on the planet. Being open source, anyone can use and benefit from it.
A proposal was requested on Politeia and then passed. This is a beautiful example of the stakeholders approving and funding something consequential.
The Decred ecosystem will continue to fund useful things far into the future.