Decentralization is the new trend of the decade as cryptocurrencies and Blockchain Technology has overtaken some of the most prominent industries with their robust and secure principles. The cryptocurrency market contains almost more than 3000 variety of the cryptocurrency tokens. This, sole fact, is enough to realize the growth of the cryptocurrency domain within the past decade. As people were furious with the centralized form of financial economy, the invention of Bitcoin in 2009, opened ways for people to tackle this problem and provide highly effective methods, by creating a globalized financial economy. Cryptographic principles and the Distributed Ledger Technology are two of the main pillars of the Blockchain technology, which provides it with unimaginable capabilities. Let’s gain some insights regarding one such cryptocurrency token, Decred token.
The Decred token was invariably initiated to tackle the centralization issues related with the Bitcoin mining. As the Bitcoin mining equipment was becoming expensive day by day, only a few notable industry figures were capable of upgrading themselves regularly, which led to the centralization of Bitcoin mining and indirectly controlling the prices. Hence, the Decred token makes sure that the mining of the cryptocurrency, is distributed with equal priority among all the miners.
The Decred token was launched in February 2016, and has experienced widespread acceptance throughout its community members, as it aims to work on the problems of Bitcoin and improve them. Degrade token was once only $1.2, But now its value has increased and is hovering around $42. The transactions with respect to the Decred token is anonymous as it employees multiple algorithms for the same. It even incorporates both Proof Of Work and Proof Of Stake consensus mechanism in order to bring in a stability to prevent the centralization of the mining process.
The Decred token was developed by some of the early developers of Bitcoin. Having considered their experience in the field, the Decred token might seem to have a promising future. Decred token even witnesses constant updates from its developers which improves its capabilities each time. With such promising attributes, the Decred token can be considered as a viable option for cryptocurrency investment. However one must conduct their personal research prior to investing in any currency for that matter, as they are highly volatile in nature.