What is Decred (DCR) crypto and why it is rising?

April 22, 2022 07:25 AM PDT | By Rupam Roy

What is Decred (DCR) crypto and why it is rising? — Image source: © Dt89lex | Megapixl.com

What is Decred (DCR) crypto and why it is rallying?

Decred (DCR), launched in February 2016, is blockchain-based crypto. The protocol was created to facilitate open governance, community interaction, and sustainable funding policies.

As part of its policy, community members approve all transactions and changes in the protocol. Its whitepaper also claims that the big DCR token holders cannot manipulate the system. Decred claims that it is inspired by Bitcoin.

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Decred focuses on decentralizing operations to prevent monopoly of various tasks like voting in the project. The protocol was created by an enterprise named Company 0.

The protocol ensures that all DCR token holders have an equal decision-making power so that big token holders or institutions cannot swing the votes in their favor.

The DCR token is available on exchanges like Binance, OKX, Huobi Global, etc.

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Although there is no apparent reason for DCR’s recent price surge, it is believed the project’s unique offering may be drawing investors’ attention. Decred combines the Proof-of-Work (PoW) and Proof-of-Stake (PoS) mechanisms for its operations.

In addition, the company has recently announced increasing the DCR token rewards for PoS validators from 30% to around 80% in an effort to stop the pump-and-dump miner schemes.

Also Read: Are crypto exchange FTX (FTT), Goldman Sachs exploring collaboration?

Data Source: CoinMarketCap.com

Bottom line:

The DCR token was priced at US$67.35 at 8:21 am ET on April 22, up 11.29%, while its volume for the trailing 24 hours rocketed 478.31% to US$57.24 million. It has a market cap of US$939.94 million, and its fully diluted market cap is over US$1.41 billion.

The token has a maximum supply of 21 million and the total supply of 13.95 million while having a current circulating supply of over 13.95 million. It returned 21.95% gains in the last seven days while gaining 19.41% over the last 30 days.

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