Decred started from an innocuous thread on Bitcoin talk by a user Tacotime on building an Altcoin which changes something .It was quickly followed by a whitepaper titled Memcoin 2 in which tacotime envisioned a new cryptocurrency which is a hybrid of Proof of work and Proof of stake currency.
Decred as the team likes to say is an Autonomous digital currency .Decred is result of some of the challenges that early Decred contributors found with Bitcoin like governance and the fact that miners had started wielding to much power. Decred was launched finally on 8th February 2016.
Total Supply of Decred is pegged at 6,649,552.
Decred Mining helps to validate transactions on Decred network. As Decred uses a hybrid of POW and POS consensus system so Decred coin has two mining’s
1. Proof of Work Mining: POW mining is similar to Bitcoin mining where-in transactions are grouped together in blocks. These Blocks are then validated by miners. Reward for mining is same is in some other currencies i.e Decred coins
2. Proof of Stake Mining: Proof of stakes mining is essentially driven by key stakeholders on the network who validate blocks. A miner would need to buy Decred coins or Decred tickets to participate in the voting to validate coins.Additionaly Decred coins also allow the stakeholders to vote on changes in network.
1. Gorilla sized competitors like Bitcoin, Dash and Monero with bigger market cap, more development resources and a larger community
2. Building an ecosystem of not just developers but retailers and sites which can accept Decred. Making currency mainstream is a key challenge every new digital currency has to face.
Decred is currently available as a BTC pair in multiple currencies. So in order to buy Decred you would need to have bitcoin. Here is a simple step by step process.
1. As with all BTC paired currencies first step is to buy BTC
2. Head to an exchanges which supports BTC-Decred pair.
3. Transfer your Bitcoins to the exchange
4. Exchange BTC with Decred
5. Transfer your Decred to the wallet.
Some of the exchanges which support Decred are as follow
4. Tus Exchange
You can store your decred coins in Decred web wallets. Decred also provides a cross platform GUI client for windows, mACOS, and Linux users Decredition wallet is available.Paymetheus is the graphic UI wallet exclusively for windows users