Should you buy Decred (DCR) today? What is Decred, how did it come to be, and what is its future? Will it grow, or will it, like so many other altcoins, go into hibernation? If you are wondering about these questions and want a clear and concise answer, you have stumbled upon the right webpage. Applying algorithmic analysis on historical data gathered from various sources, we can make a reasonable guess on the projected future of Decred. Without further ado, let us then first delve into the origin of this crypto coin and its historical performance with this Decred price prediction article.
Conceived and designed by Jake Yacom-Piatt, the CEO of CompanyO, Decred tackles one of the most stubborn problems that have plagued bitcoin ever since its popularization: the problems of centralization, or better put, of oligopoly. Bitcoin mining, which requires an enormous amount of energy, is out of reach for ordinary users with ordinary computers and, as a consequence, is being monopolized by a handful of corporate firms(such as Blockstream) that exercise baleful influence on an entire blockchain developer community.
This turn of events was defeating the purpose, or rather betraying the promise, of the blockchain revolution: decentralization. Information is wrenched from the hands of central custodians and distributed to the network as a whole. Bitcoin, which started out as a rebellion against central banks and their corporate beneficiaries, was turning into with its sought to destroy.
In a bid to reform bitcoin, and to restore its original promise, Yacom-Piatt, along with an anonymous developer named _ingsoc, launched, in 2016, a novel currency called Decred, which stands for decentralized credit; its aim was to overhaul the entire governance model of bitcoin so that nascent oligopolies could be nipped in the bud.
How does Decred work?
Decred has promulgated its own constitution, which lists, among others, the principle of “Multi-Stakeholder Inclusivity.” That means, in plain language, a balance between the interests of the oligarchs and those of the community at large. In other words, respect the wishes of miners (who exercise, in any blockchain, an influence commensurate with their multimillion-dollar ASIC equipment) and of the users who merely buy and spend.
Decred relies on a consensus mechanism that is neither purely POW (proof-of-work, which favors miners) or POS (proof-of-stake, which eliminates mining altogether) but rather something that blends the two. Precisely how this hybrid mechanism is structured is too complicated to be explained in an introductory article like this one. However, it is ingenious enough to ensure that no interest group can override others in making decisions.
This unique mechanism is managed in a public platform called Politeia, which was launched in 2018. Politeia allows anybody to submit proposals regarding the future development of Decred. Once the proposal is submitted, screened for spam, and vetted by admins, it is put up for a vote. The proposal can be edited after user feedback, and once the community votes for it, work can begin. Since Politeia is an open-source platform, any crypto network can be adopted that wishes to broader the user input in their governance.
Decred thus arises out of profound disappointments of bitcoin and responds to a real need. It wishes to inject a form of democratic consensus in a public sphere that a handful of oligarchs have threatened to consume. It remains an open question whether it can deliver on its ambitious agenda. Is the architecture of Politeia, sophisticated as it is, stable and robust enough to balance the interests of its various groups? Will it retain its stability once it begins to garner mainstream adoption?
Will it be able to contain malicious players? These are profound and perennial questions that political philosophers, beginning with Aristotle, have mulled over for two millennia. Decred cannot be expected to solve them at a stroke. However, we can applaud it sincerely for daring to raise them for the first time in the crypto space.
Decred Historical Price Analysis
After its ICO in Feb 2016, Decred rallied from under $1 to $2.39. It then languished in the range of 70-80 cents before the crypto bull run of 2017 and 2018, when it scaled the unprecedented heights of $110 to $120. It then crashed to the more sustainable range of $20-$30 but has since risen to a high 50s. Overall, the price trajectory (initial surge, languishing crawl, exuberant bull-run, crash, and late revival) has been observed in numerous other currencies that were launched in the past five years.
Current Price, Market Cap, & Supply Details
Decred is up by 15.47% at the time of writing, with the price of $58.58 per token. The altcoin has a market cap of $752.75 million, a total supply of 21.00 million DCR.
Decred Future Price Forecast Predictions
Price prediction relies on the careful use of algorithmic techniques for the analysis of historical data and a projection of that data in the short term and long term future. Recently analysts have been using deep learning or machine learning tools to identify the trends that traditional techniques are likely to miss. At any rate, artificial intelligence has been an increasingly popular tool to analyze large blocks of data, including historical data of cryptocurrencies.
Short Term Forecast
Long Term Forecast
*This price prediction is based on the data collected from various sources meant strictly for educational purposes only and not taken as investment advice. Users should do their own research before investing.
Decred Price Prediction 2021
Decred has tremendous growth potential. With sound fundamentals and a passionate developer community, Decred is likely to upgrade itself constantly and meet milestones after milestones in its quest to achieve the gold standard of cryptocurrency.
As per the forecast and algorithmic analysis, the price of 1 Decred token (DCR) could potentially be around $59.1 in 2021.
Decred Price Prediction 2022
While Bitcoin and Ethereum are still likely to remain the undisputed dual monarchs of the crypto space, Decred will surely gain momentum with its inclusive governance philosophy and its increasingly sophisticated technological innovations.
As per the forecast and algorithmic analysis, the price of 1 Decred token (DCR) could potentially be around $ 109.9 in 2022.
Decred Price Prediction 2025
This year will be a turning point not only for Decred but for cryptocurrencies as a whole. For this is the year in which blockchain is likely to go mainstream in society, with every mom-and-pop investor with his or her own crypto portfolio. This year will also decide which coins will survive and which will go bust. Decred is likely not only to survive but also to thrive.
As per the forecast and algorithmic analysis, the price of 1 Decred token (DCR) could potentially be around $133.7 in 2025.
Is Decred a Good Investment?
The question is a technical one about future price and a philosophical one that goes into the very heart of the meaning of democratic control. Decred is proud of its sophisticated governance structure that aims to include stakeholders from every corner. But it is easier to maintain democracy in a city-state than in a transnational empire, and Decred, as yet, is a city-state, small, homogenous, and tied with bonds of community.
Will it be able to maintain its governance architecture once it begins to attract hundreds of thousands of mainstream users who seek to make their voices heard? Will it be able to give everyone his or her due? How will conflicting interests be balanced? There is no answer to this question. It is a perennial puzzle, and only time will tell how everything will turn out.
How to Buy Decred
Decred is available in such mainstream exchanges as Binance or Bittrex. In order to buy Decred, you must first open an account and secure that account with two-factor authentication. Decred can be bought with Bitcoin or Ethereum in these exchanges. If you wish to use fiat currency, it might be a better idea to go to Coinbase to first exchange some bitcoin for fiat and use that bitcoin to buy currency in Binance.
Be it said that DCR, which was built on bitcoin codebase, is not an ERC-20 token, which is built on Ethereum. Decred, therefore, cannot be stored in any ERC-20 compatible wallets. DCR compatible wallets can be downloaded from the Decred website.
More Information About Decred
Decred relies on a novel growth model in which contributors are remunerated for their work. Boasts of a number of contractors who have contributed to the project. Jake Yacom-Piatt is the project lead, while Jonathan Zeppettini leads international operations.
Decred is a response to a number of severe flaws that have plagued cryptocurrencies such as bitcoin ever since their emergence. These flaws–those of centralization, oligarchic control, of irresponsible governance–threaten to undermine the very aim of decentralized governance for which blockchain is invented. In order to get a handle on these ills, Decred seeks to inject a measure of democratic control into the system. It remains to be seen whether this project will be successful.
There is no doubting the technological caliber of the Decred team, nor the internal coherence and the intellectual ambition of its long-term agenda. But human nature being what it is, the price of democracy might be too steep to bear.