Decred is a cryptocurrency, similar to Bitcoin, with a strong focus on community input, open governance and sustainable funding and development. It utilizes a hybrid “proof-of-work” and “proof-of-stake” mining system to ensure that a small group cannot dominate the flow of transactions or make changes to Decred without the input of the community. A unit of currency is called a ‘decred’ (DCR). To ensure the integrity of the currency and prevent people from making fraudulent transactions or creating their own coins, Decred uses a method of recording transactions known as a blockchain.
Distributed, token-incentivized timestamping systems ledgers such as Bitcoin have become a mainstay of modern finance. We have implemented a platform combining elements of proof-of-work (PoW) and proof-of-stake (PoS) blockchains in an attempt to garner the benefits of both systems. Less major change to our consensus network include additional elliptic curve signature suites, refinement and modification of the existing scripting language, added extensibility in multiple areas to support future changes to the protocol, and distributed stake pooling