What is Decred?

Decred is an open source, decentralized cryptocurrency project that was launched in February 2016.

It is a hybrid proof-of-work (PoW) and proof-of-stake (PoS) consensus system that allows users to mine the currency and also participate in the governance of the network. Decred is designed to be a self-governing digital currency with a focus on community input, open development, and sustainable funding and development. Decred's PoW consensus system uses a hybrid mining algorithm called Blake-256 which combines five different hashing algorithms.

This makes it more secure than traditional PoW systems as it is more difficult for miners to gain an advantage over other miners. The PoS consensus system allows users to stake their coins in order to vote on network decisions such as protocol upgrades or changes to the network rules. This ensures that all stakeholders have a say in how the network is run and maintained.

Decred also has its own decentralized autonomous organization (DAO) which allows users to submit proposals for changes or improvements to the network. These proposals are voted on by stakeholders who can then decide whether or not they should be implemented. This helps ensure that Decred remains decentralized and self-governing while still allowing for improvements and changes to be made when necessary.

Overall, Decred is an innovative cryptocurrency project that focuses on decentralization, community input, open development, and sustainable funding and development. It provides users with a secure way of participating in the governance of the network while also allowing them to mine coins or stake their coins for rewards.