Customers decide for Decred the Sovereign Cryptocurrency Network

By Maheen Hernandez December 10, 2019 0
decred Cryptocurrency Network

Decred is a free digital currency, and therefore the stakeholders make the rules.  Decred is an innovative hybrid proof-of-work (PoW), and proof-of-stake (PoS) consensus voting system ensures miners do not become overly centralized.  The platform facilitates cross-platform wallets and cross-chain atomic swaps. Decred focuses on providing its customers with stable and reliable releases.  

The price of the Decred in terms of the short-term and medium-term trends appears bearish.  The four-hour time frame is showing a bearish falling wedge pattern.  The daily time frame is showing that the DCR/USD is in a triangle pattern. The overall cryptocurrency market has a downtrend; however, Decred is trying to move against the trend.  It is trying to force a short-term breakout above the $20.00 level.  There is critical long-term support at $12.00 support.

With the key technical resistance levels located at $20.00 and $24.00, the key resistance is located at $29.00 and $35.00 levels.  The Relative Strength Index is bullish on the daily time frame, and the MACD indicator is situated closer to indicating a buy signal.

Decred compares themselves with a state with sovereignty where they need not bother about foreign power when governing their territory.  They further state that they resist outside influence, and therefore their network is sovereign.  Distributing value across borders through independent online networks is possible only with a separate online network.

Jacob Yocom-Piatt, Dave Collins, David Hill, John Vernaleo, Josh Rickmar, and Alex Yocom-Piatt launched Decred in Feb. 2016.

Decred Tweeter:  “November’s issue of the Decred Journal is out now! Check it out for updates on DEX development, v1.5.0, approval of the Latam marketing initiative, a series of blog posts about #LightningNetwork ticket-splitting, and packed Media and External sections.”

Early on, Decred founder Jacob Yocom-Piatt proposed to DEX as an alternative to Binance.  He has been talking about cutting down on “high-listing fees, front-running high-frequency traders, and third-party rent-seeking.”  Overcoming these barriers, he stated, is important to provide for an ideal alternative.

He reflects on experiences where the Decred developers were meeting with exchanges and had to face enormous listing fees.  Sometimes the cost of listing was more than the cost of integrating the token itself. However, he acknowledges that it is not easy to compete with firms who have already built a robust financial infrastructure unless an equally efficient network is established.

One of the Decred members in the past stated, “[It] seems to me we are taking a gun to a knife fight if the primary purpose of the DEX is [ultimately] to increase DCR liquidity.” Ultimately, it is the customers to has to decide for the sovereign cryptocurrency network.