Decred is once again on a promising trajectory, poised for a new phase of growth. While the project acknowledges existing challenges and the need to address certain issues, the shared environment is teeming with opportunities and tools that can propel Decred forward.
The years 2022 and 2023 were tense for the crypto world. As a crypto enthusiast, it was hard to see major crypto projects facing huge losses, with regulatory sieges and the FTX crash being primary contributors to the turmoil. My favourite coin Decred (DCR), wasn't spared in this scenario, despite the unending efforts of its community to push forward with the development and marketing.
Seeing a project in which I believe going through so many challenges was tough, creating a cloud of pessimism over my head. There were a lot of arguments between the members, every member wanted to know what was wrong, even if it was out of our reach. Nevertheless, we, the Decred community, remained steadfast, determined to navigate through the rough crypto terrain.
On November 21, 2022, one Decred (DCR) coin was valued at $18.59. There was a promising surge in February 2023, with the value pumping to $27.00. However, the euphoria was short-lived as a nightmare descent followed, plummeting to the bottom point on October 19 when the price hit $11.65. This marked the lowest value since October 2, 2020, a real challenge for the project.
Fortunately, there appears to have been a positive turnaround since then. After hitting a low point, Decred is now recovering strength, defying the initial pessimism and gaining significant value. The coin has pumped approximately 15% in the last 30 days, and once again reached the U$15 value. These last days were responsible for renewing the community's energies. Members are once again excited, debating the next steps, and hoping for a bull market in 2024.
What attributes of Decred make it so strong, and deserving of such trust and dedicated effort from its community? Well, there are many reasons for that, let's discuss some of them:
Development never stops
When you visit Decred's GitHub repository, you can see how dedicated the community is to making constant improvements and pushing the boundaries of innovation. It's rare to find any of the project's applications or software that hasn't been updated in the last seven days. The development team is on top of things, keeping the codebase up-to-date, fixing potential issues, and integrating new improvements. This drive for progress not only shows how lively the project is but also speaks volumes about the community's trust in Decred's ability to adapt and thrive.
The development team has built many diverse applications for the network, some examples are:
i)Timestamply, created to facilitate proof of existence, which is useful for essentially anything that involves attestation.
ii)DCRDEX, a decentralized exchange that has no arbitrary fees, leaving users with full custody of their coins.
iii)Bison Relay, a new take on social media, with no censorship, surveillance, or gatekeeping.
Emphasis on governance
Decred established a decentralized governance system centered on a hybrid proof-of-work (PoW) and proof-of-stake (PoS) consensus algorithm. The intention behind this model is to actively engage the community in decision-making. The governance structure serves as a pillar of Decred's adaptability, allowing proposed changes to be voted through the Politeia platform, and offering a flexible mechanism where adjustments can be implemented at any moment.
Security and Stability
Decred's hybrid consensus not only provides security but also the network's stability. The network never went down, providing a trustworthy blockchain to all of its users who wish to complete safe transactions.
Transparency
Decred has transparency in its operations and decisions as a priority. Discussions, even the more heated ones, happen on our Matrix Channel, X (former Twitter), and Bison Relay, open for everyone to participate in. If you don't like something that is going on you just have to make yourself heard.
Transparency is also clear when it comes to treasury spending. Every budget for development or marketing must be approved in the Politeia platform by the majority of stakeholders.
Moving Foward
I sense that Decred is once again on a promising trajectory, poised for a new phase of growth. While the project acknowledges existing challenges and the need to address certain issues, the shared environment is teeming with opportunities and tools that can propel Decred forward.
Do you feel the same? Leave a comment with your opinion!
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