On Tuesday (23 October 2018), Binance, the world’s largest crypto exchange (by adjusted trading volume), announced that it would be listing Decred (DCR) this week. Following this announcement, the DCR price surged more than 20%.
Here is how Binance announced the news on Twitter:
— Binance (@binance) October 23, 2018
And here is how the Decred team thanked Binance:
— Decred (@decredproject) October 23, 2018
On its website, Binance explained that it will “open trading for DCR/BNB and DCR/BTC trading pairs at 2018/10/24 04:00 AM (UTC)”, and that users could now “start depositing DCR in preparation for trading.” It also said that the listing fee was “0 BNB.”
At press time, Decred is trading around $46.69, up 22.11% in the past 24-hour period. If you look at the one-day price chart from CryptoCompare, you see that the price jumped around 6:10 (UTC + 02:00) or 4:10 (UTC):
The documentation for Decred describes it as “a blockchain-based cryptocurrency with a strong focus on community input, open governance, and sustainable funding for development.” It also says that Decred “utilizes a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) 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 this cryptocurrency is called a decred (DCR).
Here are a few more facts from the Decred Documentation that you might like to know:
- “Decred is an autonomous digital currency. Stakeholders make and enforce the blockchain’s consensus rules, set a course for future development, and decide how the project’s treasury is used to fund it. Decred’s blockchain is similar to Bitcoin’s, but with major aspects of governance baked into the protocol.”
- “Proof of Work miners play a similar role for Decred as they do for Bitcoin, but with Decred they only receive 60% of the block reward.”
- “Proof of Stake voting is central to Decred’s governance. Decred holders can time-lock (or “stake”) DCR to obtain voting tickets. Tickets are randomly called to vote on-chain, this involves both approving the work of PoW miners and voting Yes/No on any open rule change proposals. 30% of the block reward goes to the holders of the tickets that voted in that block.”
- “The remaining 10% of the block reward goes into a Project Treasury fund. Holders of live tickets decide how that treasury is used through Politeia proposals and voting.”
- “The Decred Constitution sets out some guiding principles for the project, the constitution is subject to amendment through Politeia proposals.”
- “Decrediton is Decred’s GUI wallet, it supports Voting through stakepools and offers the easiest way to start buying tickets and participating in governance.”
On 12 September 2018, crypto exchange KuCoin announced that it had listed Decred, with the following two trading pairs on offer: DCR/BTC and DCR/ETH.