His mistake – because Bitcoin is a byproduct of a separate invention – heralded the beginning of a decentralized system of exchanging cash through a digital process, applying cryptography as a means of control and security of each transaction.
With that, the first cryptocurrency was born, and over time, various other such currencies sprung up.
Unlike paper money and mobile money, which have a centralized control system, cryptocurrency is decentralized, and users create and control the money, unlike the traditional system where control is a monopoly of either the bank or central government.
The cryptocurrency system promises a level of financial freedom, which allows the users to participate freely and control their own money in the system.
Once a transaction occurs in the system, the users use a digital signature to legitimize the transaction, thus ensuring privacy and proper book keeping of all transactions.
The latest of these digital monies is DeCred, which has caused a literal shift in the cryptocurrency market.
But what is DeCred (DCR), and how does it compare with its counterparts?
DeCred is the latest among the over 900 known inventions in cryptocurrency that will redefine the way transactions are done.
While some may argue that DeCred is an offshoot of Bitcoin seeing as its proponents are former Bitcoin developers, it is what Bitcoin should have been in the first place –decentralized.
Dave Collins defines DeCred, which was launched in February 2016, as an open, progressive and self-funding cryptocurrency with a system of community based governance integrated into its block chain.
Its hybrid nature allows both miners and users to participate with an equal amount of influence over the running of the structure, unlike previous systems where miners wielded a significant amount of influence over users.
This means that users and miners can engage and agree on how the structure is run, and can be improved, something that couldn’t happen the original invention.
With the clamor for financial independence from the centralized system especially in the US, where the bulk of the monies are managed by the Federal Reserves, cryptocurrency is definitely a step towards the freedom to manage and control financial resources without the limitations of a centralized system.
The recent announcement of the partnership between DeCred cryptocurrency and Exodus, a multi-asset wallet app, users have the freedom to secure, control, and exchange assets in a convenient manner.
Exodus’ full privacy functionality on all transactions, ensures both miners and users easy management and complete control over their currency.
DeCred is definitely the cryptocurrency to watch.
