Decred (DCR) just received top score from Weiss Ratings in their latest issue which allotted the cryptocurrency
grade B, ranking it above Bitcoin
(BTC) and Ethereum (ETH). This should come as no surprise to many who understand Decred (DCR) and know that it set out to offer what Bitcoin (BTC) was supposed to offer: true decentralization. Most cryptocurrencies today lack true decentralization and most of the time, it is not that the blockchain projects don’t want to offer true decentralization but they are limited by technological constraints to do so. A move towards true decentralization requires blockchain projects to give up central control. This is not something most of these projects can do as it means a lack of oversight and control in case something goes wrong. This is why most mineable cryptocurrencies today are heavily influenced by miners as they make key decisions that determine the future of a particular blockchain project.
Decred (DCR) however has made significant progress on this front with its fair and transparent governance system that allows both miners and users to have a say in what goes on. This ensures that majority is the authority and a proposal supported only by the majority will go forth. In the case of most mineable cryptocurrencies
, Bitcoin (BTC) included, this is not the case. A minority that has enough mining power to force a hard fork will succeed whether the majority wants it or not. This is a serious problem that Decred (DCR) seems to have successfully solved. Decred (DCR) uses innovative hybrid Proof of Work (PoW), Proof of Stake (POS) consensus voting system which means both the miners as well as the holders of Decred (DCR) token share in the decision making process.
Decred (DCR) has also performed exceptionally well from an investment point of view. The cryptocurrency broke a downtrend just before the beginning of this month and is now trading in a bullish channel with a price of $97.38. The price is likely to cross the $100 mark in the days ahead. Decred (DCR) is currently one of the few cryptocurrencies trading in the green while the rest of the market is deep down in red after Bitcoin (BTC) attempted a failed rally. Decred (DCR) reached a price of $121 as its all time high in January 2018 at the top of the market cycle. Interestingly enough, the price reached $118 last month, just $3 shy of the all time high. This lead to some profit taking and the price fell down to $90 at the bottom of the bullish channel, before starting a recovery.
Decred (DCR) looks extremely bullish long term as the price is trading in a well defined bullish channel. The price has found support at the 50% Fibonacci retracement level and currently faces resistance at 38.2% Fibonacci retracement level. The weekly chart for DCR/USD shows the price trading close to the bottom of the rising bullish channel, which could easily surpass $200 by the end of the year if the current momentum ensues.