The ever expanding and ever-growing altcoin, Decred is making very positive progression today, and has been for the past couple of days in light of a new announcement that aims to put Decred on the map and cement its future as a viable cryptocurrency and exchange system. As it stands, Decred is ranked 28th for market capitalisation according to CoinMarketCap, with a capitalisation of $754,318,913.00 at the time of writing. In unison with this announcement, we have also seen some increase in Decred’s trading volume, which has no doubt impacted the trend we see today.
At the time of writing, Decred is valued at $105.56, up 5.20%. Overall the markets are in a state of negative movements. Though these movements are only short, we can at least see here that Decred is paving its own upwards path, something that will prove the true worth of Decred should the trend continue.
Let’s have a look at what Decred have announced in their ‘New Kind of Decentralised Exchange’.
— Decred (@decredproject) June 5, 2018
Decred have posted an article on their blog that discusses what exactly a decentralised exchange is, and how their plan for a decentralised exchange differs from this. The post is very detailed and provides a solid piece of reading, maybe take a look on your lunch break, it’s a long one but its very useful, especially if you’re not familiar with Decred or the decentralised exchange (DEX) concept- https://blog.decred.org/2018/06/05/A-New-Kind-of-DEX/
Overall though, according to Decred:
“What is being proposed here is a multiplexing infrastructure for cryptocurrency exchange. In the same way that telephone and networking switches multiplex electromagnetic communications, cryptocurrencies and their exchange multiplex the storage, transmission and exchange of value.”
“Existing DEX projects have the aim of making such a protocol “fat”, using it as a means to monetize their services, whereas what we are proposing is to intentionally make the protocol “thin”. By making the protocol thin and removing the incentives to centralize, our goal is to provide long term value by bringing added stability to the cryptocurrency exchange markets. Putting all cryptocurrencies on a more equal footing in the context of exchange will ease the process of acquiring cryptocurrencies, which will benefit the overall ecosystem.”
As it stands, Decred wish to complete the build of their DEX within 6-18 months, for now though, they are planning on recruiting new developers to get the ball rolling. As this news has had a positive impact on Decred already, we expect the full roll out of Decred’s DEX to really see Decred into the future, at the top end of the markets.