n this boom of cryptocurrencies, we need something more secure for our crypto Assets. In my opinion, selecting a best and secure wallet is very necessary as wallets are prone to attacks.
What is Decred (DCR)?
Decred is a decentralized cryptocurrency which is a hybrid of two consensus algorithms Proof-of-work and Proof-of-stake which combined to create a new consensus called Proof-of-activity.
Decred was developed by BTCsuite developers and launched in February 2016. In addition, they developed Btcsuite in Go language which was further implemented in many decentralized projects such as Ethereum, Factom, and Bitgo.
As being a Bitcoin developer they were aware of the problems Bitcoin faced because of PoW algorithm. As a result, Decred is a solution to PoW challenges to allocate more mining and rewards to DCR holders. While PoS deceive the problems of PoW such as high electricity bills.
The hashing function used by Decred is known as BLAKE-256. Decred offers various wallets for a variety of systems including Windows, Android, and iOS.
What is a Decred (DCR) Wallet?
A Decred wallet is a storage of cryptocurrencies in the form of a software program that stores private and public keys which shows the ownership of user. For example, if you have purchased some DCR from any exchange such as Binance, your DCR wallet will show the amount of Decred you have hold or stake. In order to send and receive cryptocurrencies, we need a wallet.
There are several types of Digital wallets to store cryptocurrencies, they are all broken into 3 categories as follows,
- Desktop Wallet:These wallets are installed in a PC or laptop. They are accessible only from the computer where they have been installed. This type of wallet gives the highest quality of security, therefore, they are the Best type of wallet. However, if your wallet gets hacked there are chances of losing your funds.
- Web Wallet:Online wallets are the 3rd party wallets which are accessible by users from anywhere with any device such as computer and mobile. These wallets store private keys, such kind of wallets are vulnerable to attacks.
- Hardware Wallet:These kinds of wallets are a special kind of wallets which are designed in the shape a USB stick used to store cryptocurrencies offline. Hardware wallets are the most secure option available and are least prone to attacks. They can be used to send and receive coins directly from the device by using the internet. For example, Ledger Nano S and Trezor.
- Paper Wallet:As the name derives such kind of programs need a private key which can be noted down and kept securely.
However, If you are careless about your cryptocurrencies then only they are prone to attacks.
Read Also- Best cryptocurrency wallet for Android
Best Decred (DCR) Wallets
- Decredition: is across-platform Graphical user interface for Decred programmed in Node.js available for Windows, Linux and macos.
- Decred Web Wallet: Decred Web Wallet is an open-source, and multi-signature Decred Wallet which uses complex functions to store blockchain assets securely.
- ExoDus: Exodus uses a client interface to access your cryptocurrencies. This wallet is connected to the internet so there are more risks involved as compared to a hardware wallet. Furthermore, Exodus had a simple user interface besides support for more coins are constantly developing.
- Coinomi: Coinomi was released in back 2014. It is one of the oldest wallet available on the internet with millions of active users. Includes Android support.