Everstake - Learning Center

Decred Voting

What is Decred?

Decred is an open-source cryptocurrency, built using blockchain technology. It uses a mix of proof of work and proof of stake consensus protocols to verify and confirm new transactions and do provide safe functioning of the system without a possibility of a small group to dominate the network.

Block rewards are split between PoW miners, PoS voters and Decred Treasury wallet, which is used to fund the project. PoW miners get 60% of rewards, PoS voters receive 30%, and the remaining 10% are subsidized to the Treasury.

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What is Decred Voting?

The PoS voting requires having sufficient funds in the wallet (i.e. a stake), and 24/7 uptime and connection to the Internet, to be able to vote and partake in consensus on new transactions verification. Users, who can’t or don’t want to keep their computer constantly connected, can delegate their vote to a Voting Service Provider (VSP), for a share of the rewards in return.

This way, the PoS part of the Decred consensus supports the delegated proof of stake.

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What are Decred VSPs?

The Decred VSPs collect voting tickets from users and partake in the voting process on their behalf. In return, users are shared with a corresponding part of the VSP’s rewards. This gives users an ability to yield while not keeping a full voting node up and running 24/7.

This protocol decreases the decentralization effort, but in case a Voting Service Provider acts unfavorably, the voters, who delegated their voting power, would likely dismiss their delegation to save the network from failing.

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How profitable is Decred Voting?

Decred currently brings around 11% annual yields when voting with a VSP. The VSPs withhold a fee which is used for running their voting node, server hosting, electricity and maintenance. The number above already accounts the extremely low 1% fee of Everstake for all voters. Refer to the Everstake Decred staking calculator to get the estimation for your voting.

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How to find a good Decred VSP?

Good Voting Service Providers take part in the community and the developments around the platform, and their presence is visible in the Decred’s community. On the technical side, one should look for a VSP with 100% uptime, and as low missed blocks as possible.

The VSP should be a transparent team or company with clear contact details and team members overview, run by people who take a considerable part in the Decred community and input their work into the further development of the platform.

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Why Vote Decred with Everstake?

Everstake has been founded by Attic Lab, a well-established company experienced in blockchain development, DPoS staking services and hardware products. Our team comprises recognized blockchain developers, hardware specialists and DevOps that have many years of combined hands-on experience with staking.

We value the platforms we are working with and develop new tools and utilities to streamline the use of Decred. We are building our service to meet the needs of both newcomers and advanced crypto enthusiasts.

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Step-by-step Decred Voting guide:

Decred utilizes the voting ticket approach, unlike most of the PoS coins. However, starting voting will still take up only a few minutes to start voting. Follow these steps if you are using Decredition:

  1. Sign up at https://decred.everstake.one/ , and copy the API key on the Connect to Wallet tab;
  2. In your Decredition wallet, select Tickets page in the sidebar, and select Purchase tab;
  3. Find or type in the Stakepool field and paste your API key below;
  4. Once the VSP is added to your stakepool list, select the amount of tickets you would like to buy and click purchase.
  5. Once your tickets are mined by PoW miners and mature, you are started yielding with Everstake!

If you are using the consol-line dcrwallet, go through the steps overviewed in the official PoS Voting guide of Decred here. You will be presented with the Redeem Script required for ticket purchase right after submitting your pubkeyaddr at the https://decred.everstake.one/ Connect to Wallet tab.