I was one of the people fortunate enough to be around for Decred’s airdrop. This means that I was given a share of their currency in the very beginning stages just for believing in them. After using a crappy little PC to mine a little more Decred, the process became too difficult for my computer. From then on, I didn’t participate in the community nearly as much. But I still believed.
Like a lot of people, I’m not technically gifted. I don’t know much about programming, so once traditional Proof of Work (PoW) mining became too difficult for my computer, I felt like I couldn’t participate anymore. I wrote about Decred occasionally, and religiously watched the price, hoping for the best. Then one day, I found out about Proof of Stake (PoS) mining.
Imagine you could “invest” your crypto back into the community to help the PoW miners accomplish their job. Imagine further that your “investment” never leaves your cryptocurrency wallet, that it earns interest, and that there is a 50% chance you’ll get a return in 28 days, and a 99% chance that you’ll get a return within 4.5 months. Well imagine no further: such things exist in Decred’s Proof of Stake mining.
When you PoS mine with Decred, you are “staking” some of your currency to PoW miners for a short time. These investments are called “tickets” and they are used to vote on and verify blocks on the blockchain. Their price can fluctuate day-to-day depending on several different factors. After purchasing a ticket, your “investment” goes into a holding tank for an average of 28 days. If it’s used by a miner to vote on a block, your funds are returned with interest. If it’s not used, all the funds you invested will be returned to your wallet.
This idea is revolutionary. Now everyone in the Decred community has a voice that can be heard through their investments. No longer do you need extremely sophisticated machinery to participate in the mining community! And what makes Decred so appealing to me is just that: the community.
Getting involved with the Decred community is simple. I’m a part of Decred’s Slack team, where many people helped me figure out exactly how to participate in PoS mining. My friends at Decredible have done an excellent job explaining the process of PoS mining?—?as well as pretty much every other aspect about Decred?—?and another Slack Member created an excellent step-by-step tutorial that got me up and running. He was even available on Slack to answer further questions about his video afterwards.
Even if you don’t know a thing about cryptocurrency mining, Decred’s PoS is easy to get into. And if you need a hand along the way, the people on the Slack team are more than happy to help. Decred is more than a currency; it’s a community!
You should be making interest on your crypto. Do so by proof of stake mining through Decred! To get started, use these resources:
- Decred Slack Team
- Decredible?—?great tips and explanations
- Peanut’s PoS Tutorial (for Mac)
- Peanut’s v1.0.0 Upgrade Tutorial (for Mac)
- Decred’s own PoS walkthrough (any system)
P.S. Enjoyed this article? Click the ???? to help other people find it.
If you’d like to start investing in Decred, the easiest way is by converting ETH or BTC to Decred using Coinbase and Shapeshift. Check out this link?—?it’s my referral link?—?and get started now!
Applying Buffett investment philosophy to cryptocurrency. Writing about, advising, and investing in solid companies. https://tippin.me/@PurpleSuede22/