Introduction to Decred
Officially launched in February 2016, Decred (DCR) is one of the first privacy-focused coins to hit the market. The crypto project makes use of a unique, hybridized consensus mechanism in order to ensure a perfect balance between users and miners, and aims to become the most powerful altcoin after Bitcoin.
One of the most interesting aspects of Decred is the fact that it takes advantage of a hybrid, part PoW, part PoS mining system. This ensures that no group can ever hope to control the flow of transactions or make changes to them without the community’s consent. In short, it makes sure that the whole decision-making process is as decentralized as it can be.
As a project, Decred has a unique set of principles that it abides by. For starters, the project offers all its software free of charge (open-source). It also ensures that every potential or the existing user can share and communicate ideas and opinions without being censored. The project is all about multi-stakeholder inclusivity, enhanced privacy and security, a fixed finite supply, and universal fungibility.
At this point, you may be wondering how can you involve yourself in the project. There are three main ways you can get to interact and invest in the Decred ecosystem: you can either mine DCR tokens (either Proof-of-Work or Proof-of-Stake mining), or you can buy them on various crypto exchanges, such as Binance, Huobi Global, Poloniex, Bittrex, Upbit, OKEx, Gate.io, and DragonEX, to name a few.
Either way, you will need a secure wallet to store your DCR tokens in. Bellow, we have compiled a list with some of the best Decred wallets for 2019.
First on our list is Decredition, the project’s official wallet. Created in-house by the team behind Decred, this is a full-node desktop client that can be installed on all major OSes out there, such as Windows, Linux, and macOS.
Since it’s an official product, it requires you to download the whole Decred blockchain before being able to use it, a process that can take as long as a couple of hours (based on how good your Internet connection is).
It’s not the most user-friendly option, but you can be sure that your funds are safe.
Decred Web Wallet
The wallet allows you to secure your wallet via a wallet recovery phrase, as well as a “pending password.” You are required to enter this pending password each time you or anyone else tries to make a transaction from this wallet. Even though it’s not a treat for the eyes, the wallet boasts a fairly straightforward and very functional GUI, which should help even the most novice users to get by.
Ledger Nano S
If you’re really serious about securing your DCR tokens, then there’s no better choice than a hardware wallet. Ledger Nano S is one of the oldest hardware wallets on the market and has gained such a strong reputation and following during the past few years. It’s an HD, multi-currency, cold storage wallet in the form of a small flash drive with a small screen and two buttons on the side body.
Besides its multitude of security features, another praiseworthy aspect of Ledger Nano S is the fact that it comes with support for well over 700 cryptocurrencies, making it an ideal choice for anyone looking to store more DCR tokens in the same place.
Exodus is a top-tier desktop crypto wallet, and it also comes with support for DCR tokens. The wallet trades more than 90 cryptocurrencies and it’s an HD and non-custodial wallet, which means that you are always in control of your funds.
Not only is it one of the most user-friendly wallets out there, but it’s probably the best looking crypto wallet to date. The interface is smooth and stylish, and the charts this wallet provides are the best in the industry. Exodus is available for Windows, macOS, and Linux.
It’s an agreed upon fact that crypto mobile wallets provide the most straightforward way of accessing your crypto funds on the go. Coinomi has been in the business for a great number of years, and has created a strong reputation for being a high-quality product.
This mobile, multi-asset and highly security-oriented wallet supports well over 500 digital assets and it also has one of the best UIs in the industry. As an added bonus, the wallet has integration with two of the best crypto exchanges, Changelly and ShapeShift, so buying and selling cryptos is more of a treat than a hassle. The wallet is available for iOS and Android, but it also has bespoke desktop clients for Windows, Mac, and Linux.
Cobo wallet is a very good alternative to Coinomi. The mobile wallet comes with support for both iOS and Android.
It supports more than 10 cryptocurrencies, including Decred. One very good reason to consider Cobo Wallet is the fact that it accepts Proof of Stake (PoS) and masternode pooling within the app itself. This means that you can manage and earn even Decred by staking your funds.
This was our list of the best Decred wallets. If you would like to add something, feel free to write your suggestions in comments.