Written By Elizabeth Saul


Decred Wallet – Step by Step Instruction

Decred Wallet – Step by Step Instruction

Get a Decred wallet on Guarda. In this tutorial, we will explain the basics of DCR and show how to set up a wallet in just a few easy steps.

What is Decred?

decred cryptocurrency

Decred is a network focusing on decentralised governance. The main goal is establishing a network that improves via direct voting made by miners and holders. Decred launched the mainnet in 2016. The next version, Decred 1.0.0, was launched in 2017 and it allows both proof-of-work and proof-of-stake.
The cryptocurrency is has a DCR ticker and comes in a supply of 21 million coins. When it comes to the technology Decred runs on, they use Lightning Network to process micropayments in DCR coins. The hybrid proof mechanism gives the power to make decisions to the stakeholders. PoW, in this case, is used to validate the transactions and generate blocks. PoS mining is more for the users to cote on the important upgrades and changes to the network itself. The noteworthy fact: Decred was the first to have an on-chain user-activated hard fork. Definitely, this fact brings more value to Decred as a decentralised project.

How to create a Decred DCR wallet?

Before creating a wallet for Decred, you should make some market research. There are many wallets offering their support for DCR, so it is on you to find a trustworthy service. We are making this guide to make your choice a little bit easier and outline some directions.
When choosing the wallets for Decred, look for the following factors:

  1. Non-custodial wallets. At first, you might not notice the difference between custodial and non-custodial services. However, when it comes to attacks, leaks and other types of unpleasant situations, it is much more viable to have a custody-free Decred wallet. Non-custodial wallets do not store or use your personal information (passwords, private keys and backups), so there is no chance of any third-party having access to your funds.
  2. Functionality. Get a Decred wallet that has enough features for you to manage your DCR freely. At this point, it is better to turn to multi-currency and multiplatform wallets. First of all, they broaden your cryptocurrency usage experience by offering various coins and tokens. Secondly, it is handier to have all your crypto coins in one place and synchronisable across various devices. Besides, you might want to consider wallets that offer built-in exchange services, crypto purchases and more.
  3. Support. It is essential to get proper support when you use your Decred wallet. All your questions need to be addressed immediately. So, check the wallet’s social network accounts to understand the levels of activity there.
  4. Reviews. Last, but not least. Reviews may be not the criteria to have the full picture of the service, but reading them can be helpful at times. Check the reviews of all the wallet versions and see how the users are addressed by the development team.

How to create a Decred Wallet

Setting up a wallet for Decred is fairly easy. After you have reviewed the points above, it is time to get you settled with your new wallet for DCR. Here is a step-by-step guide on how to create your Web wallet on Guarda.

  1. On the main page of our website, click Create Wallet
  2. Once redirected to the welcome screen, proceed with Creating a New Wallet
  3. Think of a good password to protect your Decred wallet. You can use our password guide to help you.
  4. Download your backup and keep it safe. Guarda is a non-custodial wallet, so in case of a backup loss, we will not be able to restore it.
  5. Enjoy using your DCR wallet on Guarda! Now you can securely store, send, receive and exchange Decred right within your crypto wallet.