Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with DCR.
No securities regulatory authority has expressed an opinion about DCR, including an opinion that DCR itself is not a security and/or derivative.
Token Description & Project Background
Decred (DCR) is a cryptocurrency that is focused on decentralization. All changes on its blockchain are subject to a user vote, which include miners and currency holders.
The project was born out of a community of Bitcoin enthusiasts who wanted to improve BTC’s protocols. Decred wanted to create a currency where miners and users had a more equal say over developments.
Decred runs its voting protocol using a hybrid model employing both proof of work and proof of stake. The principle is that each block must be mined with the correct nonce and ratified by at least three verifiers. The system addresses the weaknesses of both the proof of work and proof of stake models. Miners still receive block rewards while the staking verifiers get smaller rewards.
Decred wants to eliminate the risk of hard forks, especially ones that divide the community philosophy. While a hard fork is technically possible, Decred's voting protocol ensures users get to vote on changes first. When a vote passes, the changes go live. Decred’s goal is to fix what they see as the biggest flaw of Bitcoin and become the ‘Bitcoin of governance’.
Decred was announced in 2015 and went live in 2016.
Decred is now a decentralized autonomous agency (DAO).
Decred was founded by, the co-founder of Conformal Systems (now known as ), an open-source software company focused on privacy and security. He entered the crypto field in 2011 and created a tool for Bitcoin developers called btcsuite.
Risks of DCR
Like an investment in other crypto assets, there are some general risks to investing in DCR. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to thestatement.
In addition to these general risks, an investment in DCR is subject to the following specific risks:
- DCR faces intense competition from other cryptocurrencies designed to improve on Bitcoin. Any potential success associated with DCR depends on Decred’s rate of adoption.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with DCR. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.
The DCR community and Decred DAO are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of DCR have no recourse to the DCR community, Decred DAO, or Uphold if DCR declines in value for any reason.
Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.
Uphold’s Evaluation Process
Prior to listing DCR on the Uphold Platform, Uphold performed due diligence on DCR and determined that DCR is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following:
- The creation, governance, usage, and design of DCR, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
- The supply, demand, maturity, utility, and liquidity of DCR.
- Any marketing materials put forward by the DCR social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with DCR, including any code defects, security breaches and other threats concerning DCR and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
- Legal and regulatory risks associated with DCR, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of DCR.
Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.
Uphold users should read thestatement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.
Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following. Please also review the for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and statement.
Last updated on June 21, 2023.
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