Obelisk is a well-known name in the mining of crypto-currencies and Bitcoin. It is a major household name known by all and sundry in the crypto-currency world. The function of Obelisk DCR1 is based on the cryptocurrency called “Decred”, “DCR” or “Decred Coin”. It is very vital for you, for the sake of information and education, to know that there are other kinds of cryptocurrencies apart from Bitcoins.
For example, there is another one called Siacoins. You should know here, that features of these crypto-currencies are different and specific. Each cryptocurrency has its own distinct features. However, the main rallying point here is that all the known crypto-currencies today operate on Block-chain, public ledger system, popularized by Bitcoin. Therefore, Decred, DCR or Obelisk DCR1 also operate on the blockchain technology.
You would, also, agree with me that, the fact that all crypto-currencies operate on the blockchain technology, makes sourcing them dependent on mining.
Mining: The Source of Decreed, DCR1, and other Crypto Currencies
Recall that, Bitcoin’s source is from mining. What is mining, in Bitcoin? You may have wondered this; or asked the question, how did Bitcoin come to be in the market, for trading?
Bitcoin mining is the answer. Then what is Bitcoin mining? It is the process by which Bitcoin transactions are verified and added to the public ledger called blockchain; at the same time, through this process, new Bitcoins are generated and released to the Blockchain. The procedure of participation in Bitcoin mining is free for everyone; you can participate, as long as you have the required hardware computer and an access to the internet.
This is why; Bitcoin is often referred t as a peer-to-peer controlled crypto-currency. Decred too as a cryptocurrency has its source from mining; but with features different from that of Bitcoin. The sophistication of Decred and OBELISK DCR1 is the main attraction and selling point.
Decred, DCR, and Obelisk: Background
Decred or DCR is another form of cryptocurrency, just like Bitcoin. However, the focus of Decred is different from that of Bitcoin. Decred is based on self-rule and proof of work. Decred operates like a true democracy; it permits a high level of autonomous in its mining and management. It allows and empowers stakeholders, and allows them to change from one set of rule to the other.
Obelisk Tech is one of the stakeholders, who has keyed into the magnanimity of Decred’s governance; by creating its own Decred algorithm, which they called DCR1. Decred operates a decentralized system of decision – making, as well as self-funding; and these have enabled Obelisk to build its own OBELISK DCR1, digital currency. Interestingly, Decred is built on a highly secured open-source technology, hence the permission and possibility of OBELISK DCR1.
Obelisk Tech and OBELISK DCR1
According to Obelisk tech, Obelisk was created as grounds for more security and more future- proof advantages for Decred and other cryptocurrencies alike. This can be noticed in its, OBELISK DCR1, mining culture. The mining culture and procedure for Obelisk’s OBELISK DCR1 is based on ASICs; which is more secured than other cryptocurrencies mining, which based their mining on GPU mining.
ASIC is an application-specific, integrated circuit. It is indeed an integrated specific application, as it is designed to operate on certain specific applications. ASICs mine more efficiently and faster, than GPU (Graphics Processing Unit) and others.
OBELISK DCR1s are ASIC mined coins for Decred cryptocurrency. OBELISK DCR1 is currently available as pre-sale orders; the first batch of OBELISK DCR1 is available to the tune of 4,000. They are in the care of Obelisk tech, available on their website, they are believed to finally ship on 30th June 2018, or before.