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Every time we hear phrases like "autonomous", "decentralized" and "no single point of error", the holders of power are those who make decisions. Even with a decentralized ledger, power can be centralized in a small group of decision makers. Jake Yocom-Piatt, who founded Decred, sees it as a solution that puts voting power in the hands of its stakeholders.
The Decred governance model allows interested parties to participate.Decred
To really understand Decred, everything comes back to Bitcoin.
"In Bitcoin, the miners hold all the power, and their governance is off-chain and ad hoc.We felt that, as a stakeholder, you should have input on what happens.If you hold a cryptocurrency, miners make decisions that are not good for you and are not harmful.We wanted to balance the decision-making power between miners and owners, "said Yocom-Piatt.
Decred is a cryptocurrency (DCR) founded in February 2016 in response to power struggles in Bitcoin. The project, which includes many of the early Bitcoin developers, seeks to change incentives around decision-makers. Decentralized cryptocurrencies should remove a single entity from the control of the money supply, and Decred is working to build a large and populated voter network. "Consider it as a company board of directors with thousands of people voting through the Internet," Yocom-Piatt said in a presentation in New York.
Chris Burniske, partner at place card, a venture capital firm specializing in criptoassets, explained why his company invested in Decred,
"In 2013, the Company 0 team created BTCSuite, the most used alternative from Bitcoin Core. The same team then moved from Bitcoin to create Decred, a cryptocurrency that felt better than Bitcoin's biggest challenges. So now you have a team of Bitcoin developers, a hyper-safe, fork-resistant design and a treasure that is likely to support the community for decades to come. "
Marco Peereboom, Decred Systems Development Manager, said,
"We wrote an implementation of Bitcoin with complete node in Go, which was not received as we would have hoped.We were not there to have a power struggle, we really wanted to build a community and this would put us on the road to building something where governance is central and avoids the problem altogether. "
Vote as an investor
While most cryptocurrency investors are not used to having decision-making power, anyone holds approximately 100 DCRs (approximately $ 1,700 USD at the time of publication) can enter a lottery to bet their coins in exchange for voting rights. Once a ticket has been selected to vote, the investor can vote on the decisions both large and small, from the bifurcation of the blockchain or from the financing of a small project.
To do this, Decred has hybridized its consent mechanism.
"We wanted to change the incentives around the decision making process.When using both the Work Test and the Trial Test, anyone holding their own currency, the DCR can participate in voting decisions rather than just the miners with the best equipment. interested rather than having the main members of the Decred team like me and Marco making the decisions ". & Nbsp;said Yocom-Piatt.
In October 2018, Decred deposited its entire treasury, which is worth more than $ 20 million in an out-of-chain voting facility called Politeia.
Yocom-Piatt said,
"Politeia is the off-the-shelf component of Decred's governance, which allows stakeholders to make project-level decisions as transparently as possible in a referendum-based governance system."
Once a project has been approved, the funds come from a centrally managed treasury and the & nbsp; release of funds is done on-chain.
Decred is currently n. 31 by market capitalization on Forbescrypto.com.Forbes CryptoMarkets
When asked why a lottery for picketing was important, Yocom-Piatt explained,
"A lottery or a selection in rotation acts as a mechanism of decentralization. While Proof of Work is a rolling lottery on hashpower, our model adds an opt-in sweepstakes on coins aimed at making decisions. By sacrificing short-term liquidity, you acquire the ability to participate in decision-making and earn a reward. "
"If something were to serve as an alternative value digital deposit for Bitcoin, I think it would be Decred," Burniske said. Decred seeks to model a new form of blockchain governance and its highly transparent process will help show whether this model is a success.
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Every time we hear phrases like "autonomous", "decentralized" and "no single point of error", the holders of power are those who make decisions. Even with a decentralized ledger, power can be centralized in a small group of decision makers. Jake Yocom-Piatt, who founded Decred, sees it as a solution that puts voting power in the hands of its stakeholders.
The Decred governance model allows interested parties to participate.Decred
To really understand Decred, everything comes back to Bitcoin.
"In Bitcoin, the miners hold all the power, and their governance is off-chain and ad hoc.We felt that, as a stakeholder, you should have input on what happens.If you hold a cryptocurrency, miners make decisions that are not good for you and are not harmful.We wanted to balance the decision-making power between miners and owners, "said Yocom-Piatt.
Decred is a cryptocurrency (DCR) founded in February 2016 in response to power struggles in Bitcoin. The project, which includes many of the early Bitcoin developers, seeks to change incentives around decision-makers. Decentralized cryptocurrencies should remove a single entity from the control of the money supply, and Decred is working to build a large and populated voter network. "Consider it as a company board of directors with thousands of people voting through the Internet," Yocom-Piatt said in a presentation in New York.
Chris Burniske, partner at place card, a venture capital firm specializing in criptoassets, explained why his company invested in Decred,
"In 2013, the Company 0 team created BTCSuite, the most used alternative from Bitcoin Core. The same team then moved from Bitcoin to create Decred, a cryptocurrency that felt better than Bitcoin's biggest challenges. So now you have a team of Bitcoin developers, a hyper-safe, fork-resistant design and a treasure that is likely to support the community for decades to come. "
Marco Peereboom, Decred Systems Development Manager, said,
"We wrote an implementation of Bitcoin with complete node in Go, which was not received as we would have hoped.We were not there to have a power struggle, we really wanted to build a community and this would put us on the road to building something where governance is central and avoids the problem altogether. "
Vote as an investor
While most cryptocurrency investors are not used to having decision-making power, anyone holds approximately 100 DCRs (approximately $ 1,700 USD at the time of publication) can enter a lottery to bet their coins in exchange for voting rights. Once a ticket has been selected to vote, the investor can vote on the decisions both large and small, from the bifurcation of the blockchain or from the financing of a small project.
To do this, Decred has hybridized its consent mechanism.
"We wanted to change the incentives around the decision making process.When using both the Work Test and the Trial Test, anyone holding their own currency, the DCR can participate in voting decisions rather than just the miners with the best equipment. interested rather than having the main members of the Decred team like me and Marco making the decisions ". said Yocom-Piatt.
In October 2018, Decred deposited its entire treasury, which is worth more than $ 20 million in an out-of-chain voting facility called Politeia.
Yocom-Piatt said,
"Politeia is the off-the-shelf component of Decred's governance, which allows stakeholders to make project-level decisions as transparently as possible in a referendum-based governance system."
Once a project has been approved, the funds come from a centrally managed treasury and the funds are released from the chain.
Decred is currently n. 31 by market capitalization on Forbescrypto.com.Forbes CryptoMarkets
When asked why a lottery for picketing was important, Yocom-Piatt explained,
"A lottery or a selection in rotation acts as a mechanism of decentralization. While Proof of Work is a rolling lottery on hashpower, our model adds an opt-in sweepstakes on coins aimed at making decisions. By sacrificing short-term liquidity, you acquire the ability to participate in decision-making and earn a reward. "
"If something were to serve as an alternative value digital deposit for Bitcoin, I think it would be Decred," Burniske said. Decred seeks to model a new form of blockchain governance and its highly transparent process will help show whether this model is a success.
