"Decred" TAG

Decred is a governance-focused cryptocurrency that uses a hybrid PoS/PoW model. Introduction Jake Yocom-Piatt, Decred’s founder, developed a series of concerns about Bitcoin while working on btcsuite, including: Ineffective and inefficient governance Lack of funding for protocol development The outsized influence of Proof of Work miners on development decisions Jake Yocom-Piatt, who would later lead...

  Key Takeaways Many projects deployed live, fully operational ‘on-chain’ governance mechanisms in 2019, offering a wealth of examples, data, and case studies from diverse protocols The year’s major governance contentions concerned core development funding and token inflation measures, even among projects without on-chain governance infrastructure. Tools and infrastructure with the promise of enabling better...

Overview Early blockchains’ project and protocol governance was (and continues to be) done off-chain, through systems like Bitcoin’s BIP Proposals or Monero’s Forum Funding System, where proposed protocol changes get discussed and development funded. Forks, hard and soft, were the primary vehicle for implementing protocol changes, considered by industry observers as key governance mechanisms, giving...

Overview Jake Yocom-Piatt, Decred’s founder, developed an outlook on Bitcoin while working on btcsuite that would come to inform Decred’s development. Bitcoin, in Jake’s experience, had an ineffective and inefficient governance structure, lacked funding for protocol development, and inadvertently gave Proof of Work miners outsized influence on development decisions. Decred’s design and architecture intends to...