Decred, The World’s First Fully Democratic Cryptocurrency Platform, Receives an Upgrade

By Cynthia Turcotte Apr 30, 2017 12:00 PM EDT

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Decred is a cryptocurrency project and platform built with the sole purpose of granting its participants the power to guide the ecosystem. This democratic design eliminates the possibility of interference from separate entities or governments.

Control in the Hands of the Community

The much-anticipated recent release of Decred v1.0 marks the beginning of direct community consensus voting. Decred will be the first cryptocurrency to reappropriate its governing control away from a centralized authority to the community of stakeholders. Usually, the control lies in the hands of miners and developers, but with Decred, it is distributed among the community members to ensure that everyone’s views and votes play a role in shaping the ecosystem.

Decred utilizes a hybrid proof-of-work and proof-of-stake consensus system. It allows the platform to strike a balance between the benefits to both miners and stakeholders, offering a much more complete form of consensus.

Decred v1.0 First and Second Votes

The new Decred v1.0 release will change the required percentage for stakeholder approval to a minimum of 75% vote for consensus change and one signaling vote. There has been recent fluctuation in the ticket price, due to an increased number of stakeholders, which has been attributed to the cryptocurrencies recent spike in adoption.

This fluctuation exemplifies the project’s need for a majority community consensus to resolve such issues. The first vote will be on Decred v1.0’s new ticket price algorithm designed to diffuse large ticket price fluctuations and provide an improved ticket price discovery while maintaining a consistent ticket pool size.

The second vote will allow stakeholders to signal support for Lightning Network development. The Lightning Network will bring the platform the ability to process super-fast payments with an economical fee structure to all users. Should the vote pass, Decred developers will integrate the Lightning Network

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