Meet Decred: A Digital Currency by Bitcoin Developers
Decred is a digital currency that aims to build a more robust consensus system, make funding for long-term development sustainable, and bring new forms of open governance to the blockchain.
In 2012, a group of developers experimented with Satoshi’s original Bitcoin client in an effort to port it to yet unsupported operating systems. Due to a lack of alternative clients and problems with software dependencies, they decided to redo the Bitcoin software in a modular way, with high test coverage and thorough documentation as a platform for those who want to further develop Bitcoin or fork the software in the future.
Today, their software – called btcsuite – powers the technology of several organizations, has served as the foundation that many new ideas choose to build on such as Ethereum’s most popular software client, and enjoys improvement to its code on a daily basis. After three years of activity, the group has announced a new digital currency that will draw on their experiences in the Bitcoin ecosystem and expertise in software development – in a collective effort to address longstanding issues in Bitcoin.
Enter Decred.
A digital currency that will attempt to shift the traditional dominance that proof-of-work miners have over the network to a more harmonious relationship with other users of the software. It is through this relationship between miners and users that Decred believes an environment is created that makes sustainable funding for the development of the software possible.
“A consensus rule supported by miners and users that makes funds available for the development of the software through its use frees current and future developers from obligations to outside parties and keeps them beholden only to their userbase.
If users are unhappy with development, they finally have a means to communicate their discontent in a way that has effect through a vote in the blockchain. This sets the stage for a system of community-based open governance directly connected to developers”, said Jake Yocom-Piatt, CEO at Company 0, who has funded development of btcsuite since early 2013.
Decred
Decred has started an “airdrop” initiative whereby future users with an interest in contributing to the ideas and technology of the project are encouraged to sign up and join the network to receive decred unconditionally in an effort to spread the starting network far and wide among interested parties. “In the future, this project envisions a mutually beneficial symbiotic relationship where advances in Decred and Bitcoin run in parallel and learn from each other, as we are now in a position to expand development on both software packages. We believe in this future and are actively working on making it a reality – alternative is not a bad word”, said Dr. John Vernaleo, a Decred developer.
The project’s website at http://www.decred.org/ contains additional information.
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