Decred, a cryptocurrency project and platform, was released on April 25th, 2017. Decred v1.0. gives its stakeholders the power to control the platforms direction through direct community consensus voting: decentralized governance to match a decentralization system. The platform uses a hybrid proof-of-work and proof-of-stake consensus system. This allows the platform to strike a balance between benefits to both miners and stakeholders.
The 1.0 release of Decred will include the first community vote on two important issues. After 75% or more of miners and stakeholders have updated to 1.0, Decred stakeholders will be able to vote on one consensus change and one signalling vote. Due to the growth of Decred, the number of stakeholders buying vote tickets has increased, leading to large oscillations in the ticket price. This is one example of an unanticipated condition which needs to be resolved though community consensus.
A new ticket price algorithm will aim to ease the large oscillations in ticket price and lead to better ticket price discovery whilst still maintaining the target ticket pool size. A consensus change of this magnitude can be difficult to achieve in other systems and requires the voluntary acceptance of the code by miners. If it passes, the new ticket price algorithm will activate with no further intervention.
The second vote will allow stakeholders to signal support for Lightning Network development. The Lightning Network is a payment layer that makes it economical and fast to process payments, especially small payments. If this signalling vote passes, the developers will begin work on integrating Lightning Network on the Decred blockchain. Once development is complete and tested, a future consensus vote can be taken to automatically activate the Lightning Network code.
The recent Decred 2017 roadmap highlighted some of the other innovations that the team hopes to put up for a vote throughout the year. In addition, a new improvement proposal system will be put in place soon to allow for the community to contribute directly to the agenda for Decred.
Decred is celebrating version 1.0.0 release with a puzzle challenge. The ‘Autonomy Puzzle’ challenge featured an initial prize of 500 decred (DCR) to the first solver – equivalent to approximately USD 7,500. However, the prize will be reduced every 24 hours. The puzzle difficulty level has been rated ‘easy to medium’, as Decred is aiming to include participants of all skill levels.