With the tides uncertain as we near December I am starting to realize the importance of decision making for the greater good. We are about 80% in support of Segwit but still the community and miners are torn on what to do. If we see Bitcoin split no one knows what it will mean for the community or the entire crypto space for that matter. Bitcoin will not be the only one to face these problems as many others will too. With no concrete plan on how to adapt and change it truly shows how with a simple voting system this problem could be amended. This is where Decred comes in.
What is Decred
Decred is cryptocurrency based on both PoW and PoS that has quickly exploded in recent months. A unique ticket system allows people to purchase them on the market and put them in a sort of lottery. If your ticket is picked you vote and get some Decred as a reward. The ticket is not a stagnate price but ever changing allowing the community to set its worth and importance.
The strong and growing community behind Decred is truly making a name for itself and forming its own path. Not only is the community strong but the developers are also very upfront and informative (right now they are hosting an AMA all weekend at r/Decred). But what makes Decred unique is the community involvement and governance it provides. Decred allows anyone to submit proposals for new features that the entire community can see.
The use of transparency and community implementation is truly effective and needed in this fast paced crypto world. Although this gives Decred tremendous value on its own it still has much more to offer with its voting.
Decred and Voting
Unlike other coins that do not have a system for voting Decred is already prepared. Not only are they prepared but they have already utilized the function twice to vote on two different things. Through voting Decred has already changed their PoS staking algorithm and voted in favor of a lightning network which is great for scaling and quick transactions.
To undergo a vote on the Decred network there are two stages, one where the vote is sent out to the PoW and PoS miners and a second when it is voted on. For the vote to pass it needs 75% of votes mined within the static 8063 block to receive a yes vote. If it receives a 75% yes or more it goes through one more block then undergoes the fork.
The Importance of Voting
Decred shows us that an implementation of voting on the blockchain is possible for coins. The community as a whole can vote on what they see as the right path and continue the coin from there. With these decisive decisions I see Decred making a name for its self and slowly but surely passing other coins along the way.
Good article. I was about to post a similair thread. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. Does anyone know about: https://www.coincheckup.com. Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. Check: https://www.coincheckup.com/coins/Decred#analysis For a complete Decred Research report
good article this is a nice guide for all portfolio seeker out there.. decred is one of the promising project to watch it. hoping more and more exchange adopt this project. like this one https://news.kucoin.com/en/99-discount-over-the-trading-fees-on-dcr-trading-pairs/