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Decred is an open and progressive cryptocurrency with a system of community-based governance integrated into its blockchain. The fusion of technology, community, and governance the Decred way means development is self-funding and remains sustainable.

Technology

  • Hybridized proof-of-work proof-of-stake consensus system to strike a balance between miners and voters and create a more robust notion of consensus [1]
  • Blake-256 hashing algorithm - not vulnerable to many of the numerous security issues facing Merkle-Damgård construction-based hashing algorithms such as SHA-256 [2]
  • secp256k1 signature scheme for ease of integration into existing software or Ed25519/secp256k1-Schnorr to take advantage of Schnorr signatures and their features [3]
  • Written entirely in Go using a modular, well-documented, and tested codebase for long-term maintainability [4]

Development

  • Multi-stakeholder development ecosystem that welcomes and empowers participants who want to build new and improve on existing features [5]
  • Open and self-funded development via a block subsidy to ensure long-term development sustainability as project and network usage scale upward - Decred improves with use [6]
  • Any party can submit feature proposals and developers are paid for work to fulfill requirements - in full view of the community in a system designed to fight against ingroup-outgroup dynamics [7]
  • Main contributors are the developers responsible for btcsuite (est. early 2013 - present) - a suite of Bitcoin packages and tools, including btcd, a full node, mining capable, Bitcoin implementation [8]

Governance

  • Layered form of transparent meritocratic governance that extends beyond proof-of-work and proof-of-stake mechanisms to bring forward and represent insider and outsider voices in the community [9]
  • Bottom-up decision-making through the Decred Assembly - an evolving and inclusive list of community members who make non-financial contributions to the project through their work and effort [10]
  • Project bound by the Decred Constitution on the core principles of finite issuance, privacy, security, fungibility, inclusivity, and progressive development of the technology that keeps these principles together [11]

Getting started

Mining

References

  1. Hybrid Proof-of-Work Proof-of-Stake
  2. Blake-256 Hashing Algorithm
  3. Schnorr-Based Elliptic Curve Cryptography
  4. Modular Codebase
  5. Multi-Stakeholder Development Ecosystem
  6. Self-Funded Development
  7. Participant Developers
  8. Makers of btcsuite
  9. Meritocratic Governance
  10. Decred Assembly
  11. Decred Constitution