Isaac, also known as OregonIsaac to many of the Decred community; discusses their hybrid, on-chain governance model which is advancing their popularity compared with many other coins in the space.
Decred is empowering the community in a whole new way through their extraordinary governance model. ‘What Decred has done is taken everything that works really well in Bitcoin, an extremely secure store of value, a secure blockchain and it has added a second piece, a governance layer on to that to empower the community’ Isaac explains.
Usually with most crypto projects there would be a board of directors, who will determine most key areas of how the project will run but this is not how Decred works. Decred is fully involving the community.
‘Decred’s stakeholders get to collectively determine our policy, our development plan, our budgets, even changes to the consensus rules protocol itself.’ This is revolutionising the way their community can work with cryptocurrency projects.
‘Decred has taken everything that works really well in Bitcoin and added a second piece, to empower the community.’
Isaac also told us about the exciting developments within the project such as they are currently in the process of finalising their version of the lightning network. This can be viewed on their proposal system here. Decred was one of the early movers in Atomic Swap technology and they used the same repository as the lightning network team, who work for Bitcoin.
Decred has already taken decentralisation further than any other projects within the crypto space; the only centralised human interaction right now is the signing of a verification of the payment processes. However, with their DAE project they are already working on making this automated so it is no longer a centralised process.
‘Decred has already taken decentralisation further than any other projects within the crypto space.’
Decred has a hybrid, on-chain governance model and this system of user governance is very different to other coins and platforms you see in the cryptocurrency industry.
Isaac explained to us the reasoning behind choosing this model for Decred.
‘First, it gives Decred security and second, the PoS layer on top of the PoW layer is what makes the model hybrid which enables all stakeholder mechanisms. With this extra PoS layer stakeholders are able to make the real binding decisions on-chain; like choosing the block size.’
Isaac also discussed how it works for the miners and developers, with this user governance model in place.
‘Stakeholders are able to make the real binding decisions on-chain; for example choosing the block size.’
Isaac also talked about the strong sense of community within Decred and how they feel about competing with the ‘TITAN’ that is Bitcoin.
Finally, there were a couple of questions from the Decred Telegram community.
Despite the upcoming features of the project, there has been a mention of prioritising universal fungibility over a higher level of privacy. Isaac explained more about this and whether this is true for Decred.
The second question from the community was about voting and whether voting will be different in the far future. Isaac provided a very detailed answer to this so the audience can grasp a good understanding of the voting system.
Isaac also discussed a bit about the future of the project such as they are getting very close to a DAE being put in place. You can find out more about this by reading the proposal at proposals.decred.org, presented by one of the lead developers, Marco.
To find out more about this very in-depth, intriguing interview, please check out the video linked at the top of the article.
New developments at Decred
Since this interview was published on our channel we have been in touch with Isaac again and he has provided us with some more information regarding recent key developments at Decred.
1. The Decred Team, who has a long relationship with Lightning Labs (and turned the btc suite used on Bitcoin Lightning Network over to the Lightning Labs team, after launching Decred) has launched LN on the Decred Mainnet! Upstream changes are currently being merged to ensure maximum compatibility with Bitcoin LN and compatible networks.
2. The Decred Proposals system has been in full swing recently, and the stakeholders collectively refined and approved budgets for Research, Bug Bounties, PR (Ditto) and some major development initiatives.
Check out proposals.decred.org for details on the real DEX expanding on the current Atomic Swap tool set used by many teams in the space today. The DAO proposal offers a path to remove some of the last points of centralization in Decred (invoicing and payments from the treasure) building on the successfully delivered Contractor Management System development team C0 recently delivered.
3. An already robust Block Explorer, dcrdata.org, has been further expanded by development team Raedah Group and now includes detailed market information – https://explorer.dcrdata.org/market and refined charts – https://explorer.dcrdata.org/charts – and even more to come which is publicly displayed on https://alpha.dcrdata.org/ for those community members who enjoy using the cutting edge.
It will be great for our audience to find out more about these latest developments so thank you to Isaac for providing these.
We are regularly posting new interviews with coins and projects such as a recent interview with the CEO of MakerDAO and we will soon be publishing an interview with Trust Token; be sure to subscribe to our YouTube channel so stay up to date with all of our latest videos.
For any Spanish readers, our LATAM Community Lead Soledad also conducted an interview with Elian Huesca, Mexico Community Manager at Decred. https://www.youtube.com/watch?v=8gE4-S0kdLo&t=13s
Also, thanks again to Isaac and the Decred team for supporting us with this article!
Last but not least, don’t forget very soon you will be able to trade Decred vs. TUSD on our exchange with up to 25x leverage and you can go long or short at bbod.io.
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