On its seventh birthday, it’s time to reflect on the progress made over this development cycle. Decred is a true unicorn among the established cryptocurrencies. It’s commonly described as an extremely versatile creature, a symbol of crypto purity and grace.
The evolution of the platform has taken many phases:
- Sound Money – A project with a deterministic coin supply of 21 million coins.
- Hyper Secure – A hybrid design that utilises both proof of work and proof of stake to make it extremely expensive to attack.
- Formal Governance – for voting on consensus, proposals & treasury spends. Building a fairer protocol for those that actually hold the coin and participate in the system.
- Store of Value – Stakeholders earn yield while they wait out the financial and societal storm. In times of crisis the DCR ticket acts as a store of value to protect against unwanted wealth destruction, tickets are highly desirable and difficult to obtain.
- Community Resilience – Decred said no to the chain splits commonly seen in the Bitcoin space! Decred became the first blockchain project to be fork resistant. Decred later improved this initial system by developing its hard fork only design. There will only be one Decred!
- New Work Paradigm – Decred became a layer one Digital Autonomous Organisation (DAO), effective growing and decentralising its workforce. Work for Decred whilst earning DCR.
- Privacy – An opt-in privacy mechanism that preserves fungibility and supply audibility.
- Medium of Exchange – Decred, scales with Lightning Network to enable a multitude of new use cases. LN makes it cheaper and faster to transact, and is suitable for smaller payments and interactions.
- Free Market – DCRDEX removes the middle man and enables cross chain, cross border, trading with no trading fees and no permission (no KYC).
- Free Speech – Bison Relay is Decred’s solution for the new internet. This project is built with the payment system at the core of its ethos. Payment is no longer an afterthought or an add-on. Also, with this target was to build a censorship resistant social media and private chat platform. Moving forward, we’ll see a whole host of user cases, including pages and paid / free content.
What do you think Decred will look like when it reaches its tenth birthday?