Decred (DCR), a virtual currency that places a lot of emphasis on security as well as scalability, reveals that there’s been a passage of a vote to enhance the protocol’s base layer user experience (UX).
As mentioned in a release shared with Crowdfund Insider, the move is the latest example of Decred’s “built-in” governance system, which allows it “to make changes to consensus rules while avoiding community-splitting hard forks.”
As stated in the announcement:
“The vote was carried out on Decred’s off-chain proposal system, Politeia, and passed with 94.8 percent of ‘yes’ votes. The consensus change will fix a UX pain point around ticket revocations.”
Luke Powell, Software Developer at Decred, noted that this (blockchain) consensus change demonstrates one of the “fundamental differences” between Decred and Bitcoin.
He explained that their governance model gives them “the ability to adapt and evolve over time.” He claims that this upgradability will “result in dramatic network level UX differences in the long term and will directly impact higher layer implementations and UX, such as the Lightning Network.”
As noted in the release, the consensus change will be “the first that isn’t completed by the original Decred team, marking an important milestone for the project.”
“The number of developers that have the skills required to work on consensus code is very small. Consensus code is the most sensitive and mission-critical part of a cryptocurrency project. Errors and bugs can have serious consequences such as chain splits and loss of funds. Having a new team complete this work shows the strength and decentralization of the Decred developer base, another crucial factor which will enable the project to grow and evolve with time.”
As mentioned in the release, the passage of the vote has come after news surfaced of Decred becoming “the first true decentralized autonomous organization (DAO) in the crypto space, after making a consensus change to decentralize its $87 million treasury in May.”
Decred claims that it is “Money Evolved.”
By combining “battle-tested” Proof-of-Work with an “innovative” take on Proof-of-Stake that places coin holders “in charge of shaping the future,” Decred is able to adapt to challenges and innovate “at a rapid pace.”
The announcement explained that you gain influence in Decred by putting “skin in the game.” Decred’s security, privacy, scalability, and decentralized treasury “empower stakeholders and provides them with the tools needed to enhance their financial sovereignty.”