|Latest release||1.5.1 / 29 January 2020|
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Decred is a cryptocurrency with hybrid proof-of-work/proof-of-stake consensus that enables on-chain governance with its proof-of-work mining similar to that of Bitcoin except that each block has to be approved by a randomly-selected group of users who stake their DCR.
Decred was established in April 2013 when an anonymous developer named tacotime put out a response to a thread on Bitcointalk stating that they had been thinking up a new cryptocurrency. After that, tacotime published a new thread on a whitepaper titled "Memcoin2 (MC2): A Hybrid Proof-of-Work, Proof-of-Stake Crypto-currency". The whitepaper contained an extended proposal and combined the principles of both Litecoin and Peercoin. It was developed using btcd.
In 2013 tacotime developed the project with another anonymous person named _ingsoc. At the beginning of 2014 tacotime began work on Monero (cryptocurrency) while still working on MC2 in the background.
Early 2014 saw _ingsoc approach Company Zero and CEO Jake Yocom-Piatt with tacotime’s MC2 concept, merging efforts to develop the Decred system. During that period, Company Zero, which used to be known as Conformal Systems, was an open-source software engineering firm that focused on privacy and security oriented solutions including btcd, an alternative full node Bitcoin implementation written in Go (programming language). A year later in late 2015, Company Zero published a series of blog posts outlining challenges they saw in Bitcoin and proposals for exploring them.
Later on in 2015, Decred was announced as a solution to Bitcoin's perceived problems outlined previously that year, which included excessive miner power over the Bitcoin network, inefficient governance and capture by core developers, and lack of development funding. "An open, progressive, and self-funding cryptocurrency with a system of community-based governance integrated into its blockchain." was proposed, and at the center of the project was a hybridized proof-of-work/proof-of-stake (PoW/PoS) consensus system. This system aimed at striking a more robust notion of consensus balance between PoW miners and PoS voters to create.
The Decred system launched on February 8, 2016 along with the Decred constitution, a set of principles and guidelines that provide users a clear understanding of the social contract between themselves and the project.
Decred's Politeia proposal system launched in October 2018, allowing stakeholders and users of Decred to propose, discuss, collaborate on, and fund new projects, initiatives, and consensus changes on an off-chain platform.
Decred developers were one of the first teams to implement Atomic Swaps in the cryptocurrency industry. This system was proposed by the Decred developers in 2013.
In 2018, Decred was explained extensively at Blockchain Sovereignty and Blockchain Integration for Businesses put together by Business of Blockchain.
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- "As Decred Turns Three, It's Still Set on Real Decentralization". BREAKERMAG. 2019-02-08. Retrieved 2020-08-03.
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- Berg, Chris; Davidson, Sinclair; Potts, Jason (2019). Understanding the Blockchain Economy: An Introduction to Institutional Cryptoeconomics. Edward Elgar Publishing. ISBN 978-1-78897-500-1. Search this book on
- Magazine, Publisher Bitcoin. "Decred Adds Atomic Swap Support for Exchange-Free Cryptocurrency Trading". www.nasdaq.com. Retrieved 2020-08-04.
- "Blockchain Sovereignty and Blockchain Integration for Businesses - MIT Technology Review". MIT Technology Review Events. Retrieved 2020-08-04.
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