- Decred says its stakeholders are now in charge of the DCR treasury worth $20 million.
- Politeia crypto governance model facilitates vital operations in DLT projects including software features, marketing and more.
- Decred says it has now gotten a step closer to achieving its goal of decentralized sovereignty.
Decred (DCR), an open-source, fully decentralized, autonomous payments cryptocurrency has announced the launch of Politeia, its self-governance system aimed at giving members of its community ultimate control over the decision-making processes, funds utilization and the entire operations of Decred, according to a Business Wire press release on October 16, 2018.
Decred (DCR) Giving Power Back to the People
Decred (DCR), the blockchain project with built-in governance model, has reached another significant milestone in its quest for a genuinely decentralized blockchain ecosystem.
Decred has now successfully launched Politeia, which is its much-anticipated decision-making and self-governance system.
Per the project team, Politeia is designed to handle the vast array of decision-making processes in the community including discussion, approval or rejection of essential governance proposals, budgets, software improvement proposals, marketing, the constitutional amendment as well as other higher-level policy decisions.
With Politeia now live, the Decred team has made it clear that stakeholders will entirely control the project’s $20 million treasury.
The team claims it has now handed over the mantle of leadership from Decred’s development organization to the stakeholders.
Amidst that backdrop, stakeholders will now be able to disburse the funds in Decred’s vault according to results of voting.
Decred Project Lead, Jake Yocom-Piatt noted that it has taken the development team years of diligence and hard work to develop Decred to this point where the project has almost achieved decentralized sovereignty, which is one of the primary ethos of cryptocurrency and distributed ledger technology.
“The direction of Decred now lies with the collective intelligence and creativity of its stakeholders. We look forward to the exciting projects our community will propose,” added Yocom-Piatt.
How Politeia Works
As stated in Decred’s press release, prospective Politeia users will be required to pay a small fee to register an account that will enable them to comment and submit proposals as they may wish.
Proposals are time-stamped for verification, stored off-chain and the team claims that all suggestions are cryptographically verifiable.
That’s not all, Decred has said that all valid proposals are open for discussions and can be edited according to the opinions of the community.
And once the proposal review phase ends, voting commences and stakeholders with live tickets can vote either in favor of or against proposals.
Based on the Proof-of-Activity (PoA) consensus, Decred (DCR) is one of the very few cryptocurrencies with a bright future.
At press time, DCR is ranked 28th on CoinMarketCap top 100 cryptos table, and it sits comfortably at $39.54, with a market cap of $342,328,036.