Decred (DCR) has come through on the launch of the much talked about decision-making system, Politeia. The system, which will serve as a self-governance infrastructure, will accord stakeholders charge of more than $20M USD worth in DCR.
The launch of Politeia marks an important step in the race to increase Decred community autonomy. Unlike other cryptocurrency governing models, Politeia will enable discussions when it comes to approval and rejection of governance policies.
The community will play a key role when it comes to budgetary expenditure analysis as well as the development of software features. The community will also participate in higher-level policy decisions. This is a big change considering that the Decred organization exercised full control of the $20M USD treasury account.
From now on, stakeholders will make decisions when it comes to funds disbursement.
“As developers, it has taken years to get to this moment when we can say that the ideals that drew us to cryptocurrency in the first place are finally being realized. The direction of Decred now lies with the collective intelligence and creativity of its stakeholders,” said Jake Yoo-Piatt, Decred Project Lead.
Decred casts itself as an autonomous digital currency focused on embedded governance. A decentralized hybrid consensus system means only stakeholders can make the rules.
All about Decred
To be part of the Decred community under Politeia, one has to pay a small fee. The fee is for account registration that allows one to comment as well as submit proposals. All proposals in the system are time-stamped and stored off-chain. One can only verify the proposals with the help of cryptography.
Community feedback will play an important role when it comes to proposal editing. After incorporating all the changes, voting begins. When it comes to voting, only stakeholders with live tickets can vote “Yes” or “No.” Outcomes from the voting process serve as instructions that human contributors must affect.
According to Placeholder VC, Chris Burnished, the most important Decred killer feature is its governance structure. No one in the community gets to know when they will vote. What this does is that it incentivizes people to keep their Decred tokens stacked.
The next phase of development entails making Politeia a resiliency public record. Additionally, the use of cryptographically verifiable public records should go a long way in boosting trust levels. This is because citizens will rest assured of transparent governance as all records are verifiable.
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