Decred (DCR) Launches Politeia Voting SystemOctober 17, 2018
The long-awaited consensus solution should bring Decred one step closer to becoming a widely adopted crypto coin.
The Decred (DCR) project gave over its treasury governance to the community after the Politeia voting and consensus system went live this week.
#Politeia is going live! As of today, all #Decred stakeholders have the power to vote on proposals via https://t.co/I1b5BzhRON. Through this platform they decide which proposals get funded by the project treasury. The future of Decred is fully in the hands of those who HODL $DCR. pic.twitter.com/zh6HCOiXV5
— Decred (@decredproject) October 16, 2018
The Decred ecosystem now also contains a proposals page, where project funding can be approved by the community. Decred holders can buy tickets or even fractions of tickets to vote on the proposals.
The development fund contains the equivalent of around $21 million (based on today’s DCR prices) and is earmarked for paying developers to improve the ecosystem. Decred is a minable coin with an added consensus layer, which helps to both secure the system and allow voting.
“Politeia allows Decred users and stakeholders to propose, discuss, collaborate on, and fund new projects, initiatives, and consensus changes,” the team said in a recent blog post.
With the new voting option, Decred will aim to differentiate itself from other projects, which have the developer team responsible for decisions. In this way, Decred wants to preserve the open source community ethos instead of becoming a corporation-like entity.
“For a vote to be valid, at least 20% of the live tickets must vote Yes or No. For a proposal to pass, at least 60% of voting tickets must vote Yes,” Decred contributor Richard Red explained in a recent post about the Politeia ecosystem.
Following the news, the DCR price grew slightly, reaching $39.34. It remains stuck below the $40 range and struggles to become one of the leading coins. However, DCR trading is still dependent on speculation in Korea, and the project has not been listed on Binance.
It is yet unknown whether the 570,000 DCR fund would be used for exchange listings. At least in theory, the Decred project views development and technology as more important than a rapidly rising market price. This is one of the reasons DCR has not shot too far above the $100 mark, even at the peak of prices. It is still considered one of the undervalued projects, based on its unique consensus mechanism. The voting for Politeia will also lock in some of the coins for a short period, creating additional scarcity.
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