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Many people were first introduced to the idea of cryptocurrency thanks to Bitcoin. It’s the oldest continuously active cryptocurrency (2009), having boasted a reliable blockchain technology that wowed its early adopters. However, as stated by Company 0, Bitcoin’s perceived problems, which included inefficient governance, lack of development funding and excessive miner power, became more prominent as mining operations grew.
As a result, more companies created their own cryptocurrencies, seeking to offer improved features. A group of core developers, however, decided to modify Bitcoin’s codebase instead and create a community-directed cryptocurrency called Decred. Read on as we learn about Decred and how it’s designed to be better than Bitcoin.
Decred is a cryptocurrency built on Bitcoin's code, but with a unique governance process. Unlike many other cryptos, Decred lets all stakeholders vote on making changes to the blockchain.
Originally started as a Bitcoin fork, Decred has evolved into its own distinct project. The main identifying feature of this cryptocurrency is its community-based governance integrated within its system. All users can propose potential changes which stakeholders then vote on.