Decred enables stakeholders to decide over its $20 million treasury - Decred News. Friday, October 19th
Decred enables stakeholders to decide over its $20 million treasury
Via their new proposal system
Blockchain project Decred (DCR) has recently announced that Politeia – name given to its governance system – has gone into production on the mainnet. The launch took place on October 16, 2018. “We have been working towards this milestone for roughly 18 months, so we are very excited to put Politeia into production,” reads the post in its official blog, written by the leader of the project, Jake Yocom-Piatt.
Politeia, which is the greek word for “governance system” will enable investors of this blockchain to vote on the decision-making process to further develop the cryptocurrency, and decide over its future. This includes controlling the destiny of the funds stored in its Treasury – a stack of approximately 570,000 DCR tokens, or about $23 million USD.
This is Decred’s answer to the blockchain governance. By handling almost complete control over the project to its users, Jake expects them to make the best decisions for the sake of the project.
“With great power, comes great responsibility”
Although Jake and the Decred team are letting stakeholders to decide where the funds should be put into, he was quick to warn about the misuse of the money and the catastrophic consequences for the continuity of the project. “It is important to understand that Politeia is a very powerful tool: it can enable all manner of positive developments for Decred, but if used unwisely, it can lead to a wide variety of problems,” he said.
And while stakeholders are now entrusted with proposing, discussing, collaborating on and funding new projects, initiatives and consensus changes, when it comes to releasing funds from the treasury, Jake will have the last word, as it still requires him to sign transactions.
Nevertheless, he states that putting Politeia into production means he will have much less influence in the project, while increasing the sovereignty of stakeholders over financial decisions.
He also feels that sharing the control over the Treasury with the investors of the project will allow the Decred team to expand the scope of their work, and to be even closer to their users.
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