“The Bitcoin software is controlled by a small group of people who decide exclusively what can and cannot be changed,” Jacob says in a press release.
“This is in part due to a lack of mechanisms and pathways for funding development work directly from the community, and, as a result, Bitcoin development is funded by external entities that create conflicts of interest between the developers and the representative power of the community that uses Bitcoin.”
What is DECRED?
Some Highlights of DECRED
- Implementation of consensus system based on proof-of-work and proof-of-stake system
- Decred development is self-funded and open with block subsidy
- Decred uses Blake-256 hashing algorithm
- Decred may be compatible with Bitcoin
- Decred community members will be involved in making bottom-up non-financial decision making easier
- It will use secp256k1 signature scheme or Ed25519/secp256k1-Schnorr for better integration into existing software and make good use of the features offered by Schnorr signatures respectively
- Decred uses Go as a codebase for development