Bitcoin Developers Building New Digital Currency

Insiders to the digital currency Bitcoin have unveiled a new cryptocurrency called Decred.

The developers have said that they are concerned about “the deepening centralization of power” in governance of Bitcoin.

“Many people may not know that despite the technological decentralization Bitcoin has brought the world, there are serious and growing issues of centralization that rule decisions made about the present and future of the project,” says Jacob Yocom-Piatt, CEO at Company 0, who has funded development of Bitcoin since early 2013. “The Bitcoin software is controlled by a small group of people who decide exclusively what can and cannot be changed. 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. We want to change that.”

Decred is an alternative digital currency that is designed to address the issues of project governance and development funding seen in Bitcoin. Governance will be decentralized and community-based.

“Governance of the project is open to anyone who wishes to participate and proposals for integration into the software are voted on,” developers say. “Development funding comes from using the technology itself, which is paid to any developer who implements proposals chosen by the community in an effort to represent those who make up the larger system. Members of the public and others interested in contributing ideas and work are invited to unconditionally sign up and join the launch of the project.”

The project’s website is www.decred.org.