Topic: [ANN][DCR] Decred - Community Governance | Bitcoin Devs | Lightning Network - page 547. (Read 1201380 times)

You can have a look at this message for more information on the funding mechanism and how it's going to work.


An idea that's been proposed is to treat issues in layers. The first layer is an informal, but structured platform, where users can conduct informed discourse and vote on issues so everyone can gauge the level of interest different issues attract. This would be a web-type platform. There'll be some experimentation with a platform like that this week. From this layer, issues will graduate into the blockchain where PoS can vote on the issues in a formal capacity for inclusion in the software. That is one proposal put forward that may end up being conductive to progressing the technology (especially contentious issues).

From an online article.  https://www.cryptocoinsnews.com/bitcoin-developers-are-creating-a-new-digital-currency-called-decred/

So..... will the decisions on funding Decred will be centrally controlled in any way?


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How will that work in practice?

Some of the media hype around this coin is beyond a joke. "May take bitcoins place soon after launch"
That being said good luck with the project, I will buy in a small amount initially in case it doesn't turn out to be a scam by the devs to make quick money.

Do we know who the developers are?

@Decred

This project looks fascinating and very promising but there is one significant question I must ask: Why have you chosen 14 round blake256 and not 8 round? This prevents it from being merge mineable with the already existing blake256 ecosystem. Have you spoken with BlueDragon747 (The Blakecoin Dev) about that possibility? There is already a solid base to work from for merge mining, fpga support, pool software, etc. 8 round blake256 was chosen for good reasons after considerable research - mainly because it is much more energy efficient and easier to implement in fpgas (which translates into better ASICs when that time comes). Also, the higher hashrate possible with 8-round produces a smoother average of large numbers, making block times more consistent and difficulty readjustment more accurate. If it is not already too late, I would recommend reconsidering the possibility of using 8 round blake256. Are there some benefits to 14 round blake256 that i am not aware of?

Edit:
I read through the whole thread now and see that dbt1033 asked a similar question, but I am still hoping you would please address some of the specific points I brought up, when you get a chance 

What appears to have happened is Softpedia picked up a press release distributed a few weeks ago that the project wrote to try and create a bit of awareness for the airdrop initiative. Didn't anticipate much coverage, but a decision was made to at least try and get some exposure - nobody wanted to look back and face accusations the project was kept in the dark for a select few. Here is a link to the original press release on the wiki.

Softpedia published an article by the title of "Amid Bitcoin Centralization Worries, Core Developers Start New Currency Called Decred". It looks like confusion started here about the word "core". The original title put on the press release was "Bitcoin Developers To Start New Digital Currency". Media houses seem to rewrite these, so it was only a matter of time before this happened. This got picked up by Slashdot and now it's on their front page.

An uncomfortable conversation may now ensue about who has the right to call themselves "Bitcoin developers". The assumption that the phrase automatically means "Bitcoin Core developers" is unfortunate. This is not true, as many developers form part of the Bitcoin ecosystem, but sadly it speaks to the larger mindset. However, btcsuite is made up of Bitcoin developers, has been since 2013, can go head and head with Bitcoin Core any day, and some of these btcsuite developers now work on Decred. c0 funds development on both. Those are the material facts.

Having said that, this is the Internet. Things are going to get crazy. If you're interested in Decred, strap yourselves in, stay true to the ethos of the project, focus on the work, and enjoy the ride.

This seems a bit over-the-top: http://developers.slashdot.org/story/15/12/28/0515230/core-bitcoin-devs-leave-project-create-new-currency-called-decred

Hi there,

You are using the same ticker as DeltaCredits, which was launched in August. Please change your ticker.

All the best,
Adam

No, it has not been minted yet. When all of this happens it'll be made public - and you'd be the first to know here!


The 10% goes to a development entity that will administer the funds so that "proof-of-development" parties can get paid for their contributions to the codebase and Decred's development. This will be administered as contracts and open to anyone and based on merit. Ideally, it would be great to have this administered as a decentralized autonomous organization (DAO), but the technology isn't quite there yet. So logistically it's administered by an organisation called Decred Holdings Group (DHG), currently based in Nevis, that will release financial statements publicly for anyone to examine. This is an entirely logistical requirement, so one can easily verify the funds going in and out of DHG, and this will be accounted for transparently. Once it can be moved to a DAO, that will be embraced. As for form, payment will be in decred. Here's a quote from wiki.decred.org:

"The development organization will be open to anyone who makes contributions to develop Decred, will remain transparent and issue regular financial statements biannually, and will publicly account for how funds are spent. This entity is built to be adaptable and open to community feedback and guidance, and may therefore change in the future if circumstances require adaptation for it to continue serving its goal to make and keep Decred development sustainable as the project and network scale upward."

No plans to merge mine as of yet. Decred is 14-round.

@ decred, kindly shed some light:



The 10% block subsidy, how does that work out regarding the "ongoing source of funding for development work" part?

Where would those funds go, how will they be managed, etc.
In what form will they be employed (bitcoin, fiat, decred), etc.

is the Genesis block of your MainNet minted already? if yes what is your block height currently and the actual block reward?

Fair enough, thanks for your attention

That is only way i can think of helping. Thanks

This is one way of looking at it. In my opinion, this view goes against progress. Let's stay in this perspective for a sec. You can mine "100%" and the devs have more incentive to dump everything and halt future development on the coin, because there's now zero incentive for keeping the system sustainable - unless the devs instamined a ton somehow. If the coin ends up having sustainability in mind, you end up in a situation where outsiders, not the users, buy a ton of influence and fund the devs that way. This is what's happening in Bitcoin right now. This is fine, but it's not what we want to explore here.

In the opposite perspective, that "10%" that you lose is an investment in the continued expansion of the technology - just like the network. It ensures the coin continues to progress and builds itself up. Just like the miners are doing a job securing the network, the devs are doing a job to make sure the technology is maintained and improved over time. Both things require a cost of resources, and what the development subsidy does is keep miners, users, and developers in harmony. The hybrid PoW/PoS system keeps everyone accountable. If you don't like what devs are doing with that 10%, stop mining, and they'll feel it - plus you have a voice to communicate your discontent by voting in the system. It's a check on devs, just like PoS is a check on PoW in Decred.

Nice. Thank you. Appreciate you helping people in here too. The best thing for what's being proposed is an informed userbase so good ideas can influence the system and users can call out wrongdoing no matter where it occurs.

Thanks, i have shared your post in ccminer sp-mod thread, hopefully someone will be interested & contact you.

Ok.
Thanks for your answer.

Using the information posted earlier in this thread for the total coin supply as of end of year 1, 4704267, which is roughly 4.7M, we have the following:

- 4% premine for developers, 840K coins, constitutes 17.8% of the available supply at end of year 1
- 10% dev org subsidy is [4.7M (total issued eoy 1) - 1.68M (8% premine)] x 10% = 302K coins, which is 6.4% of the total available coins at end of year 1. Note that the subsidy only starts after the premine, thus the subtracting of the premine when calculating this figure.

This gives a sum of 17.8% (dev premine) + 6.4% (dev org subsidy) = 24.2%.



I am not sure exactly what you are asking.  Can you be a bit clearer about what you're looking for here?