Launched in 2016 by Bitcoin developers, Decred is now gaining momentum in Africa, thanks to its focus on a fair and inclusive governance structure.
Its founders wanted a more decentralized network ruled by democratic governance, so it created the network, which uses DCR as its autonomously running cryptocurrency. Improvements to the currency are voted on and enacted directly by the miners and holders, unlike with Bitcoin.
Also, while Bitcoin’s resource-intensive Proof-of-Work protocol concentrates power in the hands of a few miners, Decred put forth a hybrid of that protocol and Proof-of-Stake to accomplish a new, more inclusive, voting code. Anyone who owns DCR can now choose to participate in validating blocks.
FCAS is up 10-points (1.38%)
User Activity is up 3-points (0.4%)
Developer Behavior is up 6-points (0.70%)
Market Maturity is up 102-points (14.91%)
This rise comes around the same time Decred started to gain momentum in Africa, which boosted demand for DCR assets. While AppsAfrica was highlighting Decred’s robust and inclusive governance structure, Decred’s community lead in Africa, Akin Sawyerr, was talking to CoinDesk about the potential of decentralized finance and governance to rebuild the economies of African countries.
A well-governed digital commons -- in which rules are codified, able to be audited and fixed -- is indeed attractive to citizens who otherwise struggle with weak civil institutions and volatile currencies. With its focus on governance, Decred is going beyond blockchain’s offering of cross-border transactions and delivering on the technology’s promise of creating more egalitarian societies, where rules are clear and users can accrue the same benefits regardless of location. The more transparent and inclusive the rules, the better positioned a platform is to reap network benefits.
Our Hot Take
Countries with weak or volatile fiat currency systems have been turning to cryptocurrencies out of necessity for a few years now, to avoid losing everything from sanctions or economic crashes. What we’re starting to see is an added appreciation of the blockchain’s decentralized governing structure, making it and other crypto networks the ultimate tool for democracy. As Western countries continue to grapple with the notion of digitally stored value, developing countries will be considering the best governing structures to escape their nation’s burdens.
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