History

Decred History

Decred is based on a proposal for the Memcoin2 cryptocurrency from April 2013 on the Bitcointalk forum. The user, tacotime, proposed the new cryptocurrency and worked with _ingsoc, another Bitcointalk user, and Jake Yocom-Piatt to implement the hybrid Proof-of-Work (“PoW”) / Proof-of-Stake (“PoS”) consensus system from Memcoin2 as a new project, called Decred.

The major innovation of this hybrid consensus system was that it created a PoS governance mechanism, where users opt-in to temporarily lock their coins in exchange for participation in a lottery. These users are called stakeholders. Several winners of this lottery are selected each block to participate in the consensus system by voting, which puts sovereignty over decisions about Decred directly in the hands of its stakeholders.

In contrast, every pure PoW cryptocurrency must rely primarily on its miners for governance decisions since they alone enforce the consensus system and provide its security. However, Decred relies on both its stakeholders and miners for consensus and its security. The end result is that Decred’s hybrid PoW/PoS consensus system is both substantially fairer and more secure than pure PoW systems.

Decred’s code was built on the btcsuite codebase, an alternative full node Bitcoin implementation in Go, written by Company 0, LLC. Despite Decred being based on Bitcoin’s code, it is a standalone cryptocurrency, not a “Bitcoin fork”. This work began in February 2014 and continued with the assistance of Company 0, LLC until its mainnet launch in February 2016.

Airdrop & Premine

During the launch in February 2016, Decred used an innovative airdrop and small premine to bootstrap the PoS component of the Decred network, establish a wide network of potential project contributors, and compensate the early developers for their work prior to launch. Given the necessity of distribution, this process was determined to be fair, transparent, and yielded significant decentralization from the outset.

Decred Timeline

December 15, 2015
Decred announced on bitcointalk

December 15, 2015

January 1, 2016
Airdrop vetting finalized

January 1, 2016

February 8, 2016
Decred mainnet launched

February 8, 2016

February 12, 2016
Initial stake pool release

February 12, 2016

February 21, 2016
First PoS votes are included in block 4096

February 21, 2016

December 26, 2016
First release of Decrediton GUI wallet for Linux/OSX

December 26, 2016

June 14, 2017
Initial dcrtime release

June 14, 2017

July 9, 2017
First consensus vote in the history of cryptocurrency to change Decred's stake difficulty algorithm

July 9, 2017

October 19, 2017
Atomic swap tools released with Decred, Bitcoin and Litecoin support

October 19, 2017

October 25, 2017
Politeia is announced

October 25, 2017

June 9, 2018
DEX proposal is published

June 9, 2018

September 21, 2018
Initial SPV release for dcrwallet

September 21, 2018

October 15, 2018
Politeia goes live on mainnet

October 15, 2018

May 9, 2019
Lightning Network support activated on mainnet

May 9, 2019

August 28, 2019
Initial Privacy Implementation Released

August 28, 2019

Decred Community Principles

01

FREE AND OPEN-SOURCE SOFTWARE

02

FREE SPEECH AND CONSIDERATION

03

MULTI-STAKEHOLDER INCLUSIVITY

04

INCREMENTAL PRIVACY AND SECURITY

05

FIXED FINITE SUPPLY

06

UNIVERSAL FUNGIBILITY

All software developed as part of Decred shall be free and open source-software.

Everyone has the right to communicate opinions and ideas without fear of censorship. Consideration shall be given to all constructive speech that is based in fact and reason.

Inclusivity represents a multi-stakeholder system and an active effort shall be maintained to include a diverse set of views and users.

Privacy and security technology shall be implemented on a continuing and incremental basis, both proactively and on-demand in response to attacks.

Issuance is finite and the total issuance shall not exceed 20,999,999.99800912 DCR

Universal fungibility is fundamental to Decred being a store of value and attacks against it shall be actively monitored and countermeasures pursued as necessary.