Altcoin News

Decred founder reveals how it bounced back from miner manipulation

Decred Co-Founder and Project Lead, Jake Yocom-Piatt, spoke to Coin Rivet on Decred’s journey since 2018 and the difficulties it faced more recently in 2021.

Speaking on the previous year and the progression Decred has made, Yocom-Piatt said: “2021 was a year that saw a lot of price action for Decred, and important information was made public regarding price manipulation by Decred miners.

“This sustained price manipulation informed a major consensus change that is still in the process of being voted on on-chain, where the mining subsidy would be substantially reduced and the staking subsidy doubled without changing the total subsidy generated. The project must overcome the current regime of miner-driven price manipulation to become a more attractive store of value.”

In the company’s previous interview with Coin Rivet in 2018, Marco Peereboom said that Decred is trying to create its own economy, Yocom-Piatt reveals how much has changed since then.

“Most cryptocurrency projects aim to create their own economy, but Decred’s approach to doing this is substantially different than most other projects. In 2018, Decred was comprised of 2 major services – (1) value storage and transmission and (2) stakeholder governance. Since then, we have added three additional services – (3) opt-in mixing service (Stakeshuffle), (4) decentralised exchange via atomic swaps (DCRDEX), and (5) decentralised stakeholder custody of the treasury.

“The current suite of services appears to be serving the Decred community well since staking is over 62% of circulating supply, mixing is over 58% of the circulating supply, and DCRDEX has more DCR volume than any exchange besides Binance.”

Touching on the significance of the project’s first real payment through the new decentralised treasury, he added: “The new decentralised treasury gives Decred a censorship-resistant means to fund its growth for the foreseeable future.

“This is a major step forward for Decred because it is the first Layer 1 treasury to be decentralised in this manner, making Decred that much more fault tolerant and resilient under duress.”

The projet’s hybrid POW and POS consensus Politeia system is “certainly unique in the space” according to Yocom-Piatt, he continued: “I am unaware of any other cryptocurrency project that has the breadth of Decred, and we are blessed to have the excellent team of software developers that can deliver this breadth.”

For more news, guides and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

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