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Author Topic: [ANN][DCR] Decred - Community Governance | Bitcoin Devs | Lightning Network  (Read 1201106 times)
iCEBREAKER
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December 16, 2015, 06:31:29 PM
 #41

Decred opted for a different funding model in an attempt to shift the risk carried by supporters to the developers of the project. Instead of asking interested parties to fund the development of the software, the developers decided to pool funds together and carry the project to completion before making it public. The consensus was that this is an ethical path given the realities of funding software development, due to the fact that the developers alone carry the risk of the project failing, whereas in the past potential users were expected to pay for coins before any code was written. We felt this was unjust.

The development of Decred was funded by Company 0 and from the pockets of its developers individually. The cost of developing the project, in terms of developer pay, totals to approximately USD 250,000, which Company 0 paid to developers. An additional amount of approximately USD 165,000 has been allocated for unpaid work and individual purchases by developers. We felt that the most equitable way to handle compensation for these expenses was to perform a small premine as part of the project launch. The model is unusual in that no developer received any amount of coins for free - all coins owned by developers will either purchased at a rate of USD 0.49 per coin from their own pockets or exchanged for work performed at the same rate.

The premine consists of 8% of the total supply of 21 million coins, meaning the premine consists of 1.68 million coins. Rather than allocating the entire premine to the bring-up costs, we decided to split the premine equally between compensation for bring-up and an "airdrop", where we freely give an equal amount of coins to a number of airdrop participants. This means Company 0 and its developers will have put roughly USD 415,000 into the bring-up since April, 2014 and receive 4% of the total supply, 840,000 coins (at USD 0.49 per coin). The remaining 4% will be spread evenly across a list of airdrop participants as part of an effort to build the Decred network and decentralize its distribution.  Coins held by Company 0 will be used to fund its ongoing work on open-source projects, such as Decred and btcsuite.

Giving away these coins in an airdrop allows us to accomplish several things at once for the project: enlarge the Decred network, further help decentralize the distribution of coins, and allow us to get coins into the hands of people who are interested in participating in the project. Decred is fundamentally about technological progress, so the airdrop will target individuals that have made contributions to advance technology in its various forms. The maximum number of airdrop participants is capped at 5,000 individuals, so we recommend registering sooner rather than later. These coins will be given away unconditionally and there is zero expectation of Decred receiving anything from you in return for these coins.

Finally, the stake-mad altcoiners will have a legitimate alternative to Peercoin and its myriad scam-clones.   Smiley

This 'inverse ICO' funding scheme is an interesting approach.  Has it been tried before?

I like how it neatly avoids situations wherein ICO participants (especially whales) feel like their investment gives them a say in micromanaging the project.  As there are no 'stakeholder voting rights' or Board of Directors provisions in ICOs, they always end badly.

The decentralized governance model here is exactly what is needed to keep expectations managed and clearly scoped.

Quote
all coins owned by developers will either purchased at a rate of USD 0.49 per coin

Typo.  Should be "will either be purchased."

And why $0.49/coin?  That's the price C0 needs for the project to be break even, right?


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December 16, 2015, 07:27:35 PM
 #42

I think this comes out of XT debacle. BTC is least centralized currency although decision making is a mess but this takes it to next level by decentralizing the decision making. Its a novel effort but it all comes down to the fact that, whether people are ready to take responsibility, get involved or not. I am not a blogger but my thoughts on link below might be relevant to how decentralized this project will be.

http://ramblingsmemind.blogspot.in/2014/09/the-responsibility-of-decentralization.html

Looking forward to this & registering for airdrop with this account. Smiley
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December 16, 2015, 08:42:50 PM
 #43

Hmm... By the way, "DCR" ticker is already taken by DeltaCredits (https://bitcointalk.org/index.php?topic=1155319.0). You may want to reconsider.

Interesting project, otherwise.

... this space is not for rent ...
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December 16, 2015, 09:35:27 PM
 #44

watching  Wink
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December 16, 2015, 10:01:20 PM
 #45

Interesting, Indeed. 
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December 16, 2015, 10:38:26 PM
 #46

Congratulations for using blake256!
Gleb Gamow
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December 16, 2015, 10:46:15 PM
 #47

What is the origin and meaning of the name "Decred"? How is it pronounced?

tacotime came up with it while brainstorming with c0. If I remember correctly, it was on the topic of "decentralized credits". It's kind of taken on a meaning of its own now. It seems that most people who see it think it's pronounced "dee-cred".

In terms of the name, made up words are always nice since you don't have to translate them (an idea that goes back at least to Kodak if not earlier).

Reading now after stumbling upon Decred (added to laptop's dictionary) via Google News, desiring to comment on the post above. I, too, am finalizing my project for a January 2016 release which has a plethora of neologisms distinguishing it from its [nonexistent] competition.

I'm goin' finish reading this thread to see if Decred could somehow benefit my endeavor and versa visa.

Now on Watch List.
Gleb Gamow
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December 16, 2015, 10:56:32 PM
 #48

Created an account (finally) just to follow this.  Looks really interesting!

Reserved.

Thought maybe cardboardoranges is a relative of tacotime's, but it doesn't look like it's the case. If you're a lurker, welcome! Cheesy

<please accept the following as humor only>

I'm goin' to create an account - crate-o-grapes - to follow cardboardoranges.  Tongue Tongue Tongue

Thank you for not making this thread a self-moderated one. I promise to be kind unless ... (assuming you know what 'unless' consist of). To date, I like what I see, sans uber minor issues.

Full Disclosure: I, personally, won't be partaking in the airdrop, having no real qualms with said approach. To date, I've yet to own a single satoshi worth of any cryptocurrency with the exception of bitcoins.
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December 17, 2015, 01:02:41 AM
 #49

Do I have the correct Jacob Yocom-Piatt?: https://www.linkedin.com/in/jacob-yocom-piatt-a703006a

Quote
CEO
Conformal Systems, LLC.
April 2010 – Present (5 years 9 months)

Clicking where indicted below on http://web.archive.org/web/20030219045849/http://www.conformal.com/ ...



... redirects to http://web.archive.org/web/20050208023329/http://www.espionage.com/



Again, clicking where indicated below ...



... Redirects us to http://web.archive.org/web/20141216230614/http://charlie.com/



This is Charlie's Twitter account: https://twitter.com/charlie

The domain he has there is http://charlie.com which redirects to http://www.heavylifting.com/




One more thing. Is it just a coincidence that Dashcoin.net is registered at the same address as charlie.com?: http://sitegur.com/dashcoin.net

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December 17, 2015, 01:06:27 AM
 #50

Really interesting data, thanks for share the info  Shocked
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December 17, 2015, 01:41:23 AM
 #51

can i mine it or buy  now DCR?
dev or some giveaways for users? it will be good idea  Wink
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December 17, 2015, 02:02:03 AM
 #52

would love to participate to the airdrop  Smiley
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December 17, 2015, 02:11:35 AM
 #53

would love to participate to the airdrop  Smiley

You can do it here - https://decred.org/


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December 17, 2015, 02:19:22 AM
 #54

One more thing. Is it just a coincidence that Dashcoin.net is registered at the same address as charlie.com?

That's a mail drop. Likely not very significant.

https://marinadelrey-ca-5581.theupsstorelocal.com/about-our-store
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December 17, 2015, 02:20:29 AM
 #55

Very interesting!
Im in  Grin
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December 17, 2015, 02:26:37 AM
 #56

would love to participate to the airdrop  Smiley

You can do it here - https://decred.org/


what does it mean :Online presence with reasonable activity  ? valid url ? from bitcointalk?
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December 17, 2015, 02:35:07 AM
 #57

Interesting... watching this closely  Shocked
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December 17, 2015, 02:40:16 AM
 #58

what does it mean :Online presence with reasonable activity  ? valid url ? from bitcointalk?

Decred answered this question a page back, here is a quote:

Online presence with reasonable activity:
What is that mean??
Link to forum or what?

Hi lin0sspice, if others are curious, you're referring to the qualification to be included in the airdrop. All that means is the project is trying to make sure the coins go to people who are contributors - people who want to participate in the project, and a good way to check for that is to try and allocate it to people who have contributed to other projects in the past, since they're likely to continue doing that in the future. It's a good way to build something from the bottom-up and everyone can participate together.

That could mean an account on here where you've been engaged with the issues in cryptocurrency for example. If you don't have anything you think that would satisfy the airdrop qualification, you can get in touch and let the project know what you want to work on in the future and be eligible for it. It's strictly unconditional, since the project won't force people to contribute. I hope that helps, and thank you for giving it consideration!

The goal is to spread the network far and wide and help decentralization from day one!

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December 17, 2015, 02:58:55 AM
 #59

One more thing. Is it just a coincidence that Dashcoin.net is registered at the same address as charlie.com?

That's a mail drop. Likely not very significant.

https://marinadelrey-ca-5581.theupsstorelocal.com/about-our-store

registrant email is @heavylifting is more significant?



YEEE F*#KIN HA BIG RED TEXT !!!           

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December 17, 2015, 03:04:12 AM
Last edit: December 17, 2015, 07:56:55 AM by smooth
 #60

One more thing. Is it just a coincidence that Dashcoin.net is registered at the same address as charlie.com?

That's a mail drop. Likely not very significant.

https://marinadelrey-ca-5581.theupsstorelocal.com/about-our-store

registrant email is @heavylifting is more significant?

Seems plausible, yes.

EDIT: Upon further examination, I'm not so sure. From their web site, heavylifting.com looks to me like a web development and domain parking operation, but I don't really know anything about it. It is possible the web sites/domains are just run by them for someone else (and not necessarily related parties in this case).

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