[ANN][DCR] Decred - Community Governance | Bitcoin Devs | Lightning Network

[bhokor]

Thanks to decreed January is going to be a highly interesting month, I simply would recomend to devs to try to make a clean and  absolutelly transparent explanation of the use of the premine, all we know this can  damage the coin if is not well done, i wish you good luck with this nice project

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[decred]

Thanks to decreed January is going to be a highly interesting month, I simply would recomend to devs to try to make a clean and  absolutelly transparent explanation of the use of the premine, all we know this can  damage the coin if is not well done, i wish you good luck with this nice project

Thank you for the good wishes. The project has certainly tried to explain the logic transparently and in detail - hence the long ANN OP post. If anything is unclear, people should ask so explanatory improvements can be made for new visitors and future community members.

[bhokor]

Thanks to decreed January is going to be a highly interesting month, I simply would recomend to devs to try to make a clean and  absolutelly transparent explanation of the use of the premine, all we know this can  damage the coin if is not well done, i wish you good luck with this nice project

Thank you for the good wishes. The project has certainly tried to explain the logic transparently and in detail - hence the long ANN OP post. If anything is unclear, people should ask so explanatory improvements can be made for new visitors and future community members.

Will you use a third party independient escrow for premine custodian then or some other way for avoid for example the premine will be fairly distributed?

[P-Funk]

Coming here from the post on Slashdot. I like several features of this currency, and have a few questions.


Cold staking and decentralized stake pooling. Sounds great but how?

Voting/polling is good. But why is the plan to split blocks 60% with miners and 40% with stakers? Why not make it an even split?

Immutable tx ids, excellent.

Script enhancements and new OP codes, what will these be and for what purpose?

Self-funded development via block subsidy, 10%. I feel this is way too much of a cut. Please consider reducing it by a lot or withdrawing these plans altogether considering you're also taking 4% of the 21 million total premine.

"Simple GPU miner." I'd look at getting mining Decred supported in a mature mining program like bfgminer or sgminer instead of rolling something new. These mature mining programs support AMD Overdrive features already, so that means overclocking, temperature reading, etc built-in. Ethminer, the miner program for Ethereum, was less useful without these features.

[_ingsoc]

I saw this thread some time ago but wasn't sure if i would qualify for the airdrop as i'm just learning about the coding and development part.
I do however have some skills in marketing and security testing of websites. I signed up and used my "forum profile" as the URL as this is where i handle most stuff i do.

That should be more than adequate to qualify for airdrop. A forum profile with some posts engaging the issues constitutes reasonable activity.

[Justicemaxx]

In General, the project deserves a lot of attention. Coins with such potential support among the society are issued rarely and each of them has a chance in the future to become a strong means of payment. My concerns about the system: 10% the development of the project very much, if we want the coin was in order (that is, was high, but I hope you have a brain and if you stay at that limit, then it really will go only for good and not to be spent quickly). I never found that important parameters of the coin: how much time between blocks? How many coins will be in the block? Know something about the place where you can begin trading coins? Miner Blake-256 for Blakecoin (BLC) is suitable for Decred? It is already possible to check the speed of the test network or not? When do you plan to release the current wallet? I am willing to support the project and will do so, let us all, who here sees this and will treat with confidence and won't drain the coin to zero, as happened with many coins. Will treat the coin as to restart bitcoin.

[behindtext]

Coming here from the post on Slashdot. I like several features of this currency, and have a few questions.


Cold staking and decentralized stake pooling. Sounds great but how?

After a stake ticket is purchased, there is no need for the funds used to purchase that ticket to be online.

Example: You used 100 coins to buy a stake ticket, which requires a transaction be created, signed and broadcast to the network.  After a maturity delay the ticket is eligible for selection in a lottery, and when the ticket is selected, it can be voted without having the original wallet used to purchase the ticket online.  This is what is meant by "cold staking".  The funds used to purchase tickets need not ever be "hot" either, it can be done using a cold wallet.

Voting/polling is good. But why is the plan to split blocks 60% with miners and 40% with stakers? Why not make it an even split?

Your numbers are slightly off, the split is 60% PoW, 30% PoS, 10% dev subsidy.  PoW has real and substantial hardware costs associated with it, so we felt it made more sense to have this subsidy higher than the PoS subsidy.  The 30% PoS subsidy was chosen so that a semi-passive rate of return on holding coins was not absurdly high.

Immutable tx ids, excellent.

Script enhancements and new OP codes, what will these be and for what purpose?

The stake transactions have new opcodes.  These opcodes allow users to purchase tickets (SSTX), vote tickets when selected in the lottery (SSGEN), and revoke tickets (SSRTX).

Self-funded development via block subsidy, 10%. I feel this is way too much of a cut. Please consider reducing it by a lot or withdrawing these plans altogether considering you're also taking 4% of the 21 million total premine.

While I understand that you may feel 10% is too high a rate, as someone who has funded a lot of development work over the past 5 years, I disagree with your assessment.  At a 10% subsidy rate, the dev organization will accumulate approximately 302,000 decred during its first year.  If we assume the value of 1 decred averages to USD 1.00 over the first year, this means we'll have USD 302K to spend on development work.  This is a small amount of funding and can pay for 3-4 full time developers for 1 year, so if we went below 10% dev subsidy it would mean the project cannot fund itself unless its exchange rate is well over USD 1.00 per decred.

The 4% of the premine was paid for in USD, BTC and labor by Company 0 and its developers.  Unlike other projects, we did not push the risk of failure onto the community by asking them to fund the work.  We have made an effort to lead with our deliverables in a niche where there is lots of vaporware and questionable offerings.  As our btcsuite work shows, this work has been going on for years, even without any funding except from me.

"Simple GPU miner." I'd look at getting mining Decred supported in a mature mining program like bfgminer or sgminer instead of rolling something new. These mature mining programs support AMD Overdrive features already, so that means overclocking, temperature reading, etc built-in. Ethminer, the miner program for Ethereum, was less useful without these features.

We will consider these suggestions, but keep in mind that too much scope creep means our planned deliverables will slip.  There is a lot of infrastructure that goes along with a cryptocurrency, and we're trying to get it all out in a timely fashion without ruining our timeline.

[indiemax]

Hi Guys

Great project ,interesting reading the valid questions from the community and the detailed replies before you get started,way to go

 Do you have any images etc that can be used for avatars and signatures ?

I believe it would be a great promo for those who wish to get involved to get info out into the wider community

[geniusprodigy]

I am interested in mine, when it will be available to mining and tutariais (settings) to do it?

[AltcoinScamfinder]

Am I correct in figuring that the airdrop to a max 5,000 folks equates to $82.32 USD each?

That's correct, assuming 5k people sign up for airdrop and it fetches USD 0.49 per coin. The exact numbers will be made public once the airdrop process is complete. The cap is set that high on purpose, so it can be as inclusive as possible - given that this project isn't built on hype. If it fetches less than than in USD, the devs lose because that's what they'll be buying at/exchanging for - that's set in stone now. The risk of the project is carried by the devs. If it fails, they lose the years spent working on it and the money they put in.

don't know how they will set a price of $0.49 on a free market. but yes this are my figures too.

Nobody can determine what the price will be. That's how much it cost to develop and what's given to the community, so it's based on that:

• USD 165,000 in unpaid work and individual purchases by developers to fund the project
• USD 250,000 cost of developing the project, in terms of developer pay, which c0 paid to developers
• USD 415,000 airdrop made available to the community to "balance" the aforementioned costs (165,000+250,000)

Therefore, ((165,000+250,000+415,000)÷(21,000,000×0.08)) = USD 0.494047619 per coin. Anything less than that on a free market and the devs lose. Airdrop participants win at > USD 0, albeit in smaller quantities since 840,000 coins are divided between the community - but bear in mind this isn't a hype project, so there's no telling what the final number of participants will be. You can at least work it out based on the hard cap put on the number of participants.

Arbitrarily attaching value to things. Solid.

[sambiohazard]

Thanks to decreed January is going to be a highly interesting month, I simply would recomend to devs to try to make a clean and  absolutelly transparent explanation of the use of the premine, all we know this can  damage the coin if is not well done, i wish you good luck with this nice project

Thank you for the good wishes. The project has certainly tried to explain the logic transparently and in detail - hence the long ANN OP post. If anything is unclear, people should ask so explanatory improvements can be made for new visitors and future community members.

I would like to ask, what are you planning to do with premine in initial months? Are you going to try and sell it on market slowly or use it for buy/sell walls or for liquidity on markets or just keep it until you need to liquidate it.

EDIT: or you are going to use these for bounties for logo, miner etc?

[decred]

Arbitrarily attaching numbers to coins. I like it

Bear in mind the number you're referring to (USD 0.494047619) was used to calculate the rate devs would purchase coins at so the project had continued funding while it was being developed. Funds were pooled in this way. It's arbitrary, agreed, but it was done so real dollars and time could be assigned to the project. It's pretty unusual since most projects expect free coins for the devs and/or expect people to pay for the coins. Decred did the opposite of that. Devs paid and community will get coins for free if they care about contributing (unconditionally, but in the spirit of contribution). It was the only real way the project could carry the risk and not expect its users to carry it for them.

[AltcoinScamfinder]

Arbitrarily attaching numbers to coins. I like it

Bear in mind the number you're referring to (USD 0.494047619) was used to calculate the rate devs would purchase coins at so the project had continued funding while it was being developed. Funds were pooled in this way. It's arbitrary, agreed, but it was done so real dollars and time could be assigned to the project. It's pretty unusual since most projects expect free coins for the devs and/or expect people to pay for the coins. Decred did the opposite of that. Devs paid and community will get coins for free if they care about contributing (unconditionally, but in the spirit of contribution). It was the only real way the project could carry the risk and not expect its users to carry it for them.

Just pointing out that real numbers aren't exactly something to come by in crypto projects. Creating a coin isn't paid labor.

[decred]

Just pointing out that real numbers aren't exactly something to come by in crypto projects. Creating a coin isn't paid labor.

How does one fund development in real terms without money? Legitimate question about the funding model and what a better option would be.

[iCEBREAKER]

((165,000+250,000+415,000)÷(21,000,000×0.08)) = USD 0.494047619 per coin. Anything less than that on a free market and the devs lose.

Arbitrarily attaching value to things. Solid.

Arbitrarily calling non-arbitrary things arbitrary.  Solid.

(The $0.494047619 value isn't arbitrary, as the post you quoted but failed to comprehend clearly explained.)

[iCEBREAKER]

Hi there,

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

All the best,
Adam

They won't.They consider Delta Credits a 'dead' coin.Read a few pages back!

Good luck to both DCRs !!!!

Please show the exact post where someone belonging to Decred project told they consider Delta Credit to be 'dead' coin and refused to change the ticker. I read this thread and did not notice such statement from the Decred officials. Decred developers seem to be smart guys with legit project and I would not expect them to make such aggressive moves and unnecessarily create enemies for their young project.

Would appreciate a clear statement on this topic from the Decred developers.

I wish the Decred team the best of luck with the experiment but I do think it was a mistake  to take the three letter code being used by another group of people in the crypto community (assuming what's here is accurate). It can't be that hard to come up with an original three letter code.


It's not too late to change it

We're using XDC.  The Delta necro-coiners may calm down now.   

[sambiohazard]

I hope this one is dead. Although you can talk to 1Lef

[ANN][XDC] Xedoscoin Skein-SHA2 - (POW) for Car Enthusiasts
https://bitcointalk.org/index.php?topic=445651.0

I too thought XDC is good but.....

[chrysophylax]

interesting concept ...

one im keeping an eye on - for further investigation and involvement of course ...

#crysx

[pa]

Cointelegraph article "Decred: An Innovative Cryptocurrency or a Well Arranged Scam?": http://cointelegraph.com/news/115972/decred-an-innovative-cryptocurrency-or-a-well-arranged-scam

[decred]

Cointelegraph article "Decred: An Innovative Cryptocurrency or a Well Arranged Scam?": http://cointelegraph.com/news/115972/decred-an-innovative-cryptocurrency-or-a-well-arranged-scam

Saw that earlier. Pretty saddened by the fact that the article is generally positive but all the quotes are quite hateful. ETH, NXT, and BitNation (Swarm too) with so much fire from out of nowhere. Very surprising since Decred isn't taking any money from anyone, but all those projects did before code was even written - and yet Decred is the scam. Really don't want to be a dick about it, but that was quite harsh, especially without talking to anyone involved in the project or the community forming here for example.