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Decred Benefits From Bitcoin Impasse, Joins Altcoins’ Rise

Last Updated March 4, 2021 4:55 PM
Frisco d'Anconia
Last Updated March 4, 2021 4:55 PM

The current impasse in the Bitcoin community is fueling the rapid growth of some altcoins, as it has been the current drift. Decred has broken into the mainstream from nowhere to be among one of the most top altcoins. Twice last week, it was ranked among the top 10. Notwithstanding it could not hold the fort and now has to be content with number 16, currently.

Network Effect

Daniel Taylor, community/Marketing Manager of Decred attributes their current success to the rapid growth of their community. Speaking to the CCN.com, he was impressed with the passion so many people have displayed for Decred and credited the Devs and the community for a yeoman’s job done.

“Decred would have never have achieved the level of exposure we are seeing today”, Taylor noted. “That’s what decentralisation is all about:  people from different areas of the world and different walks of life coming together to achieve a common goal”.

Decred’s Strength

The Decred Team member stated that the current drama surrounding Bitcoin are making people realise the need for a more concrete governance structure in cryptocurrency and that Decred has the most efficient and advanced Blockchain-based governance system on the planet.

He explained:

We believe that Decred has the most efficient, most advanced blockchain based governance system on the planet and are incredibly excited to witness this technology hit our main net in April.  As Decred progresses, it will evolve into a full-fledged Decentralized Autonomous Organization.  It will evolve in whatever direction its holders vote.  One of the most amazing features of our governance model is called Hard Fork Voting.  

According to Taylor, With this technology, voters (holders of Decred) will be able to weigh in on precoded upgrades such as SegWit, increased block sizes, anon among others.  “If these upgrades are voted in, the chain will automatically fork to accommodate the upgrades, without developer intervention.  This is how governance should be”, he pointed out.

Pump and Dump Accusation

Recently, some experts have attributed the upsurge of altcoin to pump and dump predicting there is an upcoming burst. (https://cointelegraph.com/news/altcoins-will-burst-dash-will-crash-vinny-lingham)

But Taylor thinks such utterance are expected in the wake of every successful project to undermine its price performance.  “We don’t like to speculate on price because our true passion lies in establishing a new paradigm for the crypto community”, the Community/Marketing Manager told Cointelegraph.

Interestingly, he was downcast when he recalled how Decred suffered a brutal one-year downtrend during Bitcoin’s bull run. However, he stated that the development team never stopped working on the project and will never stop working on it.

Future Price

When pushed to predict if there will be an upward adjustment on CoinMarketCap, he refused and stated Decred’s value will be determined by its users, If they feel it should move up again, it will, nonetheless, development will continue regardless.

“We have an incredible community, and we would like to thank all of you for everything you have done for our project”, Taylor conveyed to Decred holders.

“We have nearly unlimited ammunition when it comes to future developments, presence at events, press releases, puzzles, and more.  We hope everyone sticks around for the long haul because we are just getting started”.

Charlie Lee Praises Decree

In a related development, Litecoin creator Charlie Lee who also doubles as Director of Engineering at Coinbase has glorified Decred for its achievement and governance structure. In a Twitter post, the respected developer wrote:

“Decred’s dev team is top notch. And it’s governance model is first of it’s kind. I think top 10 soon”.

Chart from CoinMarketCap. Featured image from Shutterstock.