Decred pushes for a decentralized treasury, passes proposal to enable decentralized opcodes

Decred pushes for a decentralized treasury, passes proposal to enable decentralized opcodes

The Decred community has passed a proposal that seeks to decentralize the project’s $120 million treasury.

Back in May 2019, Decred stakeholders thought it necessary to approve a proposal seeking to decentralize spending from the Decred treasury.

Treasury spending is currently a manual process on Decred. It is manually executed and managed by humans, creating a potential point of failure.

After highlighting this potential weakness, the solution sought to decentralize the process of spending from the treasury in a 2-step process. First, a Politeia identity key is used to generate a signed draft spending transaction. As a second step, this draft transaction is published on-chain. After being published, stakeholders will have several days to vote to approve the transaction.

Voting to enable the decentralized treasury opcodes as defined in DCP0006 began in mid-March and ended on April 8, 2021. The proposal has now been passed following an 83.18% vote in support. Only 0.08% of stakeholders were against the said improvement. According to the Decred team, “this vote is the first step towards decentralizing Decred's $120M treasury and putting it directly in the hands of stakeholders.”

Subscribe to BTC PEERS

Don’t miss out on the latest issues. Sign up now to get access to the library of members-only issues.
jamie@example.com
Subscribe