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.”