Overview

Decred is stated to be a progressive, open and a self funding cryptocurrency that consists of a system that is based on community governance integrated in its blockchain. The core consists of a hybridized PoW / PoS consensus system that strives to strike a balance between the PoS voters and PoW miners to make a more consensus of robust notion. The projects are the result of the proposals that are theoretical by PoA and MC2 in the year 2013. Decred development was started in the 2014 with a single developer and led to expanding its developers from btcsuite.

It is built with the spirit of open participation and below is the disclosure of the technical features of the wallets and mining system and a contribution timeline group.

Decred choose a funding model that was different with the attempt to shift the risk that was led for the project by the supporters to the developers. Instead of asking the parties that were interested in the fund’s software development, the developers made a decision to pool the funds together and continue the project to completion before it made it public. The consensus was that it was a path that was ethical by the realities of funding the software development because of the fact that the developers can alone carry the risk of the failing of the project while the users of the potential past were expected to pay for the coins before any writing of the code and it was felt to be unjust.

Company 0 and from the developer’s pockets funded the Decred’s development. The amount of the project’s development with regards to the developer pay was totaled to be of USD 250,000 approximately which was paid to the developers by the Company 0. USD 165,000 approximately was the additional amount allocated to the work that was unpaid and the purchases by the developers made individually. It was felt that the way to handle the equitable for the compensation of the expenses was to perform a small premine which being the part of the project launch. The mode is unusual in which no amounts of coins were for free and were not received by the developer. The coins owned by the developers were purchased at the rate of USD 0.49 per coin by themselves or were exchanged for the performance of work at the same rate. 

The premine consists out of the total supply of 21 million coins of 8%, that means it is 1.68 million coins. So instead of allocating the whole premine to bring up the costs, one can decide to split the premine equally amongst the airdrop and the compensation for the bring up costs wherein one can provide freely an equal amount of coins to a number of participants of air drops. It means that the Company 0 and its developers will bring up roughly around USD 415,000 since April 2014 and they will receive 4$ out of the total supply leading to 840,000 coins. While the remaining 4% will be evenly spread amongst the list of the participants of air drops as being the part of the effort for building the Decred network and the distribution will be decentralized. The Company 0 holding of the coins are utilized for the funding of its work that is ongoing for open-source projects like BTCSuite and Decred.

It enables the accomplishments of various things by giving these coins to airdrop at once for projects:  the enlargement of the decred network, aids for decentralization of the distribution of the coins and enabling to receive coins to the people that are willingly interested to participate in the project. Decred is about the progress in technology and leading the airdrop to target individuals that have contributed to the advancement of the technology in various ways. 5000 individuals is the maximum number of capped airdrop participants, so it is advised to do the registration as soon as they can because the coins are given away without any conditions and also there is no expectation of  the decred receiving anything from you for these coins.

The registration of airdrops started on January 4th 2016 and is open for sign up. The selected people can participate in the airdrop and they will receive an email which would consist of a link to the web’s registration form. The form will need the participants of the airdrop to enter an address and on which the coins will be sent. Source code and binaries would be available for you to generate a wallet seed and an address for the airdrop coins and when the receiving address is entered on the airdrop web form and submission is done, and post which one will receive the coins on the projected date of the launch.

Along with the technical features that make the technology, the decred project introduces various kinds of developments, governance features and proposals for long term growth. It encourages their participants to earnestly discuss the topics as they want to make sure that the system of governance and development is made on a foundation that is solid.

• It is a ecosystem of multi stakeholder development that enables and empowers its participants that wants to improve and make functionality that is new with on the features that are existential.
• Submission of feature proposals can be done by any party and the developer’s work that is filled in by the requirements are paid.
• The developers are the initial contributors who are responsible for BTCSuite.
• The layered form’s proposal of meritocratic governance that is transparent is extended for beyond the Proof of Work and Proof of Stake mechanism that forwards and represents the community's voice of the outsider and the insider.
• Bottom-up decision making’s proposal through the Decred Assembly that being the community members who evolve and are the part of the inclusive list also makes the contributions that are non-financial for the project by the effort and work.
• The project is also bound by the Decred Constitution by the core principles of privacy, finite issuance, fungibility, inclusivity, security, and development that is progressive for the technology.

Given below are the features implemented in Decred and that will be made available at its launch. For a narrative and in detailed description you can consult Decred Technical Brief.

• The novel hybridized PoS and PoW consensus system- The utilization of decentralized lottery for the selection of PoS miners to vote for the PoW blocks. 60% and 30% respectively are the subsidies account for PoW and PoS for total block subsidy. Its system is based on the MC2 that was developed independently by Iddo Bentov called Proof-of-Activity (PoA), Alex Mizhari, Meni Rosenfeld and Charles Lee.
• Decentralized Stake and Cold staking pooling - It is the ability to create new coins without taking the risk of the coins online while PoS mining. The mining system of the PoS has been engineered with the distribution keeping in mind the decentralized staking pooling so that every amount of stake, be it even small, can take the participation in the validation of the network.
• Hard and for selection and internal voting system to add new features- PoS and PoW miners for features and issues with bit flags are let vote along with a mechanism that is sensible in resolving the dispute about the blockchain’s features.
• Immutable transaction hashes with separating the signatures of transactions by the rest of the data of transaction - A fix that is permanent  for the n transaction hash malleability being implemented for preventing the mutability of the transaction hash and by separating from the input signatures. It enables efficient validation of SPV and all there is an addition of the fraud proofs.
• The elliptic curve cryptography with optional Curve25519 support over secp256k1 - there has been a modification for Bitcoin scripting system to enable the drop in addition of the new elliptical curve digital signature algorithms. 
• The threshold of n-of-n support along with the Schnorr signatures - with addition of supporting the Schnorr signatures, the group of signers can sign transactions jointly off chain with the constant size signatures, and ensuring blockchain bloat less and privacy.
• New OPcodes and Script enhancements - there has been an addition of the new OPcodes to the Bitcoin scripting engine that were already existential, and also there has been addition of the future scripting engines of extensions to the plug in use.
• The PoW mining’s utilization of BLAKE256 hash algorithm - it is inspired by Bernstein’s Chacha stream cipher. BLAKE256 the finalist SHA23 gives speed and high security.
• Bitcoin transaction scripting system and with compatibility - The decred’s scripting system is derived from Bitcoin’s and ensures that all the updates in the future of the Bitcoin transaction script is easily extensible to the Decred. And any new made functionalities will be devised with backward compatibility and keeping bitcoin in mind.
• Modularized and easy to use Golang BTCSuite codebase - the codebase is inherited from the btc suite and it adds new features in the daemon or else the wallet will become facile. Decred episodically updates with sync from the btc suite and it benefits from the developments that are latest in Bitcoin.
• Hierarchical deterministic wallets - the utilization of the seed by wallet is for the deterministically generated addresses and so the wallet restoration can be done from a single BIP0032 seed.
• The expiration of the transaction - Transactions consist of expiration fields that are new to avoid or prevent the inclusion into blockchain post the given height.
• Patches for intrinsic bitcoin bugs - Multisignature scripts are removed by the extra push and SIGHASH_SINGLE behavior is corrected.
• 21 million coins approximation - Subsidy having an exponential decay or the number of coins that are generated per year.
• Self funded development through block subsidy - to have an ongoing source of funding for work that will be developmental, a consensus rule is added to allocate 10% of every block subsidy to the development organization. The entity is stated to be responsible and transparent in funding development work that is performed by the new and current developers in order for the project to remain sustainable without dependence of the funding in the future on the outside forces. Therefore, decred is improving in a sustainable way with growth and is accountable to only its users.