In less than a week since voting began quorum has successfully been reached for both the ‘Start Lightning Network Support’ vote and the ‘Change PoS Staking Algorithm’ vote. Quorum is the minimum number of voters that must be present to ensure a vote is valid. Therefore this not only demonstrates that Decreds unique on-chain voting system is working successfully, without a glitch, but it also shows voter turnout is high, and that a large proportion of stakers are actively involved in the voting process.
So far the vote shows there is strong agreement amongst Decred holders, with current support levels at 97.88% in favour of the staking algorithm change, and 98.64% in favour of Lighting Network integration work to begin – way above the 75% threshold of support required for the changes to be implemented (for up-to-date statistics visit voting.decred.org or dcrstats.com).
This is an exciting time for Decred. Going forward the efficiency and effectiveness the on-chain voting system will allow the community to quickly reach consensus on any proposed improvements in future. This will enable a nimble decision making process, creating a highly progressive and evolving cryptocurrency that I believe will be the envy of all others.
A great analogy of this was made by Decreds Community manager, Daniel (@CryptoMessiah) when he was on blocktalk a few weeks ago. Daniel likened Decred to Google, a highly innovative and progressive company, and suggested Bitcoin may end up like AOL, one of the early pioneers of the internet that failed to keep up with change. In my opinion Daniel is right, if a blockchain is not moving forwards to meet new demands of its users then its evolution will stagnate. Once the Lightning Network is integrated its smart contract functionality will open new doors and new capabilities for Decred!
It also has to be said that the smooth implementation of the on-chain voting system once again highlights the calibre and work ethic of the Decred development team. Without their innovation, skill and knowledge this blockchain first would not have been possible. Decred developers have now proven time and time again they can deliver on the goals they set out to achieve. Something that certainly bodes well for the future of Decred!
In my opinion, there is now only one option for someone who wishes to invest in a progressive decentralized blockchain. That option is Decred! Be part the future, or hold on to the past – the choice is yours!