Decred hands over control of treasury worth over $20 million to investors

Decred [DCR], the open source cryptocurrency, has announced the launch of Politeia, a decision making system which will help foster self governance in the company. The Politeia project will grant the authority of the Decred treasury, which holds more than $20 million DCR, to the Decred community. This will boost community autonomy and help the company realize its goal of decentralized sovereignty. The Decred's $20 million treasury account, which were under the sole custody of  Decred’s development organization is now under the control of stakeholders. They can now distribute these funds as required after a voting process. “The direction of Decred now lies with the collective intelligence and creativity of its stakeholders. We look forward to the exciting projects our community will propose,” said Jake Yocom-Piatt, Decred Project Lead, according to a press release. Politeia is a decision making system which is built to create an efficient self governance infrastructure. The new system will help reach decisions regarding new project proposals and also welcomes new ideas from the community. Politeia will facilitate the discussion and approval/rejection of proposals including budgetary expenditures, development of software features, marketing plans, and higher-level policy decisions such as constitutional amendments. Decred community members who wants to be a part of the new system has to create an account to comment on a proposal or to submit a new one. Valid proposals will pass through a review process where the proposals would be discussed and ratified. The system also enable the proposals to be edited based on the community feedback. The reviewed proposals are then ratified or rejected based on the outcome of a voting process which is initiated after the review of the proposals. Stakeholders can vote if they possess live tickets which enables them to vote through their wallet window. “Under Politeia, no one knows when one of their tickets will get chosen to vote. That incentivizes users to keep decred staked so they might be picked to vote and earn extra coins. The underlying assumption is that people with skin in the game will be incentivized to participate. Ultimately, the goal is to set the stage for other organizations — not just blockchain companies or cryptocurrencies — to use Politeia as their go-to governance mechanism,” said Chris Burniske, Partner at Placeholder VC. Decred is aiming to expand the outreach of Politeia to all companies in the world as their 'go-to governance mechanism'. Politeia brings about a democratic approach to the decision making process within the organisation. It involves the stakeholders even in the budgetary meetings proving that the company has sworn to accomplish true decentralization.

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