Decred (DCR) has seen a bump in price gaining nearly $2.00 against USD. The coin has waffled some since its Binance launch, but the projects’ creators believe this dour moment in the crypto-markets will shake out some wanna-be’s from the space and leave the real projects standing.
“There is going to be a lot of blood on the streets,” Chief Technology Officer, Marco Peereboom, told CoinRivet.com. “A lot of these projects are going to cease to exist. Large projects as well. We are starting to see lay-offs at certain companies because the price has fallen from underneath them. With the larger projects failing, I think we are going to see them take a lot of smaller projects with them, as people really start to panic at that point. If a large project raised hundreds of millions of dollars, what do you think can happen to smaller projects?”
“Honestly, and I know this isn’t an opinion that some people love, but I’m glad that crypto winter is here, because we need to cleanse the space,” Peereboom continued. “I’m trying to build something for the future, and having a bunch of people peeing in my pool is not helping me for the future”.
Similarly, DCR co-founder Jake Yocom-Piatt is convinced the ICO model “died” in 2018 and numerous failures have been recorded in the process. However, he also believes that 2019 will offer something exciting:
“2019 will not be about exciting new ways to use blockchains. It will be about which cryptocurrencies get the fundamentals right, organize their collective intelligence, and can endure the gyrations induced by ignorant prospecting. Just like during the dot com bubble, endurance matters. Those that survived the dot com crash stood tall over those who ran out of gas. It was those projects that came to dominate the space.”
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According to the project’s description:
“A censorship-resistant blockchain-anchored public proposal system, which empowers users to submit their own projects for self-funding from DCR’s block subsidy.”
DCR’s governance software gives holders of the cryptocurrency a way to exercise control over every aspect of the project putting the entire treasury of an estimated $21 million in their hands.
“Once the smart contract replaces the corporate entity as the holder of the Treasury funds, there is no longer a legal entity to target with sanctions or other penalties that could result from certain stakeholder-backed actions.”
Decred isn’t a project that solely relies on this small group of people. Instead, it is a diverse community, and thanks to “Politeia”, contributors can be paid in Decred for their work.
“What Decred is trying to do is to create their own little economy. So you show up, you do a little bit of work, people like it, then we will ask you to join and you start getting paid. It’s kind of like your entrance exam or job interview.”