Richard red from decred.org talks to pramod dhakal in Hitechies PodcastRichard Red is a pseudonymous character with an interest in human technological and social development. Richard enjoyed some time working as a researcher within various social science departments before changing pace to live and work on the crypto commons in early 2019.Richard has had 3 open source research proposals approved by the Decred stakeholders, has contributed to the Decred docs, the Decred Journal, and Politeia Digest newsletter.
In this Discussion with Richard Red….
- Challenges with DeFi space.
- Risks associated with transformation.
- Why eth is preferred over others in development?
- Banking Industry and its evolution
- Decentralization why and what it offers ?
- Future of payment systems.
- The tokenization of assets
- and more……
What is Decred?
Decred is a community-directed cryptocurrency with built-in governance to make it a superior long-term store of value.
- Decred’s hybrid PoW/PoS consensus mechanism, transparent proposal and voting system, and continually funded treasury make it secure, adaptable, and sustainable.
- Every Decred community member with “skin in the game” – stakeholders, developers, and miners – can vote on the direction of the project. Stakeholders collectively determine the policy, development plan, budget, and consensus rule changes. They also approve the miners’ work – effectively aligning interests to ensure the best possible outcome for all.
- As it moves towards becoming a Decentralized Autonomous Organization (DAO), Decred is intentionally designed to fund all the parties involved in its governance. Each block reward compensates miners, stakeholders, and the Treasury, which pays contractors who work on Decred.
- Team: Company Zero, one of the original Decred developers, helped develop btcsuite, an alternative full node Bitcoin implementation written in Go. Their code is highly-regarded in the crypto community and used by many leading projects such as Ethereum, BitGo, Factom, OpenBazaar and the Lightning Network.
Richard is actively writing on the cypto space. Here is a summary of his upcoming book. Peer Production on the Crypto Commons (cryptocommons.cc) looks at the cryptocurrency phenomenon through the lens of commons based peer production and common pool resources. Commons Based Peer Production (CBPP) is a mode of production that has given us Open Source Software (including the digital infrastructure the internet runs on), Wikipedia and countless other wikis, Open Street Map, Stackoverflow, The Pirate Bay, Ushahidi, etc. When the barriers to communication and sharing of work are removed, people can produce great things together, often in the absence of tangible incentives.
Blockchains rely on CBPP (as it is inherent to open source software) and they are also transforming the dynamics around the organization and funding of CBPP. In blockchain projects where decentralized communities of miners or stakers produce robust payment networks – these payment networks use (and create) their own currencies (like bitcoin). Some of these projects now dedicate some portion of their currency issuance specifically to reward the developers and others who work to make the network function and enhance its value. The book explores this as an engine which can propel CBPP and open source to greater levels of output and impact.To Learn more about Richard Red and his work please visit.