A crypto-asset suddenly outperformed the rest of the market with a huge price hike after the project announced some updates.
Decred (DCR) is a community-driven, security-focused digital currency that aims to compete with Bitcoin (BTC) as a long-term store of value.
Decred’s white paper, launched in 2016, says it is designed to prevent powerful individuals or central planning committees from gaining a disproportionate influence over the project’s future.
Its blockchain combines Proof of Work and Proof of Stake consensus models and allocates blocks of block rewards to miners, Proof of Stake voters, and funding development.
The Bitcoin alternative has its own constitution that defines the principles of Decred, blockchain governance, and project governance.
Jake Yokom Byatt, Project Manager at Decred, Advertising via Twitter that he submitted a new community proposal to change the project’s website and messaging.
While it’s unclear if there is a link between the project’s announcement and Decred’s price action, DCR’s price exploded immediately after Yocom-Piatt’s tweet.
The DCR rose from $27.42 to over $70.45 in a matter of hours, representing a gain of more than 156%.
The DCR is back at the $37.60 mark and has remained up nearly 40% for the week at the time of writing. Although higher in the short term, the DCR is still down nearly 84% from an all-time high of $247.
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