One under-the-radar crypto asset suddenly outperformed the rest of the markets with a huge price rally after the project announced some updates.
Decred (DCR) is community-directed, security-focused digital currency that aims to be compete against Bitcoin (BTC) as a long-term store of value.
Launched in 2016, Decred’s whitepaper says it is engineered to prevent powerful individuals or central planning committees from gaining a disproportionate influence over the future of the project.
Its blockchain combines both proof-of-work and proof-of-stake consensus models and appropriates portions of block rewards to miners, proof-of-stake voters and fund development.
The Bitcoin alternative has its own constitution that outlines Decred’s principles, blockchain governance and project governance.
Jake Yocom-Piatt, project lead at Decred, announced via Twitter that he had presented a new community proposal to change the project’s website and messaging.
While it’s unclear whether or not there was a connection between the project’s announcement and Decred’s price action, DCR exploded in price immediately after Yocom-Piatt’s tweet.
DCR moved from $27.42 to over $70.45 in a matter of hours, representing gains of over 156%.
DCR retraced down to the $37.60 mark and remains up roughly 40% on the week at time of writing. While up big over the short term, DCR is still about 84% down from its all-time high of $247.
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