Decred notes

Notes about my research into Decred, an “open and progressive cryptocurrency with a system of community-based governance integrated into its blockchain” (according to the Decred website).

  • This is just a stub for now because I wanna write about it soon.
  • https://decred.org/
  • 2017 Decred Roadmap
    • Convert Decred into a stakeholder-directed DAO […] Hard fork voting […] Public proposal system […] Decentralized control of DHG (the development organization, Decred Holdings Group) funds

  • Decred subreddit
  • youtube video: “#blocktalk - Decred with Jake Yocom-Piatt”
  • Chicago Tribune: “Chicago developers launch Decred, a Bitcoin alternative”
  • allcoinsnews: “Bitcoin Developers to Create New Cryptocurrency”
  • Docs
  • Getting started (web client) guide
  • FAQ Overview
  • TODO: note about community-based governance, governance problems in Bitcoin
  • Installation + wallet creation
    • From this page, download the following:
      1. File manifest
      2. Signature for file manifest
      3. Binary for your OS
    • For example: At the time of writing, v0.7.0 is the latest release. Since I’m using on Ubuntu (amd64), I download the following:
      • manifest-dcrinstall-v0.7.0.txt (file manifest)
      • manifest-dcrinstall-v0.7.0.txt.asc (signature for file manifest)
      • dcrinstall-linux-amd64-v0.7.0 (binary for my OS, Ubuntu amd64)
    • Verify the manifest is trusted using the signature:
      • gpg --verify manifest-dcrinstall-v0.7.0.txt.asc manifest-dcrinstall-v0.7.0.txt
      • (verify signature validity in console output)
    • Install decred using the binary.
      • ./dcrinstall-linux-amd64-v0.7.0
    • The installation’s terminal output (in 0.7.0) should note where decred was installed to. In my case, it was a folder in my home directory (~/decred)
    • Navigate to decred’s directory using a terminal, then start the daemon to sync the blockchain:
      • ./dcrd
    • Once the daemon isn’t syncing/writing fairly constantly, let’s create a wallet. :
      • Open a new terminal session and navigate to your decredit directory.
      • Start the wallet app: ./dcrwallet --create
      • add a private passphrase
        • passphrase for wallet private key
      • optional: “additional layer of encryption for public data”
        • according to shadowlance of the decred slack “it also encrypts public keys that are in the blockchain. It has the effect of making you enter it every time you open your wallet. It can stop your wallet getting hijacked if the wallet database file is compromised but for most people it’s not required.”
        • according to jy-p of the decred slack “typically, a wallet will only encrypt its private keys […] this means that if someone gets a hold of your wallet file, they can see all your addresses / public keys. the layer mentioned in the wallet setup is an additional layer used to encrypt the ~/.dcrwallet/mainnet/wallet.db file”
        • jy-p also notes that use of this feature “it all depends on your threat model, how often you use your wallet, etc”
        • Is this similar to adding a layer of anonymity a la monero’s privacy/fungibility features as well?
    • TO BE CONTINUED

Related reading/watching:

  • TBD