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Core Bitcoin Devs Leave Project, Create New Currency Called Decred (softpedia.com)
An anonymous reader writes: Core developers in the Bitcoin project have left and started a new currency called Decred. Developers are citing a lack of transparency and a conflict of interests between the group that funds the actual Bitcoin software development, and the decisions taken inside the project. Jacob Yocom-Piatt, CEO at Company 0, who has funded development of Bitcoin since early 2013: "This is in part due to a lack of mechanisms and pathways for funding development work directly from the community, and as a result Bitcoin development is funded by external entities that create conflicts of interest between the developers and the representative power of the community that uses Bitcoin."
This is not an exodus of core developers from the Bitcoin project. This is a small group of developers, some of whom have contributed to Bitcoin, who are creating a new cryptocurrency to address some of the governance problems cryptocurrency projects have faced. "Decred" stands for "decentralized credits" and will employ both Proof of Work and Proof of Stake in a novel way to secure the blockchain while avoiding centralization pressures.