Some of Bitcoin’s core developers have left the project and are now starting their separate digital currency called Decred, promoting an open governance model, which they say is missing in Bitcoin.
Few people know how Bitcoin works, and even fewer know who are the men and companies behind the cryptocurrency, and who takes the decisions.
According to a press release put out by Company 0 LLC, formed by former Bitcoin developers, there are a few external entities that fund the actual development of the Bitcoin cryptocurrency, forming a power-group that is in sole command of the direction the currency takes.
A conflict of interest in Bitcoin’s decision-making structure
These developers say that this group limits outside input in the currency’s governance, cherry-picks only options favorable for their own interests, and generally ignores the developers’ and community’s best interests.
“The Bitcoin software is controlled by a small group of people who decide exclusively what can and cannot be changed,” Jacob Yocom-Piatt, CEO at Company 0 says.
“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