The Bitcoin (BTC) alternative explodes by more than 150% as the crypto project outlines new developments

An 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 a community-focused, security-focused digital currency that aims to compete with Bitcoin (BTC) as a long-term store of value.

Decred’s white paper, released in 2016, aims to prevent powerful individuals or central planning committees from gaining disproportionate influence over the future of the project.

Its blockchain combines both proof-of-work and proof-of-stake consensus models and applies portions of block rewards to miners, proof-of-stake voters, and fund developers.

The Bitcoin alternative has its own constitution outlining the principles of Decred, blockchain governance and project governance.

Jake Yocom-Piatt, project lead at Decred, announced via Twitter that he had come up with a new community proposal to change the project’s website and messaging.

While it’s unclear if there was a connection between the project’s announcement and Decred’s price action, DCR’s price skyrocketed immediately after Yocom-Piatt’s tweet.

DCR surged from $27.42 to over $70.45 in a matter of hours, up over 156%.

DCR retreated to the $37.60 level and remains around 40% higher on the week at the time of writing. While DCR has surged sharply in the short-term, it is still about 84% down from its all-time high of $247.

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