Decred is a digital token designed for payments that has a built-in, on-chain protocol governance system. It employs both Proof of Work (PoW) and Proof of Stake (PoS) consensus mechanisms to validate transactions and establish governance in its network. The project is technically a fork of btcsuite, an alternative full node bitcoin implementation written in the Go programming language. However, while blocks in the Decred network are verified and generated via a conventional PoW consensus mechanism, a PoS system is used for protocol governance decisions as well as network validation every five blocks. This hybrid model enables network maintainers to earn DCR from either hash-based mining or by staking their tokens. Decred is the first protocol to carry an exogenous constitution that defines its principles and governance not in the form of computer code. In order to participate in governance decisions, stakeholders need to be a part of the Decred Assembly, which requires approval from the Decred Assembly. Decred was launched in December 2016 by a group of anonymous developers.