[Chicago, IL January 25, 2021] Decred (DCR), a digital currency that puts security, privacy and scalability at the fore to empower stakeholders, today announced the addition of several important new features to the Decrediton wallet. In one of the project’s largest technological advances to date, Decrediton v1.6 will enable a vote to give stakeholders complete control of a sizeable treasury currently in the chain, currently worth $ 35 million, to opt-in privacy policy integrate and grant access to Lightning Network payments. The news comes after several recent DCR price hikes following the launch of the project’s decentralized exchange, DCRDEX, in October and news of Decred’s involvement in the Brazilian local elections in November. “Taken together, these technological developments solidify Decred’s position in creating a cryptocurrency that is truly decentralized, secure and sustainable – in line with the original ideals of space,” said Jake Yocom-Piatt, Co-Founder and Project Leader at Decred.org.
Decentralized on-chain treasury
The launch marks the bold step of the project to further decentralize its treasury, which receives 10 percent of each block reward. In 2018, the project gave the municipality the power to vote on how the funds will be spent with the introduction of Politeia, the off-chain proposal system. If the new vote is successful, the stakeholders can review the contractor’s payout each month and vote on whether to approve it through their wallet. The new procedure will significantly increase the transparency of government spending and eliminate the risk of sovereign wealth fund theft, which will improve security. In addition, the interest groups that are able to veto or approve all government spending will be further strengthened. “Decred is again taking steps to ensure that it is ruled by the collective intelligence of its community, as opposed to a central planning committee,” added Yocom-Piatt. “The sovereignty of our users is unsurpassed in the crypto room.”
privacy
Decrediton v1.6 also includes Decred’s opt-in privacy system, Stakeshuffle, which allows users to anonymize their DCR by shuffling coins. The mixer uses a peer-to-peer protocol called CoinShuffle ++. No third party has access to the coins or knows which expenses belong to which peer, so they are never exposed to the risk of theft or surveillance. The opt-in privacy feature has been available from the command line for more technical users since August 2019. As a result, Decred has the highest acceptance rate for opt-in privacy cryptocurrencies at 29% of the current DCR offering. Decred anticipates that adoption will increase significantly with the Decrediton integration. “By offering our users additional privacy, we improve their financial security and sovereignty in addition to the projects,” Yocom-Piatt continued. “Data protection also makes the project much more resilient to malicious actors, which will improve our sustainability in the long term.”
Lightning Network Payments
The third key feature of the new wallet is Lightning network integration, which enables near-instant, low-cost, off-chain transactions. Lightning opens up a variety of use cases that were previously not well suited to chain transactions, such as: B. Micropayments that enable new business models in which third parties do not act as intermediaries. “The ability to process out-of-chain transactions is a key development for the project and will have a significant impact on Decred’s scalability, especially when it comes to mainstream adoption,” added Yocom-Piatt.
More information is available at decred.org/release
About Decred (www.decred.org)
Decred is Money Evolved. By combining battle-hardened proof-of-work with an innovative version of proof-of-stake that coin holders can use to shape the future, Decred can quickly adapt to challenges and innovate. You can influence Decred by bringing “skin into play”. Decred’s security, privacy, scalability, and decentralized treasury empower stakeholders and provide them with the tools they need to improve their financial sovereignty.
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