Decred (DCR) recently announced the release of version 1.6 of its Decrediton software.
Decred (DCR) recently announced the release of version 1.6 of its Decrediton software, one of the project’s most important technology upgrades to date. They told Cointelegraph en Español in a statement.
Decrediton v1.6 will see the complete decentralisation of the project’s Treasury and delivery to its stakeholder community, currently valued at USD 35 million, as well as the implementation of optional privacy and Lightning Network integration, they explained.
The news comes after several recent price increases for DCR as a possible response to the launch of the decentralised exchange DCRDEX in October and news of Decred’s use of dcrtime in Brazil’s municipal elections in November.
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In this context, Jake Yocom-Piatt, co-founder and project lead at decred.org, commented, “Taken together, these software updates are foundations for continuing to develop Decred as a cryptocurrency that is truly decentralised, secure and sustainable, aligned with the original ideals of the ecosystem.”
The release of v1.6 marks a definitive move by the project to further decentralise its treasury, which receives 10 percent of block rewards.
In 2018, the project gave the community the power to vote on how treasury funds are spent with the launch of Politeia, its governance proposal system for decision-making.
With the release of v1.6 and voting for code changes, Decred stakeholders will be able to review contractor payments and vote for approval through Decrediton.
The new process will greatly increase transparency in treasury spending and eliminate attack vectors, increasing project security.
“Once again, Decred is taking steps to ensure that it is governed by the collective intelligence of its community rather than a central planning committee,” Yocom-Piatt added. And she said, “User sovereignty, security and empowerment is critical to the Decred ecosystem in particular and to the entire cryptocurrency space in general.”
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Decrediton v1.6 also includes Decred’s optional privacy system, Stakeshuffle, which allows users to make their DCR fungible through a process of obfuscating coin information on the network.
The mixer uses a P2P protocol called CoinShuffle ++. No actor can obtain information about the coins or know which outputs belong to which pair, so there is no risk of surveillance.
The optional privacy feature has been available through the command line for more technical users since August 2019 and, as a result, Decred has a high adoption rate of optional privacy cryptocurrencies, with 29% of the current RCD supply.
Decred expects adoption to increase significantly with the integration of Decrediton.
“By giving our users greater privacy, we enhance their financial security and sovereignty, as well as that of the project. Privacy also makes the project substantially more resilient against malicious actors, which will magnify our long-term sustainability,” continued Yocom-Piatt.
How much does it cost to develop a Decentralised Exchange?
Payments with Lightning Network
The third major feature of the new upgrade is the integration of Lightning Network, which enables transactions on secondary, or off-chain, payment channels at low cost and almost instantaneously.
Lightning opens up the possibility for a variety of use cases that were previously not well suited to transactions on primary, on-chain payment channels, such as micro-payments that enable new business models that do not rely on third parties acting as intermediaries.
“The ability to process off-chain transactions is a substantial development for the project and will have a significant impact on Decred’s scalability, particularly in mass-adoption applications,” Yocom-Piatt added.