The Decred team announced a few days ago the release of version 1.6 of its software. It is one of the technological updates that qualify as one of the most important of the project to date, in which the Lightning Network (LN) is integrated into its platform.
Under the name Decrediton , the new version is announced on the Decred official site. There it is explained that the new code is already complete, waiting for the next activation. It will be launched through a consensus vote that will take place when enough stakeholders have updated to the new version. In this sense, version 1.6 is now available for download.
Among the new functions that are incorporated to the network with this update, is the integration of LN. The team highlights the properties of this second-layer micro-payment network, by facilitating the instant sending of transactions outside the blockchain, with low fees. This is a compatibility that “brings great benefits for scalability and user privacy,” says the publication.
Additionally, in terms of privacy, Decrediton incorporates CoinShuffle ++ , a protocol for mixing P2P coins that allows you to create CoinJoin transactions, those that use jumps and mixes in order to obfuscate exit addresses. With this, is added the ability to send private transactions on the network, since it is possible for users to mix their cryptocurrencies with those of others.
Once mixed, tracing the coins back to the original wallet will not be feasible, as explained in the post. This optional privacy feature had only been available on Decred for more technical users since August 2019.
On the other hand, the new version also supports the use of a new form of VSP (voting service provider), now identified as VSPD. Its use facilitates the purchase of voting tickets with mixed cryptocurrencies, which will not be linked to a single address. “There is no need to register an account with an email address and there is no redemption script to back up,” they say.
VSPs had already been implemented in June 2020 in Decred. As reported by CriptoNoticias at that time, the main objective of this implementation is to provide users with greater privacy. However, until now it was only tested as a custom client tool, not suitable for daily use.
Progress in the decentralization of Decred’s Treasury
With the release of version v1.6, the project takes a new step in the decentralization process of its treasury. Decrediton delivers a higher level of participation to its community of stakeholders , the people who vote to decide on changes to the consensus and governance rules, as well as on treasury matters and policies of the blockchain platform.
«When the code is activated (once the community completes the update zation), all Decred stakeholders will have the power to veto or approve all treasury expenditures ”, says the team on its website.
In 2018, the project gave the community the power to vote on how treasury funds are spent with the launch of Politeia, its off-chain proposal system. But now, if the new voting system is approved, interested parties will be able to review the movements every month to vote for approval or rejection, through their portfolio. This process aims to give greater transparency to treasury spending and eliminate the risk of theft of funds, increasing security levels.
The Decred project was born more than three years ago as a proposal based on community participation. It uses a hybrid mining algorithm between Proof of Work (PoW) and Proof of Stake (POS). At the time of writing this article, the price of the network’s native cryptocurrency, DCR, is USD 67.88, with an increase of 27% in the last 7 days in Live Coin Watch data.
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