- Neutrino wallet coming to Decred
- The new update will offer more security and transaction speed
- New users can sign up with BTC and other assets
A Brief About Decred
Decred started in 2013 as the brainchild of pseudonymous coders tacotime and _ingsoc, with the release of the whitepaper “Memcoin2: A Hybrid Proof-of-Work and Proof-of-Stake Cryptocurrency.”
In 2014, the project was offered to Company 0, LLC, an open-source development company led by Jake Yocom-Piatt, who assisted in the project’s mainnet deployment in February 2016.
At launch, 8% of tokens (1,680,000 DCR) were pre-mined and evenly distributed amongst Company 0 developers (4% of total supply) and a list of airdrop participants (4% of total supply).
The New Built-In Bitcoin Wallet
Jonathan Chappelow announced in a tweet that a built-in SPV wallet would arrive on the server. The update will allow users to create deterministic wallets using Neutrino and provide faster and more secure transactions on the blockchain while improving the UX for new users.
— Jonathan Chappelow (@chappjc) October 12, 2021
Neutrino is a lightweight wallet that follows the same process used by simplified payment verification wallets. It allows users to transact on the blockchain easily and quickly using few resources while keeping their private keys out of the reach of third parties.
By creating a new Neutrino wallet on Decred, users no longer have to worry about downloading the complete copy of the blockchain to verify their transactions. Rather, it will verify their transaction by connecting to a small amount of a block to confirm a successful operation. It also provides security for users’ private keys as it implements deterministic seed phrase generation that users can use to recover and restore wallets.
This upcoming update will allow new users to pay their registration fees in different assets while implementing BTC as an accepted asset throughout the server. It will also prompt them to save their seed phrase, which will be used for future transactions.
Adding a lightweight wallet such as Neutrino besides BTC wallet and others aligns with its goals to build a fully decentralized autonomous organization with a secure, adaptable and sustainable long-term store of value. It combines the functionality of the proof-of-work mechanism while leveraging the speed and security of the proof-of-stake verification process.
What To Expect From Decred In The Future
CoinMarketCap currently ranks Decred at #68 with a market cap of $1,652,174,296 USD. There are now 13,404,346 DCR coins in circulation, with a maximum supply of 21,000,000 DCR coins.
8% of the 21 million tokens were mined before the protocol’s debut. Half of these pre-mined coins were issued at the first airdrop, while the other half was given to reimburse expenses incurred by Company 0 throughout the protocol’s development. Decred is an intriguing cryptocurrency that has frequently astonished us with its growth this year.
At present, the primary benefit of DCR is that it provides a more rational control approach than BTC. Decred can more effectively balance decentralization and user interests thanks to shared mining techniques.