Street cred, meet Decred. For reasons we don’t entirely follow, the crypto OG has released a short-form rap track to help announce its new privacy credentials. Because hell, why not? And to our Ginuwine astonishment, it’s actually pretty damn good.
For the lyrically-minded among you, the poetry is reproduced below.
The privacy feature has been in development secretly for years, according to Jake Yocom-Piatt, Decred project lead. It is designed to be as simple as possible and is currently only made up of a few hundred lines of code so as to reduce the chance of errors or bugs emerging in the future.
Private transactions are shuffled together with tickets – votes within the project’s governance system – making it difficult for third parties to separate specific payments and establish the identity of a user.
Decred is a community-run coin, sometimes referred to as ‘Bitcoin 2.0’, that relies on a decentralized governance structure. As Crypto Briefing’s SIMETRI team previously highlighted, Decred suffers from a significant inflation problem which has discouraged users in the past from using the coin as a means of payment – which is one reason why Decred focuses on its true purpose as a store of value.
Partly to combat the problem of secret inflation, the number of coins used in private transactions can be audited at any time.
Any Decred user – stakeholder or non-stakeholder – can use the privacy feature. It works by mixing transactions along the same lines of Monero (XMR). Transactions are mostly processed off-chain, taking up little bandwidth on the network, allowing it to remain scalable.
“Decred will continue to iterate and adapt to the changing privacy landscape around us, integrating new features as necessary,” reads the official description, “[and] per the will of the stakeholders, to deal with threats as they arise.”
Before features can be implemented, they must first pass a public vote in which all Decred stakeholders can participate – as part of the roadmap since 2017, this feature was already passed.
Right here I was going to write ‘Werd’.
But according to Urban Dictionary, and despite the fact that it’s “A positive affirmation like yeah”, it “shouldn’t be used by little wack posers who try to act down with everything.”
Jolly good, then.
Ladies and gentlemen, pull up seat, allow me to introduce myself before you speak /
It’s Decred, you might not be familiar with the name, but who I am what I do could revolutionize the game /
I’m a coin but not the kind flip before a sport, I’m talking crypto, this currency currently your resort, to the privacy you seek, no code cracking or leaks, self governance, intelligent minds, call me elite /
Sleep never I’m working even when take vacay, stakes rising check your account, that’s called a payday /
They say, I’m too risky, but nothing like other coins, just simple adaptability, something that you should join /
Not a single breach either, full metal jacket, privacy so strong, Ed Snowden couldn’t hack it /
Couple hundred codes lines no errors in my design, off-chain, unbreakable, I’m ahead of time /
Decred, and it’s been a pleasure getting acquainted, mine it, stake it, or work for the treasury to attain it let’s go!