Last time I talked about our existing features and functionality in a blog article and the fact that our blockchain is already being used on a number of projects. But, now, I am happy to share some info about our latest update (due out by the end of October) and it is packed with possibilities.
Just to clarify things, I want to give you a complete list of DECENT Core features and then I will highlight the new features and introduce them:
Payment splitting (split your revenue with collaborators or investors automatically)
Subscriptions (subscribers can access bundled content with one transaction)
Rating and comments (authors and items can now be given public ratings and reviews)
Monitored assets / Market issued assets (set item prices in FIAT currency, not just DCT)
Publishing / purchasing (upload and download content)
Transferring DCT (trade money for content, send money to other DECENT users)
Blockchain Explorer (see all transactions in real time. Audit / monitor blockchain activity)
Creation of multi-signature accounts (joint accounts) – [Coming soon]
[NEW] User issued assets (create your own currencies and tokens)
[NEW] Instant messaging via blockchain
[NEW] Seeder ratings (performance and reliability ratings now monitored and reported)
[IMPROVED] Seeder settings (option to set seeding costs in FIAT currencies)
[NEW] Geolocation of seeders
[NEW] Update manager for Mac and WIN clients
As you can see, with all the NEW stuff, we have prepared a fairly big update this time around. And, it will most likely be the last one of its size for 2017. It is probably worth mentioning that there is also a whole host of super technical features deep in the core. Info about this can be found in our API, but if enough of you are interested in that, let me know and I will try to write up a blog for some of the more technical nuances. As always, developers can contact us for assistance with specific inquiries or use-cases.
Let’s get to the new stuff. Much of the new functionality stems from the fundamental ability to create and distribute entirely new assets, called User Issued Assets (UIA). I will cover the basics of UIAs and then break it down into some broader uses-cases.
User Issued Assets
As you know by now you can already use monitored assets to set prices for content based on established currencies not just in DCT (e.g. USD, EUR or BTC). With this update, though, users will also be able to create their very own tokens or currencies. This unlocks a HUGE range of uses cases:
Event based tokens
Bonus points / rewards tokens
I think it’s important to look at each case because there are many variations within each of these broader use-cases for UIAs. Obviously, I cannot cover them all, but I hope that your ideas for unique cases can be brought up and addressed in the comments.
Event Based Tokens
Instead of creating a new digital currency like a bitcoin, where each token is interchangeable, account managers can create a set of entirely unique tokens. Think of it like event tickets; you print a bunch of tickets but each ticket has a unique ID so it can’t be duplicated. It is the same with these UIAs, each token can then perform the same functions as a traditional event ticket, with some added blockchain security of course.
Event tokens can even be transferred after the original sale. For example, tickets for a festival could be issued as one of these “ticket-tokens” and then be bought in bulk by a “distributor,” that intends to resell and distribute the ticket-tokens to individuals. The event or ticket-token issuer gets the funds right away, and lets the “distributor” take on the risk of ticket sales.
The advantages: Canceled or postponed shows could still honor the token at a later date. Ticket-tokens could easily be traded from peer to peer without the need for security measures like “non-transferable tickets.” Proof of ownership is verified in the blockchain when the token holder enters the event.
As you can see, using tokens in place of traditional tickets certainly has potential but these ticket-tokens could also be used for anything where token holders are granted limited time access to something. Tell us what you would do with the ability to issue one of a kind, time sensitive tokens.
Merchants around the world offer rewards points for loyal customers. These points are often accumulated and then redeemed for merch or discounts on future purchases. “You have earned 10 reward points! You can now buy “this item,” regularly priced at 35USD, for just 10 reward points when you buy..!” This common sales tactic is now easy to set up using DECENT. All an account manager needs to do is create UIAs as reward-tokens. These reward-tokens can then be distributed for exclusive use within the issuer’s ecosystem. You can then offer special items in exchange for reward-tokens or allow customers to redeem reward-tokens for discounts on future purchases. The tokens could even be used for perks, like free shipping or exclusive addons, like engravings or personalizations. Again, too many use-cases to cover here, just think, exclusive custom currency and go from there.
Whether being used as a transferable coupon for a pre-sale, or doing an IPO on a small company, issuing an asset is one of the most effective means of raising money for a cause. As with other forms of UIA there are so many ways for you to raise some capital in exchange for tokens. If any of you are particularly interested in DECENT and what it can do for funding let us know.
With UIAs, account managers can create unique licences-like tokens. These can be limited in number and, since they are unique, they can be traded. Essentially, they represent ownership of, or the rights to use, a certain digital item. This digital-property-token can represent a number of things. It could be a unique sword in an online RPG or a key to play a video or sound file. The application can check for possession of the token before allowing the digital item associated with the token to be used.
This license can work independent of the issuer. So the digital item would continue to work even if the original issuer disappeared. This solves one of the major issues many users have with some centralized forms of DRM (digital rights management), that DRM content is dependent on the managing authority remaining active. For example, should Steam (a popular game distributor) go under, any games purchased on the platform would be difficult to access, even though users have already paid for the rights to said content.
Seeder Rating System
As content distribution is based on its seeders there is a need to distinguish reliable and unreliable seeders, so we implemented an automatic mechanism which will monitor their service and rate them based on that. While we don’t collect any personal data, these ratings are tied to seeder accounts and are publicly available. This allows publishers to pick the most reliable seeders, so they can be confident that their content will get distributed.
This feature allows for DECENT users to send messages to one another. These messages are encrypted. This means the message is readable only for involved parties.
Update Manager for Mac and Win applications
Automatic updates are now supported for mac and windows. The DECENT GUI client will now be set to update automatically.
Geolocation of Seeders
Since DECENT Network operates worldwide, it is important to select seeders by geographical location. It wouldn’t be as effective to seed content meant for the US market if your seeder would be based in China. Therefore, seeder location gives seeders an option to provide geolocation so they can offer the best possible service.
Due to the fact that the value of crypto-tokens can be volatile we implemented a mechanism for seeders that allows them to set the price in whichever currency they choose.
So with UIAs and the additional features from the new update, comes a whole slew of functionality and it all works seamlessly with the speed and security inherent in the DECENT Blockchain. Thanks for checking out the new features with me. As always, we’ll be around to answer questions or discuss use-cases. What do you think of UIAs? Will you use them on your project?