Crypti is a community based product where all feedback received is taken very seriously. So today we are happy to announce, one recent criticism regarding our multi-signature implementation has been taken on board.
As you are probably aware, we will introduce multi-signatures in the next version of Crypti (v0.5.0). Up to 16 accounts can be coupled together to form a secure chain of authentication. Which greatly reduces the possibility of theft or loss of funds, by requiring all participants to approve or deny each transaction made from a multi-signature wallet.
For example the founder of a startup acting as the owner of the multi-signature group can add their co-founders to it. Now every employee of the startup can be confident that the funds will not be withdrawn by the founder without prior authorization.
This feature can also be used for Crypti dapps, to ensure that dapp developers can't run away with user funds. Either by hiring trusted multi-signature partners (similar to escrow partners) or asking trusted community members.
Up until now, all multi-signature members were also used to secure the dapp's sidechain and acted as the master nodes for the dapp. This resulted in a maximum of only 16 master nodes being permitted to confirm any transactions broadcast by the developer. Which we felt, was not an ideal solution.
We have therefore decided to improve this feature by separating multi-signature members from master nodes. Thus allowing many more master nodes to participate in the side chain consensus of each given dapp.
Dapp developers can now easily add and remove dapp master nodes up to a maximum of 101. Which in comparison to our previous implementation, vastly improves the decentralization aspect of Crypti based dapps. With each master node earning fees inside the side chain, in much the same way as delegates currently do now on the Crypti network.
To keep funds secure, developers should still run their dapps from multi-signature accounts. Ideally by launching the dapp with co-founders or by hiring trusted members from the community.
We think this is a huge step towards a better system, and more importantly, hope you will appreciate the reasoning behind this new approach.
Thank you very much, see you next week!