Stablecoin DJED undergoing transition to private and open-source status within the Cardano framework
In a recent announcement, COTI, the developer of DJED, a multi-chain algorithmic stablecoin, has unveiled plans for the open-source release of key components of its infrastructure and the launch of a privacy-preserving version of DJED, aptly named Private DJED. This move is set to position DJED as a leading privacy-focused stablecoin for Web3 and institutional markets.
The open-source release encompasses the order API, chain indexer, and frontend interface, enabling developers to build custom applications, integrate DJED into wallets, and run secure backend services. This move is intended to foster innovation, transparency, and trust within the DJED ecosystem.
Private DJED, on the other hand, leverages a privacy layer powered by garbled circuits. This technology enables fast, scalable, and confidential transactions, keeping transaction data encrypted and visible only to authorized parties. This privacy layer is compliant with regulatory standards and extends DJED’s applicability to private DeFi, supply chain finance, enterprise payments, and cross-chain transactions.
With Private DJED, users can send and receive the stablecoin privately, ensuring only the selected parties are aware of the amounts sent and their respective addresses. This makes it an ideal solution for companies, institutions, and users who value privacy.
Since its inception, DJED has consistently maintained its peg, demonstrating robustness. Three major upgrades are planned for DJED to transform it into a new type of digital asset. These upgrades include its transition to an open-source protocol and the launch of Private DJED.
The private iteration of DJED is set to launch across multiple blockchains, including Cardano, COTI’s own blockchain, and the Midnight network. This multi-chain deployment makes DJED a versatile and adaptable stablecoin protocol.
IOG, the company behind Cardano, has announced these developments at the Rare Evo blockchain conference. COTI will also introduce a wrapped version of DJED on its infrastructure for the private iteration.
With these upgrades, DJED is poised to become the core infrastructure for Web3, providing a secure, private, and versatile solution for a wide range of use cases. It aligns with Cardano’s research-driven approach and the ethos of decentralization and transparency.
In conclusion, the upcoming upgrades to Cardano’s DJED stablecoin include its transition to an open-source protocol and the launch of Private DJED, a privacy-preserving version designed for enterprises, institutions, and privacy-focused users. These upgrades make DJED a leading privacy-focused, multi-chain stablecoin for Web3 and institutional markets.
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