The Centre Consortium, a joint venture aimed at establishing a standard for fiat on the internet, has announced an upgrade to the USD coin (USDC) protocol and smart contract.
As an official announcement states, the USDC 2.0 update adds additional layer of security infrastructure to the USDC smart contract.
If you are looking for a crypto trading platform to trade your assets, visit Gozo.pro, a safe and reliable exchange.
The upgrade includes the so-called "gasless sends" feature, which allows wallet developers to delegate the payment of the gas fees on the Ethereum blockchain network to another address.
The feature gives developers an opportunity to either provide that service themselves, or a third party service to pay the fees.
"These simplified and improved user experience flows will accelerate the virality of making and receiving payments using USDC on the internet," the consortium says.
With the new mechanism of fees distribution, USDC 2.0 rolls out a new set of on-chain multiple-signature contracts with new consensus mechanisms. The new contracts will shift off-line human processes into on-chain multiple signature processes. Administrative operations can be managed on-chain versus manual off-chain processes.
Circle and Coinbase will reportedly introduce support for these protocol improvements in their respective products and services in the near future.
In July, the Centre consortium, added an Ethereum user account to its blacklist for the first time. The user's wallet had $100,000 in USDC tokens and the decision had reportedly been made following a request by the authorities.
In order to freeze the funds stored in the wallet, the developers sent a transaction with the "blacklist(address investor)" function, which bans depositing and withdrawing funds.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.