This is part one of my story about a cryptocurrency called Dinero coin. Yes, that's right, after a brief review of chapters 1 and 2 we're going to start the story at Chapter 3... Chapter 1 is the start of the coin. Yay! Another new masternode coin based on Dash... Some people noticed, other people didn't. Those that did found it to be a coin with a real developer who wasn't trying to scam them. Chapter 2 is the start of the story for me. I became a part of the coin's "team", helping with tech support, chat room moderation, setting up a mining pool, whatever was needed. Chapter 3 is what happens when the dev and one of the two other co-founders left at the same time, leaving me and the remaining co-founder Castminer (
To set the stage, let's consider there are millions of dollars worth of BTC being lost pretty much every day in cryptocurrency masternode scams. Dinero is one of the few "new" masternode coins that is not a scam, has a real whitepaper and even after the developer and co-founder left the project--still has a real team with real experience and real dedication to creating value without scamming people. The reasons why they left are really not all that interesting, and they're private people with private lives that are frankly none of anyone else's business. But when Fin, the original developer and driving force behind the project, and Tim, one of the first co-founders and quite possibly the hardest working man in crypto left the project, Castminer and I were left with a few choices... Cut and run? Abandon the coin, sell what we had, and move on? Nope. Not a chance. Turn Dinero into just another masternode scam coin, restructure the blockchain to create high ROI to attract masternode investors, then sell the entire premine when the price went up? Nope. Not happening.
We decided to take the strong core of community members that were involved with the coin up to this point and create a real decentralized team structure with no egos involved. In our first few weeks we have made a good deal of progress. We put together volunteer teams for marketing, technology, support, and business administration. These teams have self-organized and are creating and making progress on task lists. We collaborate together on the overall direction while individual teams hammer out the details. And we decided what to do with the pre-mine...
If you don't know, a pre-mine is when a coin's developer pre-creates an amount of their own coin for themselves before the public is able to buy or create any for themselves by mining the coin. In the case of Dinero, about 10% of the pre-mine was used for exchange listings, server hosting fees, and paying the coin team. In the case of a scam coin, the pre-mine is used much in the same way, but when the price of the coin is looking good it's sold on an exchange, crashing the price and enriching the "developer" with more or less free BTC. Even though we have a decent accounting of what it was spent on and at this point no one individual has control over the private key to the 1.79 million that remains, many potential buyers will see there was a pre-mine and will look elsewhere without a second thought.
After discussing possible options for using it to "jump-start" the coin, the team decided to simply burn the pre-mine. We'll send it to an address that cannot be accessed by anyone, and the coins will for all intents and purposes cease to exist. First, we are raising the 200,000 or so DIN that had been spent, and putting it back into the pre-mine wallet. When we reach exactly 2,000,000 coins--the amount that was pre-mined--these coins will be deleted (burned, in crypto-speak), giving us a fresh start. The future of the coin will be decided by the coin's masternode owners. Being a Dash clone, Dinero features "Governance", a system whereby people submit proposals on how to spend a portion of the Governance budget (up to 81,000 DIN per month) and masternode owners vote to decide which proposals get funded and which do not.
Until the pre-mine burn happens and we fix some bugs in the Governance code, all of the now 22 Dinero volunteer team members have some big tasks ahead before Chapter 3 is over and Chapter 4 begins. Will you be part of the story? If your answer is yes, join us on Discord!!
https://discord.gg/yqbEzvq